Page 5 - Nclt

NCLT initiates insolvency proceedings against Ansal Properties & Infra

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects. A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa buyers of Ansal API's real estate project "The Fernhill" located at Sector 91, Gurgaon. In their petition, the buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement. "The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted," it said. As a necessary consequence of the moratorium, it also imposed ...

Videocon Insolvency: Wisdom of creditors can't fluctuate, Twinstar tells SC

Appearing for Twinstar, Senior Advocate Abhishek Manu Singhvi said their bid for Videocon Industries Limited was approved by the CoC during the insolvency process of the group

L&T Infotech and Mindtree receives approval for merger from NCLT

Creates India's sixth largest IT services and fifth largest in market cap

Raids on Kalrock Capital's investor: Jet Airways hopes to escape unhurt

The sources said that the raids are on an individual and do not amount to culpability. Also, the investor in the consortium is the PE fund and not an individual

NCLT extends insolvency resolution process for Srei Infra till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

15 new judicial and technical members appointed for NCLT benches

The tribunal has a total sanctioned strength of 63 members and 28 benches

Govt appoints 15 judicial, technical members at Company Law Tribunal

The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges. The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law. As many as 9 judicial members and 6 technical members have been appointed to the NCLT, according to an official order. These members have been appointed for a period of five years from the date of taking charge or till they attain the age of 65 years, whichever is earlier. Former Madras High Court Judge Justice (Retd) T Krishna Valli, former Allahabad High Court Judge Justice (Retd) Vikas Kunvar Srivastav, Senior Government Advocate at the Department of Legal Affairs Mahendra Khandelwal, CAT Judicial Member Bidisha Banerjee, advocates Praveen Gupta and Ashok Kumar Bhardwaj are among the judicial members. Others are Retd District Judge - Punjab Kuldip Kumar Kareer, Retd District Judge - Gautam Budh Nagar Vishesh Sharma an

Economy positive, demand all across: Shriram Transport Finance V-C & MD

Good demand for used vehicles in rural market, says Umesh Revankar in interview

NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders

NCLT extends Reliance Capital resolution process deadline to Jan 31

The National Company Law Tribunal (NCLT) has for the third time extended the deadline for debt-ridden Reliance Capital's resolution process to January 31. The earlier deadline was November 1, 2022. This is the third extension as the timeline has been extended twice in the past, sources said. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3, 2022. Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of Rs 75 crore, by October 31. The bidders were not happy with this 30 days extension as most of them had sought an extension by 2-4 months. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Two options are available for the bidders. The fir

Dalmia, Sagar Cements in race to buy debt-ridden Andhra Cements

Jaypee-owned firm undergoing bankruptcy process

HDFC twins may merge a few months ahead of schedule: HDFC Bank CFO

HDFC Bank reported a 20.1 per cent year-on-year increase in net profit to Rs 10,605.8 crore in July-September

HDFC-HDFC Bank merger: NCLT gives nod to hold shareholders' meet

The National Company Law Tribunal (NCLT) has given its nod for holding a shareholders' meeting for obtaining approval for the proposed merger of HDFC with HDFC Bank. The shareholder meeting will be convened on November 25, 2022 for the purpose of considering and approving the Scheme of Amalgamation, HDFC said in a regulatory filing on Friday. HDFC Ltd has also received approval from the Securities and Exchange Board of India (Sebi) for transfer of HDFC Property Ventures Limited (HPVL), a wholly-owned subsidiary, to HDFC Bank. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The deal has got in-principle approval from the stock exchanges, Reserve Bank of India (RBI), Sebi, Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India (CCI). The proposed entity will have a combined

99.99% of Zee Entertainment shareholders vote for merger with Sony

Attention will likely shift back to the Competition Commission, which had granted conditional approval to the proposed deal last week

NCLT approves resolution plan by Arcelor affiliate for Uttam Galva

Resolution amount was Rs 4,020 cr as per the plan

Shriram Group waits for NCLT approval of merger, ready for integration

Group conducting trial run at branches, preparing super app for merged entity called Shriram Finance

Adani Ports receives NCLT approval to acquire 58.1% in Gangavaram Port

Deal to be a share swap, with issuance of 47.7 million APSEZ shares to the erstwhile GPL promoters; post-transaction, GPL will become a fully-owned subsidiary of APSEZ

Adani Ports, Vedanta group co-bidders for Puducherry's Karaikal port

The Karaikal Port defaulted on Rs 2,960 crore loans and was taken up for insolvency proceedings in April this year by the Chennai bench of NCLT

SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.

Hope ad revenue to recover fully to pre-Covid level by Q4: PVR CEO

Brahmastra has done well for the cinema industry. It has put the Boycott-Bollywood movement to rest.