Page 28 - Nclt

IL&FS gets creditors' nod to sell education business for paring debt

IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd (CPPPL). Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL. The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group. According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5. Sources said the outstanding debt for this business amounts to Rs 600-650 crore. The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore. IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL). The latter has 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries -- IL&FS Cluster Development Initiative (ICDI)

Realty revival: IBC, Rera may need tweaking for booster shot to take effect

In September, Finance Minister Nirmala Sitharaman had announced the Special Window fund but projects in the NCLT or those dubbed NPAs had been kept out of its ambit

NCLT starts insolvency proceedings against Rolta India, appoints EY as RP

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against IT firm Rolta India Ltd. A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming a default of around Rs 1,060 crore. The NCLT has also appointed Shailendra Ajmera of the consultancy firm E&Y as the interim professional of the company to complete the Corporate Insolvency Resolution Process. "The debts and default of the corporate debtor (Rolta) have been established and the appliacation deserves to be admitted," said the NCLT. The tribunal has also declared moratorium, prohibiting the lenders of the company to recover any amount the period. Rolta India, the parent company of Rolta LLC and Rolta Americas LLC, had given corporate guarantee for these step down firm, who were the principal borrowers. However, the principal borrowers failed to meet their payment obligations, following .

Reviving housing

Investment will depend on how the AIF works

Housing projects under litigation not covered under Rs 25k cr fund: Govt

The Union Cabinet had on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects.

A Rs 25,000 cr push: Here's how govt plans to revive the real estate sector

While the government will act as a sponsor with its Rs 10,000-crore initial contribution to the category-II AIF, SBI and LIC will provide an additional Rs 15,000 crore for the fund

Corporation Bank net profit up 26% to Rs 130 cr as asset quality improves

Net NPAs or bad loans fell substantially to 5.59 per cent (Rs 6,751.20 crore), against 11.65 per cent (Rs 13,534.01 crore) a year ago.

Karnataka HC stays NCLT order against Flipkart for defaulting payment

Flipkart had approached the Karnataka High Court after NCLT initiated insolvency proceedings for defaulting on Rs 18 crore payment to one of its suppliers

Yamuna Expressway authority asked to refund Rs 41.14 cr to Jaypee Infra

In the order, the tribunal also directed the YEIDA to ensure that the development work is not obstructed by the Noida development authority.

Consumer complaints should go to RERA before NCLT, say builders

About 450 real estate companies/projects across the country are facing insolvency proceedings under IBC because of default in the delivery of projects to homebuyers as well as repayment of bank loans

Haldiram, 2 others in race to buy out Lavasa for about Rs 2,046 cr

Promoted by HCC, Lavasa was set up as a picturesque hill station near Pune in Maharashtra in 2000. It defaulted on Rs 4,150 crore in loans to banks

Number of cases admitted under insolvency saw a rise in Sep quarter

The number of insolvency cases admitted by the bankruptcy court continued to stay elevated, with 369 companies alone admitted in the Sept quarter.

NCLAT sets aside Ambience insolvency proceedings; NCLT to decide afresh

The National Company Law Appellate Tribunal has set aside an NCLT order to initiate insolvency proceedings against real estate development company Ambience Ltd over the plea of Vistra ITCL India (formerly known as IL&FS Trust Company). A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has remitted the matter back to the National Company Law Tribunal (NCLT), directing it to decide afresh as the order was passed by a single member only. Vistra ITCL India's plea to initiate insolvency was heard by a NCLT bench comprising -- Member (Judicial) and Member(Technical) -- and the order was reserved on April 22, 2019 for judgement. However, Member (Technical) retired on July 9, 2019 and the order to initiate insolvency proceeding was passed on August 27, 2019 by Member (Judicial) only. This was challenged by Ambience Director Raj Singh Gehlot before the NCLAT, contending that final order cannot be passed by Member (Judicial) alone as it was being heard by a bench of .

Tata MF moves NCLT to recover Rs 120 cr from DHFL, others may go legal too

The next hearing on the matter is expected to be held in the second week of November

Top 10 biz headlines: BSNL-MTNL merger, HCL Tech Q2 result, and more

From government announcing the merger of BSNL and MTNL to HCL Tech Q2 net income rising 4.4%, here are the top 10 business headlines on Thursday

Suzlon may escape NCLT route as lenders explore debt restructuring

The Centre's latest diktat to public sector banks (PSBs) to avoid the insolvency route would favour the company

NCLT allows MCA to appoint statutory auditors to IL&FS Financial Services

IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the company.

GuarantCo moves NCLT to declare Dalmia Bharat arm insolvent after default

Calcom Cement denies default, says financial creditor is using IBC only to put pressure

IBC and PMLA: Clarity needed in enforcing two overlapping laws in harmony

Seshagiri Rao, JSW Steel joint managing director and group chief financial officer, explained that the main issue is whether the PMLA has an overriding effect on the IBC

Central Bank withdraws insolvency application against Aban Offshore

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later