NCLT Cases

Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. "... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted. It further said: "Liberty is granted to the applicant to withdraw the company petition...

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

This means that the US term loan lenders will not be party to the discussion of the CoC

The tribunal has now sought a response from the suspended management of the airline regarding the liquidation plea filed by the RP. The case will come up again on October 4

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought. It was not even a part of conditions set out by the NCLT while approving the resolution plan on February 27, 2024. The message sent to IIHL for comments on the issue did not elicit response till the filing of the story. According to sources, 90 days have passed since IIHL submitted the application with DIPP, but the approval is still pending. DIPP approval is required as some of the shareholders o

Clarifies that interest on the money will accrue to lenders

As per the NCLT website, the case was filed by a law student named Gauransh Vyas from Indore

The company's other income was down 59.8 per cent to Rs 934 crore on a Y-o-Y basis

The newly formed company is said to focus on three main verticals - Pharma CDMO, Agrochemicals CDMO, and API manufacturing

Both the finance minister and the economic survey have highlighted the success of IBC

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Sources say the company may approach NCLAT in the next few days

A combined 1.58 million shares changed hands in trade on Monday, July 15, and there were pending buy orders for 180,000 shares on the NSE and BSE, data showed

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

About 62 former employees of Byju's have come together and sent a notice of filing an insolvency and bankruptcy case against the troubled edtech firm at NCLT if their pending dues are not paid

The Bengaluru-based law tribunal told Byju's to pay the outstanding salaries to its employees irrespective of whether it has access to the funds raised through its rights issue

The edtech firm's US-based lenders have filed a plea to prevent the company from pledging, selling or transferring its shares

The tribunal, meanwhile, has designated July 3 as 'Byju Day' as nearly 10 petitions are expected to be heard that day against the edtech firm

Zee founder had filed writ petition against regulator's summons in fund diversion case

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