The NCLAT direction came while hearing the petition filed by Reliance Industries Ltd, which is seeking waiver in delisting procedure for Alok Industries.
On October 18, 2019 the Kolkata bench of the NCLT had admitted an insolvency plea of an operational creditor of Apeejay Tea claiming dues
ED's move could stall the resolution process, prevent banks from recovering their pending dues
The judgment is likely to have a big impact on the insolvency process and will decide if errant promoters have one last shot at regaining control of their company and its assets, experts said
The National Company Law Appellate Tribunal has set aside an NCLT order to initiate insolvency proceedings against real estate development company Ambience Ltd over the plea of Vistra ITCL India (formerly known as IL&FS Trust Company). A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has remitted the matter back to the National Company Law Tribunal (NCLT), directing it to decide afresh as the order was passed by a single member only. Vistra ITCL India's plea to initiate insolvency was heard by a NCLT bench comprising -- Member (Judicial) and Member(Technical) -- and the order was reserved on April 22, 2019 for judgement. However, Member (Technical) retired on July 9, 2019 and the order to initiate insolvency proceeding was passed on August 27, 2019 by Member (Judicial) only. This was challenged by Ambience Director Raj Singh Gehlot before the NCLAT, contending that final order cannot be passed by Member (Judicial) alone as it was being heard by a bench of .
The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it
Allowing the appeal of Jindal Steel and Power, the National Company Law Appellate Tribunal (NCLAT) has held Arun Kumar Jagatramka, the promotor of Gujarat NRE Coke, not eligible to negotiate with the creditors of the debt-ridden company. A two-member bench of NCLAT headed by Chairperson Justice S J Mukhopadjaya said that as Jagatramka, who was ineligible to be a Resolution Applicant of the company under the Insolvency & Bankruptcy Code (IBC), cannot be allowed at this stage to negotiate with the creditors of Gujarat NRE Coke. Jindal Steel and Power, which is an unsecured creditor of Gujarat NRE Coke, had challenged an NCLT order that allowed the promoters to settle debts with its creditors. NCLT had given a go ahead to Jagatramka for "Financial Scheme of Compromise and Arrangement" with him and the company through its Liquidator, after holding the debts of shareholders, creditors etc. The appellate tribunal set aside the order passed on May 15, 2018, by the Kolkata bench of ...
Appellate tribunal says ED can claim dues from proceeds of crime under IBC as operational creditor
Bakshi's counsel sought permission to withdraw the application seeking permission to travel and requested the NCLAT to allow his wife to travel
Appellate tribunal asks Bakshi and his wife to deposit Rs 5 crore each as security before flying out of the country
Apex court starts hearing CoC challenge to NCLAT approving higher payout to operational creditors
The ED had seized a portion of Bhushan Power and Steel's (BPSL) assets in the money laundering case against its former promoters
The appellate tribunal observed that plea to initiate insolvency against it was filed by Ashapura Minechem under Section 10 of the IBC without any prior approval of the AGM
The NCLAT's decision is based on a 'Cross Border Insolvency Protocol' agreed upon by the Dutch insolvency court administrator and the Indian Resolution Professional of debt-laden Jet Airways
Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. NCLAT has directed to list the matter for next hearing on October 15. According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies. IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there. IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan. The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.
The companies are KSB Shanghai Pump Co, TLT-Tourbo (Sichuan) Co and Beijing Power Equipment Group Co
Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline
NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon
This will help the IL&FS board in its stated objective of asset monetisation
RCom RP had approached NCLAT with plea that Ericsson India refund Rs 577 crore given to it by RCom