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National Company Law Tribunal

NCLT Bengaluru approves appointment of new RP for debt-laden Byju's

Ajmera will replace former RP Pankaj Srivastava

NCLT Bengaluru approves appointment of new RP for debt-laden Byju's
Updated On : 24 Feb 2025 | 10:07 PM IST

NCLT asks BCCI to submit insolvency withdrawal plea before Byju's CoC

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

NCLT asks BCCI to submit insolvency withdrawal plea before Byju's CoC
Updated On : 10 Feb 2025 | 10:40 PM IST

Glas Trust, Aditya Birla Finance reinstated as lenders of edtech co Byju's

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

Glas Trust, Aditya Birla Finance reinstated as lenders of edtech co Byju's
Updated On : 29 Jan 2025 | 11:09 PM IST

NCLT directs liquidation of Tulip Hotels as it fails to get bidder

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 ...

NCLT directs liquidation of Tulip Hotels as it fails to get bidder
Updated On : 19 Jan 2025 | 2:35 PM IST

NCLAT to hear Meta Platform's plea against CCI's penalty on January 16

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

NCLAT to hear Meta Platform's plea against CCI's penalty on January 16
Updated On : 06 Jan 2025 | 2:43 PM IST

NCLAT sets aside EIH plea against NCLT order for Golden Jubilee Hotels sale

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 ...

NCLAT sets aside EIH plea against NCLT order for Golden Jubilee Hotels sale
Updated On : 15 Dec 2024 | 2:30 PM IST

NCLT stays Aakash's EGM resolution to amend Articles of Association

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

NCLT stays Aakash's EGM resolution to amend Articles of Association
Updated On : 20 Nov 2024 | 10:08 PM IST

NCLT directs initiation of insolvency proceedings against Raheja Developers

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 ..

NCLT directs initiation of insolvency proceedings against Raheja Developers
Updated On : 19 Nov 2024 | 9:11 PM IST

Utkarsh SFB's reverse merger expected within a year, says MD & CEO

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

Utkarsh SFB's reverse merger expected within a year, says MD & CEO
Updated On : 03 Oct 2024 | 7:43 PM IST

IDBI Bank launches OTS scheme for retail NPA borrowers to boost recovery

Outstanding principal of Rs 2,300 crore in focus

IDBI Bank launches OTS scheme for retail NPA borrowers to boost recovery
Updated On : 26 Sep 2024 | 5:58 PM IST

NCLT dismisses Philips India plea to buy minority stake over valuation gap

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

NCLT dismisses Philips India plea to buy minority stake over valuation gap
Updated On : 20 Sep 2024 | 7:09 PM IST
Updated On : 18 Sep 2024 | 8:17 PM IST

NCLT approves delisting of ICICI Securities; firm's shares see major drop

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

NCLT approves delisting of ICICI Securities; firm's shares see major drop
Updated On : 21 Aug 2024 | 8:13 PM IST

NCLT orders insolvency proceedings against Supertech Township Projects

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 ..

NCLT orders insolvency proceedings against Supertech Township Projects
Updated On : 22 Jul 2024 | 11:03 PM IST

EaseMyTrip is expecting a positive cashflow from ops this year: CEO

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

EaseMyTrip is expecting a positive cashflow from ops this year: CEO
Updated On : 12 Jul 2024 | 8:36 PM IST

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal

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

Vedanta demerger plan awaits NCLT's green light, says Anil Agarwal
Updated On : 10 Jul 2024 | 10:34 PM IST

ZEE can withdraw its merger implementation application: NCLT

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

ZEE can withdraw its merger implementation application: NCLT
Updated On : 24 Jun 2024 | 3:09 PM IST

Will rethink India plan if B777 aircraft deal fails, says Ace Aviation

Last Inspection of Three Jet Planes Was Two Years Ago

Will rethink India plan if B777 aircraft deal fails, says Ace Aviation
Updated On : 17 Jun 2024 | 10:06 PM IST

NCLT extends insolvency resolution process for Go First by 60 days

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

NCLT extends insolvency resolution process for Go First by 60 days
Updated On : 12 Jun 2024 | 4:42 PM IST

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order
Updated On : 10 Jun 2024 | 2:29 PM IST