Page 4 - Nclt

Reliance Infratel goes to Jio for Rs 3,720 crore for asset acquisition

The tribunal had asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets

NCLT approves merger of Kalpataru Power Transmission, JMC Projects

Kalpataru Power Transmission Ltd (KPTL) on Wednesday said the National Company Law Tribunal has approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country's largest listed engineering and construction companies. The combined entity will have a significant presence in India and projects in 67 countries, with offerings in well diversified areas of power transmission and distribution, buildings and factories, water, railways, oil and gas and heavy civil infrastructure. "Ahmedabad Bench of National Company Law Tribunal today approved scheme of amalgamation of JMC Projects (India) Ltd (JMC) with KPTL, leading to the creation of one of India's large listed diversified engineering and construction company with combined order visibility of nearly Rs 43,000 crores," a company statement said. The Board of Directors of KPTL and JMC approved the scheme of amalgamation in February 2022. Pursuant to the scheme, JMC's shareholders (other than KPTL) will be allotted

IDBI Bank third lender to drag Siti Networks to bankruptcy court

Yet to receive notice from NCLT, firm says; HFDC, IndusInd Bank had filed petitions earlier

IDBI Bank files insolvency plea against Zee Ent to recover Rs 149 cr

IDBI Bank has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) seeking an insolvency proceeding against the media firm to recover dues of Rs 149.60 crore. IDBI Bank has claimed an amount of Rs 149.60 crore, which has been disputed by ZEEL, said a regulatory update from the media major. IDBI Bank has filed an application under section 7 of the Insolvency and Bankruptcy Code, 2016, claiming to be a financial creditor, before NCLT for initiation of Corporate Insolvency Resolution Process against the company, it added. "The bank's purported claim arises under a Debt Service Reserve Agreement entered into by the bank and the company for the financial facility availed by Siti Networks Ltd," it said. ZEEL is "vehemently disputing the bank's claim in other proceedings filed by the bank against the company for recovery of its alleged dues," it added further. SITI Networks, formerly known as SITI Cable Network, is a part of the Essel Group. It

European cargo airline moves NCLT to acquire 3 Jet Airways aircraft

Fresh challenge for reviving Jet as union opposes sale of assets until employees get provident fund and gratuity

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases

Lenders purposely delaying Jet Airways revival: Jalan-Kalrock tells NCLT

'Can't take off if relief not granted'

JSPL acquires Monnet Power for Rs 410 cr through insolvency process

Monnet Power has a 1050 MW under-construction plant in Odisha's Angul

HDFC Bank files petition for NCLT approval to the proposed merger

The bank has already received the approval of the equity shareholders, which includes public shareholders, to the proposed merger scheme

Jalan-Kalrock consortium looks to move SC over Jet Airways staffers' dues

The consortium won the bid to revive the grounded airline in October 2020, and its revival plan was cleared by the National Company Law Tribunal in June 2021

NCLT reserves order on Suraksha's bid to acquire Jaypee Infratech

The insolvency tribunal NCLT has reserved its order on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers. While a two-member special bench headed by NCLT President Justice Ramalingam Sudhakar had reserved the order late last month, a written order for this was uploaded recently. After concluding the hearing on November 22, the NCLT bench directed the parties to submit their final written submissions. In June last year, Mumbai-based Suraksha group received the approval of financial creditors and homebuyers to takeover the Jaypee Infratech Ltd (JIL), raising hopes for 20,000 homebuyers of getting possession of their dream flats in stalled projects, mainly in Noida and Greater Noida. The Committee of Creditors (CoC) had approved the Suraksha Group bid for the debt-ridden JIL. However, it was pending for approval before the Delhi-based Principal bench of the National Company Law Tribunal (NCLT). Earlier this yea

Grounded Jet Airways' cabin crew association moves NCLT for liquidation

Banks oppose consortium plea for handover of the company

NCLT dismisses bankruptcy proceedings against GTL Infra, GTL Ltd

The court said several companies owe GTL Infrastructure money as it has made claims of Rs 13,393 crore against Aircel and others

HDFC Bank awaiting RBI reply on subsidiary stake forbearance: Parekh

According to HDFC's latest annual report, the mortgage lender has over 10 subsidiaries, including HDFC Life Insurance, HDFC Ergo General Insurance, and HDFC Asset Management

HDFC twins may merge by April next year, says Chairman Deepak Parekh

Parekh said the voting process of shareholders on the proposed merger has received "fair amount of votes" from shareholders already

Ultratech drops out of race to buy Jaiprakash Associates' cement assets

Lack of agreement over valuation spurs decision; deal would have provided relief to Indian lenders, which have an exposure of Rs 28,753 crore to Jaiprakash

Jio gets NCLT's approval to acquire debt-laden Reliance Infratel

The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to deposit Rs 3,720 crore in an escrow account to complete the acquisition of Reliance Infratel which is undergoing an insolvency resolution process. Billionaire Mukesh Dhirubhai Ambani-led Jio placed a bid of Rs 3,720 crore in November 2019 to acquire tower and fibre asset of debt-ridden subsidiary of his younger brother Anil Ambani-managed firm Reliance Communications. The Committee of Creditors has already approved the resolution plan by Jio on March 4, 2020 with a 100 per cent vote. According to an application moved by Reliance Projects and Property Management Services, a subsidiary of Jio, due to the pendency of the proceedings over the distribution of the amount an

Jet Airways lenders may sell 11 aircraft in absence of resolution: Report

Lenders said that even one-and-a-half years after the resolution plan was approved by the National Company Law Tribunal (NCLT), the Jalan-Kalrock consortium has failed to pay the required amount

Jet Airways sends 10% staff on LWP, cuts salaries of another 23%

CEO Sanjiv Kapoor said on Twitter on Friday that "two-thirds of staff are not impacted at all" by the cost-cutting measures

NCLT orders corporate insolvency resolution of real estate firm BPTP

RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003