NCLAT set aside penalty on lenders for delay in Mudra Denim insolvency process, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process. The Mumbai bench of the National Company Law Tribunal had, on November 11 last year, while deciding creditors’ plea seeking extension of deadline […]
NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said “no error has been committed” by the National Company Law Tribunal (NCLT), while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, […]
Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency, ET LegalWorld
Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the rejection of the settlement proposal. […]
Bankruptcy Court admits Oban Fashions under insolvency resolution, ET LegalWorld
The bankruptcy court in Mumbai has admitted Oban Fashions Pvt Ltd, a wholly-owned subsidiary of listed Knitwear brands Rupa & Co Ltd under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its operational creditor Sunrise Knitting Mills Pvt Ltd. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the company […]
NCLT reserves ruling on Byju’s creditor appeals, BCCI insolvency petition, ET LegalWorld
The National Company Law Tribunal (NCLT) on Wednesday, reserved its order on the appeals by Glas Trust and Aditya Birla Finance to be added to the committee of creditors (CoC), as well as the Board of Control for Cricket in India’s (BCCI) application to withdraw its insolvency petition against the cash-strapped edtech firm Byju’s. The […]
Creditors approve Winsome Yarn’s insolvency plan; Moves NCLT for further approval, ET LegalWorld
The Winsome Yarn Limited’s Committee of Creditors (COC) has approved with the requisite majority, through e-voting, in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed by M/s Mohini Health & Hygiene Limited. The Resolution Professional has applied for approval of the COC approved Resolution Plan with the […]
NCLT directs initiation of insolvency proceedings against Hero Electric, ET LegalWorld
The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Hero Electric after admitting a plea filed by Metro Tyres, an operational creditor claiming a default of Rs 1.85 crore. As per provisions of the Insolvency & Bankruptcy Code (IBC), NCLT has appointed Bhoopesh Gupta as Interim Resolution Professional to run the […]
NCLT admits Insolvency plea against Solapur Tollways, ET LegalWorld
Highlights The National Company Law Tribunal in Kolkata has admitted an insolvency petition filed by Union Bank of India against Solapur Tollways Private Limited under the Insolvency and Bankruptcy Code, 2016. The insolvency claim amounts to ₹ 195,55,15,022/-, which includes a principal default amount of ₹ 184,23,36,839/- and an interest default amount of ₹ 11,31,78,183/-. […]
SC restores Exim Bank of China, others as financial creditors in Reliance Infratel’s insolvency process, ET LegalWorld
The Supreme Court on Friday restored China Development Bank, Exim Bank of China, Asset Care and Reconstruction Enterprises and others as financial creditors in the insolvency process of Reliance Infratel Ltd, which is now acquired by Reliance Project & Property Management Services, a subsidiary of Reliance Jio Infocomm. A Bench led by Abhay S Oka […]
NCLAT declines to confine insolvency against Spaze Towers to one project only, ET LegalWorld
Appellate tribunal NCLAT on Tuesday dismissed the plea filed by the former promoters of realty firm Spaze Towers to confine the Corporate Insolvency Resolution Process to only one project — Spaze Arrow. The National Company Law Tribunal (NCLT), on October 21, 2024, directed the initiation of insolvency proceedings against Spaze Towers, admitting a plea filed […]