Page 14 - Nclt

Supreme court criticises Centre for 'cherry picking' names for Tribunals

The Supreme court on Wednesday pulled up the Centre over the recent appointments in some tribunals, saying it was "cherry-picking" candidates from the recommended list and that there was "no consistency" in the selection process. "We are very much unhappy with the way the issues are going on and how the decisions are taken, the court observed, calling the situation "unfortunate". Observing that making appointments in tribunals is the only solution, the top court asked the Centre to do so in two weeks as the quasi-judicial bodies face a severe crunch of presiding officers as well as judicial and technical members that crippled their functioning. The Centre was also asked to apprise the court of the reasons if persons from the recommended list are not selected. A three-judge special bench headed by Chief Justice N V Ramana took note of the assurance of Attorney General K K Venugopal that the Centre would make appointments in two weeks to the tribunals from the list of persons ...

Jet Airways to resume domestic operations in first quarter of 2022

The Jalan Kalrock Consortium, the successful resolution applicant of the carrier, announced on Monday

NCLAT dismisses Devas Multimedia's plea against its winding up

NCLAT on Wednesday dismissed a petition filed by Devas Multimedia challenging an order of the NCLT to wind up the company

McLeod Russel steps out of insolvency after settlement with creditor

Sources say offer has been made to P P Gupta of Techno Electric for a minority stake in the firm, who could chip in to help McLeod promoters bring in equity as per debt resolution

Top headlines: Car sales skid, Prosus joins top global investors, and more

From vehicle sales taking a beating in August to Jet Airways' plans to resume service by early 2022, Business Standard brings you the top headlines at this hour

Why controlling CoC conduct could be a challenging task for IBBI

Experts say such a code could lead to litigation, which may affect the decision-making ability of the committee

Vedanta's acquisition of Videocon assets may get derailed after NCLT order

Lenders in a bind as NCLT orders attachment of company and promoter assets

NCLT Mumbai orders freeze of Videocon group promoters' assets

It has directed the erstwhile promoters of Videocon group to disclose in an affidavit their moveable and immovable properties/assets

Pre-pack resolution route needs incentives

Given that most MSMEs are informally organised, they may be averse to an insolvency resolution mechanism which displaces their founders

Siva tests IBC: NCLAT's choice between judicial wisdom & commercial wisdom

Siva Industries, a machinery part-maker, was admitted to the bankruptcy court on July 5, 2019

McLeod promoter to move NCLAT challenging NCLT order on insolvency

The appeal is listed for hearing on August 25

IFCI moves NCLT against Videocon debt resolution, wants oil assets included

IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL's debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut

Siva industries' IBC proceedings: Lenders to appeal against NCLT order

The lenders plan to move the NCLAT as NCLT slammed the banks repeatedly for not voting on the one time settlement proposal made by the promoters

How group firm helped land India's largest tea producer in bankruptcy court

Some of the major buyers have privately ruled out bidding for the company

NCLT rejects Siva Industries' debt resolution under IBC, orders liquidation

Siva Industries was admitted to the bankruptcy court on July 5, 2019

SC rejects challenge to approval of resolution plan of Reliance Infratel

The Supreme Court on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel Limited by NCLT

NCLT dismisses Rolta promoters' plea for one-time settlement

The National Company Law Tribunal (NCLT) has dismissed a petition of the promoters of IT firm Rolta India Ltd seeking one-time settlement and regain the control of the company facing insolvency proceedings. In an order dated August 6, 2021, the tribunal rejected the Section 12 A plea of the promoters, Rolta said in a regulatory filing on Saturday. "... Stock Exchanges are further informed that on August 06, 2021, NCLT (pronounced orally in open court) has dismissed the applications filed under Section 12A of the Code at the instance of ex-management seeking withdrawal of the captioned petition post initiation of Corporate Insolvency Resolution Process (CIRP). "Further, in terms of the directions passed by the Hon'ble NCLT, CIRP is to be continued as per the provisions of the Insolvency & Bankruptcy Code, 2016, for Rolta India as well as its subsidiaries viz., Rolta Defence Technology Systems Pvt Ltd and Rolta BI & Big Data Analytics Pvt Ltd ," it added. A copy of the order ...

NCLT admits application for initiating CIRP against McLeod Russel

Once the world's largest tea producer, McLeod Russel, part of the Brij Mohan Khaitan group company, is now India's largest with about 31 estates

Poor asset valuation, economic climate, NCLT delays see IBC losing favour

Less than 200 cases have been admitted to the National Company Law Tribunal till June after the suspension was lifted on March 24, revealed the Insolvency and Bankruptcy Board of India

Finance Panel for appointing HC judges as NCLT members to reduce litigation

Bank funds worth Rs 9.2 trillion struck in NCLT; committee wants benchmark on quantum of haircuts as in many cases, they are as high as 95%