Page 26 - Nclt

A luxury yacht and 5-year-old firm in middle of an unusual insolvency case

The luxury vessel has been docked on the banks of Hooghly for nearly a year without generating any business for the company

Takeover norms for unlisted firms getting finalised, to be unveiled soon

Unlisted companies have no formal takeover code and shares are transferred on the basis of contracts and agreements

IL&FS case: NCLAT reserves order over NCLT jurisdiction to implead auditors

Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and ...

RCom CoC to seek 24-day extension for asset sale as deadline ends on Jan 10

The other bidders include Bharti Airtel, Värde Partners and UV Asset Reconstruction Company (UVARCL)

NCLT warns Jet Airways CoC of contempt proceedings for not releasing funds

The bench directed the CoC to at least pay the amount by January 20, or the tribunal will initiate contempt proceedings against the defaulting members

Jaypee Infra's IRP approaches NCLT Allahabad for approval of NBCC's bid

Last month, NBCC won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan

Twist in corporate drama: Tata's financial shape worse than in FY15, FY19

The analysis is based on the annual audited consolidated finances of all listed Tata Group firms for the respective financial years

Jet Airways lenders give time till January 15 for submission of EoIs

Jet has completed 180 days of its insolvency proceedings and has extended the corporate insolvency process by another 90 days.

Setback for the Tatas

NCLAT judgment raises several questions

NCLAT expunges NCLT order on Mistry, terms it 'disparaging, avoidable'

The NCLT had used words in remarks which includes "heart burn", "settle their score", "prejudicial to the interest of the company", "sovereign authority", "his way is highway" etc in its order.

Cyrus Mistry unlikely to take up a board position, may appoint nominees

Mistry and his team are reviewing the legal situation

Gruelling battle for 865 days: The making of Rs 42,000-cr Essar Steel deal

Getting to this point wasn't easy. The road was riddled with challenges as much for ArcelorMittal as it was for stakeholders

Budget 2020: FM to meet heads of PSBs to discuss credit situation, economy

The meeting is also expected to take up discussion on non-performing asset recovery through both NCLT and non-NCLT means

Is sheer size the biggest hurdle in the NCLT route for McLeod Russel?

Viability of the tea industry is another factor that is holding back companies from bidding for India's largest tea company

Investors in fear as commercial disputes treated as criminal complaint: CII

Prime Minister Narendra Modi last week said the government is working to decriminalise some provisions of the Companies Act to make it easier to do business in the country

Tribhovandas Bhimji Zaveri & Sons files for bankruptcy after NCLT order

TBZSR's creditors have been asked to submit their claims to the interim resolution professional by January 3

Former IL&FS directors got lucrative paychecks even as firm collapsed

Arun K Saha, erstwhile joint MD & chief executive officer (CEO), took home a hefty remuneration of Rs 6.88 crore for FY19. He was also a whole-time director of the subsidiaries and group companies.

Jet Airways' insolvency resolution extended by 90 days as bidders seek time

On Thursday, Synergy Group Jet Airways' sole potential bidder had sought more time to take a decision on investing in the grounded airline

Don't delay decision on reviving Jet Airways, NCLT tells Synergy Group

The South American group had failed to provide a resolution plan before December 16 deadline due to uncertainty on airport slots

NCLT directs Jet Airways lenders to expedite decision on fresh EOIs

The RP on December 17 had told the tribunal that until now two investors have shown interest in the airline