Page 23 - Nclt
NCLAT quashes NCLT order making MCA a party to all IBC proceedings
Allowing the plea filed by the MCA, a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".
 "NCLAT quashes NCLT order making MCA a party to all IBC proceedings")
NCLAT's resolution professional ruling: Several bankruptcy cases face delay
National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy
Covid-19 won't impact us, examining if we need pay cuts: JSW Energy CEO
The privatisation of distribution in Union Territories is a positive move by the government, says Prashant Jain, joint MD & CEO of JSW Energy
 "Covid-19 won't impact us, examining if we need pay cuts: JSW Energy CEO")
New-look inter-creditor agreement on the cards as IBC process suspended
The Indian Banks' Association can be expected to begin formal discussions with the wider banking fraternity over the next fortnight
 "New-look inter-creditor agreement on the cards as IBC process suspended")
NCLT orders insolvency procedure for Eason Reyrolle on SBI, Canara plea
The banks together claimed over Rs 230 crore from the company, along with interest and other charges
 "NCLT orders insolvency procedure for Eason Reyrolle on SBI, Canara plea")
NCLT cancels this year's summer vacation for all benches across the country
The Delhi-based principal bench was scheduled to go on summer vacation in the month of June.
 "NCLT cancels this year's summer vacation for all benches across the country")
Jet lenders to take a call on fresh EoIs, voting to conclude by May 18
If lenders favour fresh EoIs, this will be the third time they would have called for EoIs. No positive result in previous two attempts as no party came forward with a concrete plan
 "Jet lenders to take a call on fresh EoIs, voting to conclude by May 18")
Both debtors & creditors will be wary of using IBC in short term: M S Sahoo
As the banking system gears up to support businesses in face of defaults due to Covid 19, resolution of stressed assets could be the next big task for system, says M S Sahoo
 "Both debtors & creditors will be wary of using IBC in short term: M S Sahoo")
RIL's Q4 PBT falls 33% to Rs 9,223 cr due to pressure in petrochemicals biz
The company looks to raise Rs 53,125 crore through this rights issue, which will be the first by RIL in three decades
 "RIL's Q4 PBT falls 33% to Rs 9,223 cr due to pressure in petrochemicals biz")
Banks want IBC proceedings in all pending cases to be suspended for 2 years
Fall in valuation, lack of demand cited as reasons
 "Banks want IBC proceedings in all pending cases to be suspended for 2 years")
Cash-strapped DHFL not to make any payment to lenders, bondholders
The Corporate Insolvency Resolution Process (CIRP) was initiated against the debt-ridden company as per the provisions of the Insolvency and Bankruptcy Code, 2016 with effect from December 3, 2019
 "Cash-strapped DHFL not to make any payment to lenders, bondholders")
Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma
The resolution plan will fetch the secured lenders around 32.3% recovery
 "Dhanuka Lab implements resolution plan for debt-ridden Orchid Pharma")
Insolvency law a 'Swachhata drive' against non-performing asset: IBBI chief
The Code provides for a time-bound and market-linked resolution of stressed assets. If the resolution does not happen, the company concerned goes into liquidation.
 "Insolvency law a 'Swachhata drive' against non-performing asset: IBBI chief")
IBA withdrawal of communique on loans of up to Rs 200 cr stumps banks
IBA withdraws note on FinMin letter which had PMO inputs
 "IBA withdrawal of communique on loans of up to Rs 200 cr stumps banks")
NCLAT dismisses Gayatri Devi's grandchildren claim on Jai Mahal Hotels
The grandchildren had earlier won the battle for transmission of their father's shares in their names
 "NCLAT dismisses Gayatri Devi's grandchildren claim on Jai Mahal Hotels")
Flaws in Today Homes IBC process, UVARC demands offer to be reconsidered
The CoC in this case comprise over 1,757 residential flat owners spread across 18 towers and 21 commercial units in Noida. No banks are creditors
 "Flaws in Today Homes IBC process, UVARC demands offer to be reconsidered")
NCLT allows 90 days' extension for Jet Airways insolvency process
The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks
Govt ramps up capacity of the NCLT Benches to boost decision-making
Since inception, close to 62,000 cases came to the NCLT. These include the ones which transferred from board of industrial and financial reconstruction and high courts
 "Govt ramps up capacity of the NCLT Benches to boost decision-making")
Raising threshold for insolvency: Good for NCLT, bad for smaller creditors
Experts are of the view that a substantial increase in threshold might affect certain sectors severely
Dealing with pandemic: Buyers, sellers need to reassess impact of COVID-19
Travel restrictions and other clampdown measures make time-critical deal-making a challenge, leading to legal and regulatory complications, say experts.
 "Dealing with pandemic: Buyers, sellers need to reassess impact of COVID-19")
