Page 4 - Nclt Cases

NCLT approves IL&FS stake sale in GIFT City to Gujarat govt

That sale consideration payable to IL&FS excluding resolution process costs shall be credited into a designated escrow account intimated to the infrastructure lending group

PSBs stare at tough quarter over coronavirus and higher provisioning

Slimmer chances of recovering Rs 20,000 cr from Bhushan Steel resolution in the near future add to lender's woes

NCLT allows 90 days' extension for Jet Airways insolvency process

The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks

Top headlines: Note-ban ghost visits jewellers, Analysts on Q3FY20 GDP

NCLAT relief for Flipkart, FM on credit scores, flurry of dividend payouts by companies and more

Bhushan Power ex-MD Sanjay Singal challenges JSW resolution plan in SC

Petition says, JSW disqualified under Section 29A, has no claim on Rs 3,000 crore EBITDA during CIRP

Govt seeks 270 days more to complete resolution for 105 IL&FS group firms

The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services and Infrastructure Development Corporation of Assam are the nine companies. "For the remaining .

Family feud takes Gati to NCLT; transfer of management a sticking point

On December 5, Allcargo announced it was buying a controlling stake in Gati for Rs 416 crore

JSW Steel completes acquisition of Vardhman Industries for Rs 63.50 crore

The acquisition has been done as per the resolution plan approved by the lenders of VIL and the NCLT

NCLT dissolves Orchid Pharma's promoter firm, says no gain for shareholders

CoC says parent firm has no assets other than holding in Orchid Pharma, which itself is undergoing CIRP; Even if there is a resolution for Orchid Pharma, nothing would be left for investors

NCLT seeks clarity on available Jet slots from DGCA, aviation ministry

Airport slots, the permit for arrival and departure at an airport, play an important role for potential bidders to value the grounded airline

HC rulings on arbitration to drug prices, here're the key court orders

The Supreme Court has ruled that a hospital trust buying flats to accommodate its nurses could be called a 'consumer' under the Consumer Protection Act

Homebuyers filed 1,800 cases under insolvency law since June 2018: Govt

These are the number of cases pending before the National Company Law Tribunal (NCLT) as on September 30.

NCLT asks Kwality lenders to reconsider Haldiram's Rs 145-cr revised offer

On November 2, the CoC had rejected Haldiram Snacks' Rs 142 crore resolution plan

NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma

NCLT had approved Dhanuka's resolution plan on June 25, 2019

NCLT starts insolvency proceedings against Rolta India, appoints EY as RP

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against IT firm Rolta India Ltd. A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming a default of around Rs 1,060 crore. The NCLT has also appointed Shailendra Ajmera of the consultancy firm E&Y as the interim professional of the company to complete the Corporate Insolvency Resolution Process. "The debts and default of the corporate debtor (Rolta) have been established and the appliacation deserves to be admitted," said the NCLT. The tribunal has also declared moratorium, prohibiting the lenders of the company to recover any amount the period. Rolta India, the parent company of Rolta LLC and Rolta Americas LLC, had given corporate guarantee for these step down firm, who were the principal borrowers. However, the principal borrowers failed to meet their payment obligations, following .

Housing projects under litigation not covered under Rs 25k cr fund: Govt

The Union Cabinet had on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects.

Lavasa CoC rejects bids of Haldiram, Deshpande; seeks more time from NCLT

Lenders expect the entire debt resolution process to be delayed further as the NCLT takes a call on a single debt resolution for Lavasa and its subsidiaries

Flipkart gets stay on insolvency proceedings initiated against it at NCLT

CloudWalker Streaming, a Mumbai-based supplier of LED TVs, alleged Flipkart did not honour a purchase agreement and had not paid dues totalling Rs 26.95 crore

Consumer complaints should go to RERA before NCLT, say builders

About 450 real estate companies/projects across the country are facing insolvency proceedings under IBC because of default in the delivery of projects to homebuyers as well as repayment of bank loans

Relief ahead for banks as deadline for resolving 10 major NCLT cases nears

The pruned second NCLT list comprises 25 companies whose loans have turned into NPAs