Page 2 - Nclt

Investors eyeing asset sale of GoMechanic; decision likely in a week

The firm reportedly did not maintain inventory records for receipts and issuance of goods directly received by the customers

Despite NCLT setback, analysts remain positive on Zee Entertainment

Their sum-of-the-parts valuations ranges between Rs 275 and Rs 390, which indicates uncertainty

NCLT admits plea for insolvency proceedings against ZEEL, Siti Networks

The National Company Law Tribunal has admitted an Indusind Bank plea for insolvency proceedings against Zee Entertainment Enterprises Limited (ZEEL). The division bench of judicial member H V Subba Rao and technical member Madhu Sinha on Wednesday also appointed Sanjeev Kumar Jalan as the resolution professional in the matter. The matter pertains to a default of Rs 89 crore by Zee Group's multisystem operator arm Siti Networks claimed by Indusind Bank, for which ZEEL was a guarantor. The private sector lender has also filed a separate insolvency petition against Siti Networks at the NCLT. The NCLT has appointed Mohit Mehra as the resolution professional in this matter. The NCLT has admitted the plea at a time when ZEEL is in advanced stages of merging with Sony in one of the biggest deals in the media and entertainment sector. According to experts, the development is bound to create hurdles in the deal, with some opining that the powers of a company board stand superseded with the

NCLT admits IndusInd Bank's insolvency petition against Zee Entertainment

The company is currently undergoing a merger with the Sony India which is pending with the regulatory authorities and the court

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

NCLAT halts NCLT's order allowing insolvency proceedings against Zee Learn

The National Company Law Appellate Tribunal (NCLAT) has set aside an NCLT order allowing insolvency proceedings against the Essel group firm Zee Learn and directed the Mumbai bench of NCLT to pass a fresh order. Earlier on February 10, the National Company Law Tribunal (NCLT) had admitted the plea filed against Zee Learn by its financial creditor Yes Bank Ltd (YBL) and directed to initiate insolvency proceedings against it. This was immediately challenged by Zee Learn before the appellate tribunal NCLAT, which "allow this Appeal and set aside the order dated February 10, 2022". The appellate tribunal has said the corporate debtor (Zee Learn) had also moved an interim application before NCLT requesting to dismiss the Section 7 Application against it. This was entertained by NCLT and notices to YBL and others were issued on January 19, and the date of February 21 was fixed for a hearing. "We are of the view that the Adjudicating Authority (NCLT), it having already issued notice on t

NCLT directs Insolvency proceeding against Zee Learn, after Yes Bank's plea

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount was Rs 410.67 crore and Rs 58.32 was interest. The date of default was August 2, 2021. A two-member bench of the Mumbai NCLT said the application made by the financial creditor Yes Bank is complete in all respects as required by law. "It clearly shows that the Corporate Debtor (Zee Learn) is in default of a debt due and payable, and the default is in excess of the minimum amount stipulated under section 4(1) of the IBC," said NCLT. Therefore, the debt and default stand established and there is no reason to deny the admission of the Petition. "In view of this, this Adjudicating Authority (NCLT) admits this Petition and orders initiation of CIRP against the .

NCLT admits application seeking CIRP against McLeod Russel India

IL&FS sought to initiate CIRP against McLeod Russel in connection with a default in payment in 2019

Adani Power receives NCLT's approval for merger of six subsidiaries

As many as nine Adani Group firms were trading in the negative territory, while one company was trading in the green

NCLAT rejects bankruptcy board's plea against telecom tower firm GTL Infra

Corporate debtor's business is sustainable and it is a viable going concern, NCLT had ruled

ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country

NCLT allows Torrent Investment's plea against Reliance Cap lenders

The National Company Law Tribunal (NCLT) on Thursday allowed Torrent Investments' plea challenging bankers' decision to hold a fresh round of auctions for the takeover of Anil Ambani-promoted Reliance Capital and said the challenge mechanism for financial bids has already concluded. The order will prevent the lenders of Reliance Capital to hold a second round of auctions in pursuit of higher value for the bankrupt company. The tribunal, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, in its order said the bench allows Torrent Investment's application and declared that the challenge mechanism for financial bids stood concluded as on December 21, 2022, with the bid of the applicant at Rs 8,640 crore being the highest. "It is hereby declared that issuance of process note for extended challenge mechanism is thus in violation of Regulation 39 (1A) of the CIRP Regulations," the order added. Torrent Investments had filed a plea on January 9, seeking the tribunal to

NCLT rejects second auction of Reliance Capital; creditors likely to appeal

Torrent was the highest bidder in the first auction, offering Rs 8,640 crore

NCLT's final order on bankrupt Reliance Capital bid by next week

The matter is reserved for judgment and the NCLT Bench mentioned that the order will be issued next week

NCLT directs lenders to maintain status quo on Reliance Capital matter

The National Company Law Tribunal (NCLT) on Friday directed the lenders of Anil Ambani-promoted Reliance Capital to maintain the status quo and asked all applicants to submit written notes. The tribunal on Wednesday postponed the second auction for Reliance Capital, which was scheduled for January 19, to January 23 (Monday) as the NCLT Mumbai bench could not complete the hearing of arguments of all applicants. The NCLT Mumbai bench, led by Justice Shyam Babu Gautam and Justice Pradeep Narhari Deshmukh, has been hearing the applicants on a day-to-day basis since January 9, when Torrent Investments approached the tribunal seeking to halt the Committee of Creditors's move for a second round of auction or 'Challenge Mechanism'. After the hearing was completed on Friday, applicants including the CoC represented by Kapil Sibal, Torrent Investments represented by Darius Khambata, IIHL represented by (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi among others wished to ..

Tata Coffee-Tata Consumer merger gives traders a shot at arbitrage

4% spread on offer; analysts bullish on long-term prospect of merged entity

NCLT asks lenders to delay round of second auction for Reliance Capital

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Torrent asks NCLT to quash CoC's fresh auction round for Reliance Capital

Torrent Investment on Tuesday urged the National Company Law Tribunal (NCLT) to quash the lenders' plans to hold a fresh auction for the takeover of the Anil Ambani-promoted Reliance Capital

NCLT sanctions amalgamation of Equitas Holdings and Equitas SFB

Amalgamation scheme shall be effective upon the filing of tribunal's order

No change in NPV for Reliance Capital, 'number sacrosanct': Torrent

Company goes to NCLT after Hinduja group makes post-auction offer for bankrupt financial services firm