Page 25 - Nclt

Adani's Rs 400 crore bid for posh Aditya Estates in Delhi gets NCLT nod

The Committee of Creditors (CoC) of Aditya Estates led by ICICI Bank PLC had already approved by 93.01 per cent vote share, Adani's Rs 400 crore offer, which includes an upfront payment of Rs 265 cr

Pass order on plea within 2 months: NCLAT to NCLT on GE Triveni issues

The National Compamy Law Appellate Tribunal (NCLAT) on Monday asked the Bengaluru bench of NCLT to make a decision on the arbitration plea, preferably within two months, in the ongoing dispute between the JV partners of GE Triveni Ltd. A two member NCLAT bench headed by NCLAT Chairman Justice S J Mukhopadhaya also declined to interfere over the order passed by the Bengaluru bench of the National Company Law Tribunal (NCLT) at this stage. The Bengaluru bench of the National Company Law Tribunal (NCLT) had on September 27, 2019 issued notices over the petition filed under Section 45 of the Arbitration & Conciliation Act, 1996 by two service providers seeking arbitration in the issue. This was challenged before the NCLAT by Triveni Turbine, which is in dispute with its JV partner General Electric. "We are not inclined to interfere with the impugned order dated September 27, 2019," said the NCLAT. It further said that the tribunal is required to decide the interlocutory Applications .

AGR order: Are you a Voda Idea customer? Key things you should know

If firm files for bankruptcy, rules say its daily functions will continue till sale

NCLT orders inclusion of Videocon's overseas assets in insolvency

Videocon was in the first list of the 12 largest accounts that the Reserve Bank of India referred for bankruptcy in late 2016

KEC sees civil works opportunity in oil & gas sector in absence of IL&FS

To test the waters, Kejriwal says they'll bid for smaller projects worth Rs 50-250 crore

DHFL's former directors move NCLT seeking participation in CoC meetings

The DHFL former directors were denied participation in the CoC meetings as its board was superseded by the Reserve Bank of India (RBI) in November 2019.

Takeover rules for unlisted companies only protect the price, say experts

According to legal experts, a takeover is when a non-controlling shareholder takes control and a squeeze-out is when a controlling shareholder squeezes out minority shareholders

Insolvency process: MCA orders SFIO probe into Castex Technology affairs

Castex Tech started its resolution process in December 2017 with a debt of Rs 6,000 crore

NCLT allows Indiabulls group to recover dues from loans assigned to DHFL

DHFL continued to act as a collecting agent for the two Indiabulls entities and deposited the collections with IDBI Trusteeship

Dalmia Cement subsidiary Calcom and GuarantCo settle claims amicably

Sources said, the settlement amount was under Rs 100 crore

Takeover code for unlisted companies rolled out with safeguard norms

Analysts say rules may have a bearing on Tata Sons in midst of battle with its ex-chairman Mistry

Vedanta implements resolution plan to bag Ferro Alloys via NCLT route

Company's foray into ferro alloy business to strengthen its steel business portfolio

Dalmia Cement to move NCLAT against NCLT over subsidiary insolvency case

The cement company is guided by RBI norms and directions, and there stands a strong legal ground for quashing of the NCLT order

To ease burden on NCLT, govt notifies rules for winding up of companies

In a move that will help lessen the burden on the National Company Law Tribunal (NCLT), the government has notified the rules for winding up of companies under the companies law. The Corporate Affairs Ministry has notified the Companies (Winding Up) Rules, 2020, which would be effective from April 1. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for liquidation to be filed with the central government. "Though the draft rules had made this available only for small companies, the final rules make it available to companies that have assets of book value not exceeding Rs 1 crore; and have not taken deposits beyond Rs 25 lakh or have no secured loans beyond Rs 50 lakh or turnover beyond Rs 50 crore or paid up capital beyond Rs 1 ...

NCLT extends immunity to new board-appointed members at IL&FS firms

The earlier order extended immunity to directors appointed by NCLT, also known as the 'New Board'

Auctions fail to get mine blocks running, only five leases inked in 5 years

Analysis by Fimi shows how auctions have lulled mining from virgin blocks

Success fee gaining currency among insolvency resolution professionals

No official data is available on the charges but Insolvency and Bankruptcy Code (IBC) experts say the fee is being paid in more than half of the overall cases going for resolution

In a breather to Raheja Developers, NCLAT sets aside insolvency proceedings

The NCLAT also questioned the role of its flat buyers and observed that they moved the NCLT to initiate insolvency proceedings against the company "fraudulently with malicious intents".

Oberoi Realty, US-based fund Interups to bid for cash-strapped Lavasa

During the committee of creditors (CoC) meeting held in early January, the lenders had decided to place fresh expressions of interest (EoIs) before the NCLT.

NCLAT stays NCLT ban on ex-bankers' appointment as resolution professionals

The NCLT order had cast doubt on debt resolutions of several companies including Videocon Industries and Essar Projects, where former bank officials are working as IRPs