Page 3 - Nclt Cases

State Bank of India takes PC Jewellers to NCLT over loan account default

The bank, who filed an insolvency plea against the jewellery company in NCLT, had classified PC Jeweller's loan account as a non-performing asset in June, 2021

Future Retail insolvency proceedings: NCLT extends deadline to Aug 17

The debt-laden firm has requested multiple extensions in the past

Zee Entertainment-Sony merger: NCLT sets hearing for June 10

The merger was previously approved by all regulatory bodies and was expected to be completed by September

NCLT to hear second plea of Aircastle against Spicejet on June 17

The NCLT on Tuesday asked Aircastle's counsel to explain how the second plea was maintainable against the same defaulter(SpiceJet)

No-frills carrier Go First extends booking hold-up; NCLT plea today

Lenders' meeting on the crisis remains inconclusive, to resume today

Tata Coffee Q4 result: A look at how it performed in previous quarters

Tata Group in March 2022 announced a merger between Tata Coffee and Tata Consumer Products, NCLT's nod is expected soon

Zee Entertainment jumps 6% as NSE reincludes stock in F&O segment

The stock of TV broadcasting & software production had dipped 15 per cent in past six trading days between February 17 and February 27.

How to trade Zee Entertainment as NCLT places it under insolvency process

Death Cross on the Zee Entertainment may push stock in the bear grip

Sintex Industries resolution: NCLT approves joint bid of RIL, ACRE

The National Company Law Tribunal (NCLT) has approved the joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden textiles maker Sintex Industries. The Ahmedabad bench of the NCLT in an oral order on Friday approved the resolution plan by RIL and ACRE, Sintex Industries said in a regulatory filing. "NCLT has orally pronounced an order" on Friday "approving the resolution plan submitted jointly by Reliance Industries Limited and Assets Care & Reconstruction Enterprise Ltd," Sintex Industries said. The approved Reliance-ACRE plan contains the reduction of share capital and delisting of equity shares with nil value, it added. The company would make updated disclosure upon the written order being made available, it added. According to reports, RIL-ACRE had offered around Rs 3,650 crore. The lenders of Sintex Industries had voted in favour of the joint bid of RIL & ACRE, following which the resolution professional of the company in ..

NCLT asks RCap lenders, administrator to reply on Torrent's plea by Monday

Reliance Capital has a consolidated debt of about Rs 40,000 crore

Srei CoC offers window for resolution applicants to revise bids by Dec 15

The Consolidated Committee of Creditors (CoC) of two debt-ridden Srei companies are likely to ask bidders to improve their resolution plans by December 15, a top official said on Sunday. The CoC, however, remains committed to the January 5 (2023) deadline offered by the adjudicating authority to complete the corporate insolvency resolution process, he said. The Kolkata-based Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL), which are undergoing a resolution process in the National Company Law Tribunal (NCLT), have received three bids. "Intense negotiations are taking place with each of the bidders, and after another meeting slated on December 12, bidders will be offered to submit their revised bids by December 15," a top official involved in the process told PTI. The CoC will "vote on the resolution plans after the revised bids are submitted and the RBI nod will be taken" before submitting to the NCLT, he said. "The deadline of January 5 to conclude the

Clouds of resolution period delay, NCLT manpower crunch over IBC 'sheen'

The insolvency law might have helped resolve more than 500 cases in six years but manpower shortage at the NCLT and average resolution period being much higher than the stipulated 330 days pose challenges in tackling stressed companies in a time-bound manner. While the Insolvency and Bankruptcy Code (IBC) timeframe for resolution is 330 days, inclusive of time taken for litigation, the 517 cases that yielded resolution plans took an average of 460 days for conclusion till the end of June. And the recovery rate for creditors against the claims made was around 31 per cent. Delay in admission of a case as well as the resolution period also results in erosion in value of the assets. Experts opined that litigations, shortage of manpower at the National Company Law Tribunal (NCLT) benches, infrastructure woes and the pandemic-induced disruptions have adversely impacted the envisaged time-bound resolution process, resulting in delays. Amid concerns in various quarters over the delays and

Ready for talks to settle Murugappa family dispute: Valli Arunachalam

Eldest daughter of former Murugappa Group exec chairman M V Murugappan was the one who had taken family members to NCLT

Future Retail: NCLT reserves order on Amazon petition against BoI's plea

The National Company Law Tribunal (NCLT) on Monday reserved its order on the petition filed by Amazon opposing Bank of India's plea to initiate insolvency resolution proceedings against Future Retail

Jaypee Infra insolvency: NCLT to hear Suraksha resolution plan on Mar 7, 9

The National Company Law Tribunal (NCLT) will hear on March 7 and March 9 matters related to approval of the Suraksha group's bid to acquire debt-ridden realty firm Jaypee Infratech Ltd

NCLAT allows RARCL plea to initiate insolvency against Narendra Plastics

The National Company Law Appellate Tribunal on Tuesday set aside an NCLT order that rejected an appeal by Reliance Asset Reconstruction Company Ltd (RARCL) to initiate insolvency proceeding against Narendra Plastics. The NCLAT also directed the NCLT to initiate the insolvency proceedings against the company. A three-member NCLAT bench headed by Chairperson Justice Ashok Bhushan set aside the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) which on August 13, 2021, rejected RARCL's plea to initiate insolvency proceedings. The NCLT had said the RARCL's plea was barred under limitations as it was filed beyond the prescribed limit of three years after default. The tribunal had said the RARCL had filed a petition under section 7 of the Insolvency & Bankruptcy Code on May 8, 2019, while Narendra Plastics' account was declared as NPA on June 30, 2014, which was prima facie filed after more than five years. This was challenged by RARCL, which is registered as

Reform IBC ecosystem for quicker resolution, maximum recovery: CRISIL

Only a few large cases have seen higher recovery, says agency.

Explain logic in one-time settlement of Siva Industries: NCLT to lenders

PSU banks to get 26% of dues after third party guarantor payments

Tata Power sells Defence business to Tata Advance Systems to prune debt

Sale will garner enterprise value of Rs 1,076 cr as upfront payment; was completed as per a 'Scheme of Arrangement' approved by NCLT

NCLT okays JSW Steel's resolution plan for Asian Colour Coated Ispat

JSW Steel had emerged the highest bidder for the company in June last year with an offer of Rs 1,550 crore