Page 18 - Nclt

Three seasons and a washout as the Bhushan Power resolution dragged

BPSL was admitted for resolution under IBC in July 2017. On Friday, it came nearer to resolution with majority of lenders voting in favour of JSW Steel's proposal to close the process

Doha Bank plea on resolution of Reliance Infratel upheld by NCLT

The National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank seeking priority payment for the financial creditors of Reliance Infratel which will lead to around Rs 3,515 crore recovery for the lenders, according to a source aware of the development. The payment has to be made from a payment of about Rs 4,400 crore realised from sale of assets to a Reliance Industries Ltd ( RIL) subsidiary through NCLT-driven debt resolution process. According to the source, State Bank of India will receive Rs 728 crore, Mahima Mercantile Rs 514 crore, SC Lowy Rs 511 crore, VTB Capital PLC Rs 511 crore, Doha Bank 409 crore, Emirates NBD Rs 322 crore, ICBC Rs 278 crore and Standard Chartered Bank will get Rs 242 crore. "Reliance Infratel will also get Rs 455 crore towards the equity and Working Capital needs from RIL subsidiary. Rest of the amount will be distributed among operational creditors, employees etc," the source said. NCLT, Mumbai had approved the Reliance Infratel resoluti

NCLT upholds Doha Bank plea, Reliance Infratel to get 100% recovery

National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank resulting in 100% recovery for the Financial Creditors of Reliance Infratel Ltd. (RITL), aggregating to Rs 3,515 crore

Kalrock-Jalan consortium to invest Rs 1,375 crore in debt-laden Jet Airways

The amount would be utilised for start-up expenses and paying creditor dues, it is learnt

DHFL gets no objection from RBI, files application with NCLT for resolution

DHFL on Thursday said it has received no objection from the Reserve Bank and has filed application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance. Earlier this week, DHFL had announced Piramal group's resolution plan getting approval from the RBI. Pursuant to the receipt of no objection from Reserve Bank of India as per Insolvency and Bankruptcy Rules, 2019, the administrator of Dewan Housing Finance Corporation Limited (DHFL) has filed an application for submission of resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) with the adjudicating authority NCLT, Mumbai Bench, DHFL said in a regulatory filing. The resolution plan has been approved by the Committee of Creditors (CoC). In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency proceedings. It was the first finance company to be referred to NCLT by the RBI using ...

NCLT rejects applications seeking copy of Jet Airways' resolution plan

In January, the Jet Airways Aircraft Maintenance and Engineers Workers Association (JAMEWA) had filed an application in the NCLT to expedite the insolvency process of the grounded airline

Tribunal rejects petition by employees of debt-laden Jet Airways

A committee of creditors had, in October, approved of the resolution plan submitted by UAE businessman Murari Lal Jalan and Kalrock Capital

Top headlines: SC halts Future-RIL deal, Puducherry CM loses trust vote

India is set to clear 45 investment proposals from China as border tensions ease; HSBC ups India's FY22 GDP forecast to 11.2%

Govt has assured we will get back slots of Jet Airways: Murari Lal Jalan

In a Q&A, the UAE-based acquirer of the bankrupt airline, dwells on the opportunities he sees in restarting it

Piramal group gets RBI approval for debt-ridden DHFL's acquisition

Plans to merge DHFL with its financial services business

Pre-packaged resolution is a plan good concept, says IBA CEO Sunil Mehta

Under the current Insolvency and Bankruptcy Code (IBC), a time-bound and market-linked resolution framework is permitted

NCLT raps Amazon in Future case: Don't be a 'perpetual objector'

Says it has no locus standi in Future's plea to hold shareholder meeting; reserves order

Kalrock-Jalan consortium confident of getting NCLT nod for Jet revival plan

The consortium wants to restart Jet Airways as a full service airline with bases in Mumbai, Delhi and Bengaluru

Union Budget 2021: S&P gives a thumbs up, Nomura calls it a positive

"Likewise, we believe that the resolution of troubled assets could be faster with weak assets consolidated in a single entity, rather than multiple banks negotiating resolution terms," S&P added

Senior TVS family members to file composite amalgamation scheme with NCLT

Group has over 50 firms managed by various branches of the TVS family tree. With time, the members felt ownership of shares in various enterprises should be in sync with their management

NCLT begins insolvency proceedings against The Pioneer group firm

Interim resolution professional appointed; public notice issued

Jet Airways engineers' body files NCLT application for quick resolution

The Jet Airways Aircraft Maintenance and Engineers Workers Association (JAMEWA) has filed an application with the NCLT to expedite the insolvency process of the airlines

Sebi nod for Future, Reliance deal subject to court proceedings: Amazon

Market regulator had given a go-ahead to Future Group's scheme of arrangement and sale of assets to Reliance for the $3.4 billion deal

NCLT agrees to hear plea alleging mismanagement in real estate firm Omaxe

The National Company Law Tribunal (NCLT) has agreed to hear a petition filed against Omaxe Ltd alleging oppression and mismanagement in the affairs of the Delhi-based real estate firm. Terming the matter as "exceptional" and having "compelling circumstances" against the realty firm, a two-member Chandigarh-based NCLT bench has granted the waiver in the filing criteria under Section 244 of the Companies Act, over the plea filed by the Omaxe former joint managing director Sunil Goel and his wife. The tribunal observed that the applicants including Sunil Goel are the shareholders, promoters and were directors of Omaxe Ltd and also have considerable shareholding and interest in its holding company Guild Builders. Moreover, none of the members of Omaxe is eligible to file an application under Section 241 of the Companies Act, 2013 against the company over the allegations of oppression against minority shareholders. While granting the waiver, NCLT observed that individually, the petition

NCLT issues notice to DGCA, MoCA to clear stance on Jet Airways' slots

Jet was grounded on April 17 due to liquidity crisis and subsequently went into administration in June 2019