Page 24 - Nclt

Govt appoints Justice B L Bhat as officiating chairman of NCLAT

NCLAT Chairperson Justice Sudhansu Jyoti Mukhopadhaya retired on Friday

Jet Airways CoC to seek 2-month extension from NCLT for submission of bids

The CoC may seek an extension in the deadline in the face of no potential bidder coming forward and also due to the ongoing coronavirus concerns

Jet Airways lenders to seek 90-day extension for resolution process

An extension of up to 90 days may be sought from the National Company Law Tribunal

Adanis' Rs 650-crore offer for debt-ridden Dighi Port gets NCLT nod

The NCLT has approved Rs 650-crore resolution plan submitted by Adani Ports & Special Economic Zone (APSEZ) for debt-ridden Dighi Port, located south of Mumbai. The resolution came with a huge 79.2 per cent haircut to the lenders, as they had made a claim of Rs 3,098 crore. The successful bid will give the Adanis access to Maharashtra, where it had no presence, even though the group straddles the entire coastline of the country with 11 operational ports and an under-construction transshipment terminal at Vizhinjam in southern Kerala. It can be noted that Dighi Port was the first port to go for a bankruptcy in April 2018. The 16-member committee of creditors (CoC) led by Bank of India, which collectively have 99.68 per cent voting shares, has approved APSEZ's revised offer of an upfront cash payout of Rs 650 crore, the National Company Law Tribunal (NCLT) said in an order dated March 5. Dighi Port, promoted by industrialist Vijay Kalantri owes Rs 3,098 crore to the lenders. He had

'Delay in appeal': NCLAT dismisses DoT's plea in Aircel moratorium issue

The National Company Law Appellate Tribunal (NCLAT) has dismissed the telecom department's plea citing delay in appeal against the NCLT order which held that the spectrum and licence of debt-ridden Aircel cannot be taken away during the insolvency resolution period. The Department of Telecommunications (DoT) had appealed against an order of the Mumbai bench of the National Company Law Tribunal (NCLT). In its plea, the DoT raised the issue as whether licence/spectrum to run a telecom company could be subject to moratorium during the insolvency proceedings or not. However, a three-member bench of the NCLAT held that the petition filed by the DoT was time barred under the provisions of Section 61 of the Insolvency & Bankruptcy Code, 2016. Under the IBC, any appeal against order passed by the NCLT could be filed before the appellate tribunal within 30 days and the delay which can be condoned for reasonable cause in the NCLAT is only 15 days. "This appeal was presented on February 20,

NCLT approves Cochin Shipyard's resolution plan for Tebma Shipyards

Banks to take huge haircuts as the plan proposes to pay only 9.74 per cent of the total admitted Rs 602 crore debt

NCLAT asks NCLT to decide on liquidation of Lakshmi Cotsyn within 10 days

The National Company Law Appellate Tribunal (NCLAT) has asked the Allahabad bench of the NCLT to decide within 10 days on the liquidation of Kanpur-based textile manufacturer Lakshmi Cotsyn. A two-member bench comprising Justice Bansi Lal Bhat and Shreesha Merla observed that plea for liquidation of Lakshmi Cotsyn is pending before the National Company Law Tribunal (NCLT) on the pretext of one or the other miscellaneous application being filed in the matter. "Such conduct on the part of different characters cannot be permitted to thwart the course of insolvency resolution proceedings under I&B Code," it said. "Having regard to the object of the statute and to protect the interests of all stakeholders, we request the Learned Adjudicating Authority (NCLT) to take up the liquidation application for disposal at the earliest and make all possible endeavours to pass appropriate orders thereon within 10 days," said the NCLAT order dated March 3. The NCLAT direction came on a plea filed ..

NCLT allows MCA's plea to reopen CG Power's accounts from FY15 to FY19

The National Company Law Tribunal (NCLT) on Thursday allowed a government petition seeking to reopen CG Power and Industrial Solutions accounts from 2014-15 to 2018-19. The corporate affairs ministry had filed an application in the NCLT seeking the appointment of an independent auditor to reopen the accounts of CG Power & Industrial Solution from 2014-15 to 2018-19. The ministry in its prayer had said the reopening of the books of accounts is needed to bring out the truth in the larger public interest. The Mumbai-bench -- comprising members Bhaskara Pantula Mohan and Rajesh Sharma -- in its order also directed the government not to rely on the report by Vaish Associates, and asked them to conduct a separate investigation. The tribunal also denied CG Power & Industrial Solution founder Gautam Thapar's plea to grant stay on the order. Earlier in January, the NCLT had quashed the audit report submitted by Vaish Associates, terming it bogus. Thapar was sacked based on this report,

Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT

The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years

Allcargo Logistics gets Sebi nod for open offer to buy 26% in Gati

Multi-modal logistics firm initiates final phase of stake buy in Gati

NCLT Mumbai orders liquidation of Nirav Modi's firm, spells doom for PSBs

This is said to be the first-ever liquidation order for any company embroiled in the fraud schemed by the Modi-Choksi before they fled the country

ArcelorMittal JV buys Bhander power plant, eyes more Essar ancillary units

Acquisition comes close on the heels of the firm getting NCLT nod for buying Odisha slurry pipeline

NCLT approves NBCC's resolution plan for Jaypee Infratech with some tweaks

NBCC has proposed to complete over 20,000 flats in the next three-and-a-half years

NCLT approves ArcelorMittal's Rs 2,359 cr bid for Odisha Slurry Pipeline

A two-member bench of the NCLT Cuttack gave a go ahead to the resolution plan of ArcelorMittal India, which had been approved by the Committee of Creditors (CoC) of OSPIL.

SC sets aside NCLAT order on Dhanuka's resolution plan for Orchid Pharma

The apex court's ruling effectively gives the green signal to Dhanuka's plan for Orchid Pharma

NBCC gets NCLT nod to acquire Jaypee Infratech through insolvency process

In its hearing on Tuesday, the Principal bench of NCLT,headed by Acting President B S V Prakash Kumar, gave a go-ahead to the resolution plan of NBCC

Lenders to seek fresh bids for Lavasa Corp in debt resolution reset

Lavasa and its subsidiaries defaulted on their debt obligations totalling about Rs 7,700 crore

Chandigarh NCLT approves Hindustan Unilever, GSK Consumer Healthcare merger

On November 6, 2019, the Mumbai Bench of the NCLT had sanctioned the scheme and the order was subject to sanction of the Chandigarh Bench of NCLT

Vodafone Idea, Bharti Infratel spar over Indus Towers' stake sale

The clash is over Vodafone Idea's 11.5 per cent stake in Indus Towers

TCG in talks with global firms for Odisha and Tamil Nadu mega projects

Total investments in these projects pegged at Rs 1.28 trillion; group to maintain status quo on Haldia