Page 17 - Nclt

NCLT asks DHFL administrator to place Kapil Wadhawan's offer before CoC

The tribunal has asked CoC to convene within 10 days; DHFL's former promoter had earlier proposed to repay Rs 91,158 cr to lenders

Top headlines: Bitcoin plunges to $30,066; IOC returns to profit in Q4FY21

Business Standard brings you the top headlines this evening

Near-resolution assets may not go to bad bank amid Covid-19 pandemic

ARC expected to be functional next month

NCLT initiates insolvency proceedings against Ahluwalia Contracts

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution professional. Ahluwalia Contracts had engaged A2 Interiors Products for interior, furnishing and allied civil and electrical works at various project sites. It had supplied materials to Ahluwalia Contracts as part of various work orders issued for six projects at different locations in the country, according to the NCLT order. It had raised invoices against each work order, which were duly received by Ahluwalia Contracts, however, it failed to release the full payment. Later, in May 2019, A2 Interiors had issued a notice to Ahluwalia Contracts under the Insolvency & Bankruptcy Code (IBC) demanding Rs

Pre-packaged insolvency for small & medium firms

A notable feature of the ordinance is the pre-packaged process' two-step voting structure

IL&FS board revises debt recovery target upwards to Rs 61,000 crore

The board has already addressed debt of Rs 43,100 cr so far and is looking to address about Rs 8,000 cr in the next six months

On the verge of bankruptcy: How Cafe Coffee Day ground to a halt

After group company Sical Logistics was sent to NCLT, the listed company is next in queue

A comprehensive win for the Tatas

They stand vindicated in the Mistry saga, but what is legally sound may not conform to the best standards of governance

Covid-19 defaulters can use MSME pre-packaged insolvency scheme

The detailed rules of the scheme specifying the minimum threshold of default will be notified soon

Pre-pack problems

MSME Ordinance violates basic principle of IBC

Statsguru: IBC mechanism ready to take up cases after a year-long hiatus

As many as 1,942 cases are currently going on under the Code (as of Septem­ber 2020)

Jet Airways: Kalrock-Jalan consortium seeks task force on airport slots

The consortium has made this request in its affidavit before the National Law Company Tribunal

ArcelorMittal makes the cut, emerges as sole bidder for Uttam Galva Steels

Six other firms, including four steelmakers, had submitted an expression of interest (EOI) for the debt-laden firm

Need legal provisions to have superintendence, control over NCLT: NCLAT

According to RP, a resolution plan is pending approval before the Delhi bench of NCLT since 2019 and the matter has been adjourned as many as 18 times.

Lenders to miss March-end deadline for Videocon resolution

In December last year, Vedanta had won the race to acquire Videocon Industries after banks sought consolidated plan from bidders

Banks to send more cases to bankruptcy courts even as old ones lie stagnant

Several roads, real estate and power companies are headed to the bankruptcy courts once the one-year ban imposed by the RBI lifts in the coming week

NCLT approves Haldia Petrochemicals scheme to revive Nagarjuna Oil Corp

Haldia Petro is planning to invest around Rs 50,000 cr to convert this refinery into a petrochemical complex

Arunachalam moves NCLT over denial of board seat; next hearing on April 23

The main allegation is that there has been a history of gender discrimination in the Murugappa Group

NCLT can rule only on insolvency of corporate debtors, says Supreme Court

The Supreme Court on Monday held that the NCLT has jurisdiction to adjudicate disputes, which arises solely or relates to the insolvency of a corporate debtor. The top court, however, cautioned the National Company Law Tribunal (NCLT) and its appellate tribunal (NCLAT) to ensure that they do not usurp the legitimate jurisdiction of other courts, tribunals and forum, when the dispute is not related to the insolvency of the Corporate Debtor. A bench of Justices DY Chandrachud and M R Shah said, Therefore, considering the text of Section 60(5)(c) (of IBC) and the interpretation of similar provisions in other insolvency related statutes, NCLT has jurisdiction to adjudicate disputes, which arise solely from or which relate to the insolvency of the Corporate Debtor. The top court verdict came on an appeal filed by Gujarat Urja Vikas Nigam Ltd against a NCLAT order by which it had upheld the decision of NCLT staying the termination of Power Purchase Agreement (PPA) entered with a firm ...

Jet Airways cannot claim historical right on airport slots: Govt to NCLT

The ministry and the civil aviation regulator have said the government will consider the airline's request for slots as per existing policy