Page 9 - Nclt

Petition for insolvency gets time-barred if filed after 3 years: NCLAT

A former managing director of a Dutch company had moved tribunal seeking payment of salary arrears from its Indian arm.

NCLT admits petition for CIRP against EPC firm McNally Bharat Engineering

Williamson Magor Group, which owns the firm, confirmed the development but indicated that options for resolution were still being looked at

NCLT adjourns the insolvency plea against Future Retail to May 12

Earlier this month, BoI had filed insolvency proceedings against Future Retail for non-payment of dues

NCLT directs to initate insolvency proceedings against Andhra Cement

The National Company Law Tribunal has directed to initiate insolvency proceedings against Andhra Cement, a company owned by the debt-ridden Jaypee Group. The Hyderabad bench of the NCLT (National Company Law Tribunal) has also appointed Nirav K Pujara as the Interim Resolution Professional (IRP) of the company, and declared a moratorium in respect of the company as per the provision of the Insolvency & Bankruptcy Code (IBC). "The company is now under CIRP (Corporate Insolvency Resolution Process) as per the provisions of the code. As per Section 17 of the code, the powers of the board of directors of the company stand suspended and as such the powers shall be vested with and exercised by the IRP," Andhra Cement said in a regulatory filing. The company has also shared the order passed by the insolvency tribunal on April 26, 2022, in this regard. Meanwhile, in a separate filing, Andhra Cement has invited its creditors to submit their claims by May 10, 2022, before the IRP. NCLT's ..

NCLT gives Future Retail time till May 12 to file reply on insolvency plea

The NCLT gave crisis-hit Future Retail Ltd (FRL) time till May 12 to submit its reply to the insolvency petition filed against the company by Bank of India.

Shareholders, creditors approve Jindal Stainless Steel-JSHL merger

Having a total melting capacity of 0.8 million tonne per annum (MTPA), the Hisar-based JSHL is the largest specialty stainless steel producer in India with a diversified value-added product portfolio

Zee Learn stock tumbles over 18% after Yes Bank seeks insolvency

Private sector lender Yes Bank has moved NCLT seeking initiation of insolvency proceedings against Zee Learn, according to a regulatory filing

Yes Bank files plea for insolvency proceedings against Zee Learn

The company said that Yes Bank Ltd has allegedly claimed that the total amount in default with respect to a financial facility is Rs 468 crore

Supertech stares at insolvency amid heat of twin-tower demolition

Supertech fought a long and draining legal battle to protect its twin towers -- having over 900 flats and 21 shops -- against demolition, which had been ordered for violation of building bylaws

Future Retail holds shareholders' meeting to approve sale to Reliance

The meetings have been vehemently opposed by US-based e-commerce giant Amazon, which is contesting FRL's deal with RRVL

HDFC moved NCLT against SITI Networks claiming default of Rs 296 cr

SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFCL, the Essel group firm said in a regulatory filing on Thursday

Debt recovery via insolvency cases at 31%; 47% cases liquidated: Report

Nearly half of the 3,247 insolvency cases have been resolved through liquidation, and only a paltry 457 or 14 per cent of them through asset sale as per their lenders-approved resolution plans, a report said on Friday. Even the various resolution processes have witnessed the recovery of debt of just 31 per cent on an average, said the data from the Insolvency & Bankruptcy Board of India. The data which covers all the cases since the implementation of the Insolvency and Bankruptcy Code (IBC) five years ago till December 2021 reflects very slow pace of the process, according to an analysis by Icra Ratings. Liquidation means lenders or financial firms face the maximum brunt of losses on their books. Of the Rs 7.52 lakh crore claims made by the creditors on their borrowers, the lenders could realise only Rs 2.5 lakh crore, reflecting the pains of liquidation that lenders were forced to suffer, Icra Ratings said in its analysis. While various NCLTs (National Company Law Tribunals) have

Kalrock-Jalan consortium gets 2 months more to meet Jet revival plan terms

The National Company Law Tribunal gave more time to ensure the revival of the grounded airline.

Bank of India moves NCLT as lead lender to Kishore Biyani-led Future Retail

BoI's loan exposure to Future Retail is Rs 1,441.62 crore

BoI drags Future Retail to NCLT, suggests V K V Iyer's name as IRP

Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the 'process of taking legal advice'

Credit Suisse and Axis Bank move NCLT against RCap, Administrator

The lenders want recognition as firm's financial creditors, and inclusion in CoC as part of RCap's corporate insolvency resolution proceedings. Administrator has admitted claims worth Rs 23,666 cr

Amazon says anyone aiding FRL shareholders meeting is party to fraud

In a 16-page letter to Kishore Biyani, his daughter Ashni and other promoters, Amazon has said such meetings violate Singapore tribunal's injunction on sale of retail assets to RIL

NCLT approves Tata Steel Mining's resolution plan for Rohit Ferro-Tech

Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited. On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench. The NCLT on April 7, 2022, "orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech Limited," Tata Steel said in a regulatory filing. However, Tata Steel did not divulge any further details related to its resolution plan in the filing. In a bid to augment its ferro alloys processing capacities, Tata

Jet Airways revival: Banks back Kalrock-Jalan consortium's extension plea

NCLT to hear matter on Monday; consortium had said extension was necessary to stop company from sliding into liquidation

NCLT allows govt to take over management of Delhi Gymkhana Club

Earlier, the tribunal had allowed the ministry to nominate 15 persons as directors on the club's general committee as well as manage the affairs of the club.