National Company Law Tribunal

The National Company Law Tribunal has dismissed the demerger scheme filed by Talwandi Sabo Power Ltd (TSPL) after objections were raised by SEPCO, a creditor of TSPL, in relation to the demerger of Vedanta. The Mumbai bench of NCLT in its ruling on Tuesday said, "...keeping in view the facts and circumstances of the present case, we deem it appropriate to reject the scheme presented by the Applicant under Section 230 of the Companies Act." It further observed that "...material facts have not been disclosed by the Applicant company, violating Section 230 (2)(a) of the Companies Act, 2013, which in our considered opinion is bound to prejudice the public interest at large." The decision came after China-based SEPCO Electric Power Construction Corporation raised objections to the demerger, saying that the power unit had deliberately excluded their outstanding debt of Rs 1,251 crore from the list of creditors. SEPCO opposed the scheme, alleging that TSPL had concealed material informat

Ajmera will replace former RP Pankaj Srivastava

On Monday, the NCLT also asked all parties to file their replies concerning allegations that former resolution professional Pankaj Srivastava had failed to discharge his duties properly

Both Glas Trust and Aditya Birla Finance were initially part of the CoC last year in August but were later removed from the reconstituted CoC by the IRP

NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. After they defaulted, the financial creditor Yes Bank invoked the guarantee of Rs 450 crore each given for both loans. However, the RP of Tulip Hotels submitted that during the prescribed timeline of 180 days, no bids (resolution plan) were submitted for Tulip Hotels during the Corporate Insolvency Resolution Process (CIRP) and the Committee of Creditor (CoC) has also passed no for extension of the period. Hence, he was left with no other ...

Meta Platforms Inc on Monday moved corporate appellate tribunal NCLAT against the order passed by fair trade regulator CCI, which imposed a penalty of Rs 213.14 crore for abuse of its dominant position. The petition was mentioned before a National Company Law Appellate Tribunal (NCLAT) bench which also comprised its Chairperson Justice Ashok Bhushan. Senior advocates Kapil Sibal and Mukul Rohatgi appearing for Meta requested for an urgent hearing in the matter considering the importance and nature of the matter. A three-member bench, which also consisted of technical members Barun Mitra and Arun Baroka, directed listing the petition on January 16 for hearing. On November 18, the Competition Commission of India (CCI) had imposed a penalty of Rs 213.14 crore on social media major Meta for unfair business ways with respect to WhatsApp privacy policy update done in 2021. Besides, the competition watchdog has directed Meta to cease and desist from anti-competitive practices. Meta and

The National Company Law Appellate Tribunal (NCLAT) has set aside hospitality major EIH Ltd's petition against an NCLT order approving the sale of Hyderabad-based Golden Jubilee Hotels. The appellate tribunal upheld the earlier decision of the National Company Law Tribunal (NCLT), allowing the bid of a Singapore-based entity and said the business decision by the majority of the CoC (Committee of Creditors) "cannot be questioned or looked into". "This recent judgment leaves no doubt about reinforced faith in commercial wisdom of CoC and little scope of any judicial intervention," said a two-member bench of the NCLAT. Earlier, the Hyderabad Bench of NCLT had approved the bids of Singapore-based BREP Asia II Indian Holding Co II (NQ) PTE on February 7, 2020, which was challenged before NCLAT by EIH, a flagship company of The Oberoi Group. EIH, which was managing Golden Jubilee Hotels and has 16 per cent shareholding, contended that it could not be treated as a promoter and become ...

The National Company Law Tribunal (NCLT) on Wednesday stayed a resolution related to amendment in the Articles of Association (AoA) of Aakash Educational Services which allegedly seeks to dilute the rights of petitioners including Singapore VII Topco I. An Extra Ordinary General Meeting (EGM) of Aakash Educational Services was scheduled to be held on Wednesday to consider and approve alteration in the AoA, which was objected to by the petitioners. " ... in the interests of justice, this Tribunal directs the Respondents No.1 to 11 (Aakash Educational Services and others) not to give effect to the resolutions, if passed, in relation to the Agenda Item No 8 in the Extra Ordinary General Meeting to be held on today i.e. 20.11.2024, till the disposal of the main Petition," said NCLT in its interim order. The Bengaluru bench of NCLT directed that the matter will be listed for the next hearing on December 19, 2024. NCLT order came over a petition filed by Singapore VII Topco I Pte Ltd and

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Raheja Developers on a petition filed by flat allottees of its Gurgaon-based Shilas project. The NCLT said Raheja Developers has a "debt due and default" against the flat allottees, who had made their payments and delivery of the units was not on time and referred it for Corporate Insolvency Resolution Process (CIRP). "The Application bearing... filed by the Applicants under Section 7 of the Insolvency & Bankruptcy Code, 2016, for initiating CIRP against Raheja Developers Ltd is, hereby, admitted," the NCLT said. A two-member NCLT bench, comprising its President Justice Ramalingam Sudhakar and AK Srivastava, has also appointed Manindra K Tiwari as the Interim Resolution Professional for Raheja Developers. "There is a default on the part of the CD (corporate debtor), in terms of nonpayment of the debt due (delivery of the units) against the amount raised from them under the real ..

According to these guidelines, promoters are required to reduce their shareholding to 26 per cent within 15 years of starting banking operations

Outstanding principal of Rs 2,300 crore in focus

The National Company Law Tribunal has dismissed the petition by Philips India to buy out the remaining 3.87 per cent from its minority shareholders, observing a "huge difference" between values determined by the company-appointed valuer and its minority investors. The Kolkata bench of NCLT though agreed with the "discounted cash flow method" adopted by the valuers appointed by Philips India and its minority shareholders but pointed out a "huge difference" between the price of the share determined by them. "While petitioner (Philips India) appointed valuer has valued it at Rs 740 per share, the respondent (minority shareholders) appointed valuer has valued in excess of Rs 4,500, by suggesting a range between Rs 4,605 to Rs 6,119," it said. The tribunal suggested that the situation may require a direction to the registered valuer to disclose the parameters factored while determining the price under the discounted cash flow method to reconcile two vastly different prices determined by

To move NCLT to complete amalgamation

ICICI Securities shareholders will receive 67 ICICI Bank Ltd shares for every 100 shares they hold as per the approved scheme

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

Notably, the company's biggest revenue drivers over the last few quarters have been its non-air segments and increased hotel bookings

Vedanta announced it will demerge into six different, listed entities - Vedanta Aluminium, Vedanta Oil and Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals, and Vedanta Ltd

ZEEL had filed the application following the termination of the merger agreement by Culver Max and Bangla Entertainment on January 22, citing a breach of the merger cooperation agreement

Last Inspection of Three Jet Planes Was Two Years Ago

The National Company Law Tribunal warned the airlines that this would be the final extension offered