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Nclt Cases

Ashneer Grover withdraws NCLT plea against BharatPe after settlement

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...

Ashneer Grover withdraws NCLT plea against BharatPe after settlement
Updated On : 18 Oct 2024 | 1:21 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

NCLT asks US lenders of edtech company Byju's to file fresh appeal

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

NCLT asks US lenders of edtech company Byju's to file fresh appeal
Updated On : 04 Sep 2024 | 8:30 PM IST

CoC decided to liquidate airline: Bankrupt airline Go First RP to NCLT

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

CoC decided to liquidate airline: Bankrupt airline Go First RP to NCLT
Updated On : 03 Sep 2024 | 10:43 PM IST

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations

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

RCap lenders accuse IIHL of using delaying tactics, firm denies allegations
Updated On : 01 Sep 2024 | 9:01 PM IST

RCap buy: NCLT directs IIHL to transfer Rs 2.7K cr to lenders in 2 days

Clarifies that interest on the money will accrue to lenders

RCap buy: NCLT directs IIHL to transfer Rs 2.7K cr to lenders in 2 days
Updated On : 08 Aug 2024 | 10:08 PM IST

Plea filed against WazirX, partners in NCLT over crypto asset theft

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

Plea filed against WazirX, partners in NCLT over crypto asset theft
Updated On : 07 Aug 2024 | 8:12 PM IST

Vedanta Q1 FY25 results: Net profit rises 36.6% to Rs 3,606 crore

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

Vedanta Q1 FY25 results: Net profit rises 36.6% to Rs 3,606 crore
Updated On : 07 Aug 2024 | 12:40 AM IST

Stock exchanges approve Cohance-Suven Pharma merger; NCLT application filed

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

Stock exchanges approve Cohance-Suven Pharma merger; NCLT application filed
Updated On : 26 Jul 2024 | 9:54 PM IST

Strengthening IBC: Extend prepack to big companies, says industry

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

Strengthening IBC: Extend prepack to big companies, says industry
Updated On : 26 Jul 2024 | 12:21 AM IST

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

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

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29
Updated On : 24 Jul 2024 | 11:59 AM IST

Byju's may challenge NCLT's insolvency proceedings order against its parent

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

Byju's may challenge NCLT's insolvency proceedings order against its parent
Updated On : 17 Jul 2024 | 10:00 PM IST

Oriental Carbon stock up over 50% in July; what's leading the bull charge?

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

Oriental Carbon stock up over 50% in July; what's leading the bull charge?
Updated On : 15 Jul 2024 | 3:02 PM IST

No objection to release 4 leased engines to lessors: Go First to NCLT

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)

No objection to release 4 leased engines to lessors: Go First to NCLT
Updated On : 11 Jul 2024 | 11:11 PM IST

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT

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

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT
Updated On : 05 Jul 2024 | 10:42 PM IST

'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's

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

'Pay salaries or face an audit': NCLT warns crisis-hit edtech firm Byju's
Updated On : 04 Jul 2024 | 4:38 PM IST

Edtech major Byju's asks for 48 hrs to decide on selling or pledging shares

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

Edtech major Byju's asks for 48 hrs to decide on selling or pledging shares
Updated On : 03 Jul 2024 | 7:14 PM IST

Oppo claims Byju's owes Rs 13 crore, NCLT designates July 3 as 'Byju Day'

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

Oppo claims Byju's owes Rs 13 crore, NCLT designates July 3 as 'Byju Day'
Updated On : 27 Jun 2024 | 9:02 PM IST

Bombay HC directs Subhash Chandra to furnish documents sought by Sebi

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

Bombay HC directs Subhash Chandra to furnish documents sought by Sebi
Updated On : 27 Jun 2024 | 12:59 AM 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