Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). “The Company has received e-filing
The Jalan Kalrock Consortium has approached the National Company Law Tribunal (NCLT) New Delhi to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways. The new owners of the airline want to start paying all stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways as per the plan approved by the
The Supreme Court (SC) has cleared the divestment in Hindustan Zinc Limited (HZL). HZL has ceased to be a government company as the government, an ordinary shareholder, has a 29.5 percentage residuary stake, SC added. The court added that the government was entitled to make a decision on divestment shareholding, as long as the process is transparent and realizes the
Section 14 of the IBC prevents the payment of any pre-CIRP dues of a creditor during the moratorium period. The moratorium does not affect the payment of dues/costs arising in the course of the CIRP of the CD. These dues/costs are categorized as “insolvency resolution process costs” (CIRP costs), and to the extent unpaid, are to be given priority for
Individual insolvency and bankruptcy were covered under the two pre-independence legislations: The Presidency Towns Insolvency Act, 1909, and the Provincial Insolvency Act, 1920. It should be noted that pending notification of the provisions relating to individual insolvency and bankruptcy under the Code, these statutes still continue to apply. For companies, the basic law dealing with their winding up or liquidation
Loan moratorium base- what transpired between the Reserve Bank and The IBC laws Reserve Bank of India has informed the Top Court that borrowers opting for resolution of COVID-related stressed loans shall not be required to submit any specific plans. The Resolution Framework does not require any resolution plan in any form to be submitted to the lending institutions at
M/s Transtec Resources Private Limited vs Registrar of Companies (12-11-2020) The petition was filed under section 252 (3) of the Companies Act- Gist of section 252: Section 252 of Companies Act, 2013 states that an individual aggrieved by an order given by the Registrar, stating a company as dissolved under Section 248, can file an appeal to the NCLT in less than
NCLT order Arcelor Mittal to pay Rs 1,300 crores to SREI infrastructure Arcelor Mittal had been using the slurry pipeline of SREI during the insolvency period. ArcelorMittal along with Japanese company Nippon Steel had jointly bid for Essar Steel and paid ₹42,000 crore last December to complete the deal through ArcelorMittal Nippon Steel India (AM/NS). However, SREI Infrastructure, which owns 69
India Asset Growth Fund and Ors. Vs CMRS projects Pvt Ltd (23.06.2020- NCLT Bangalore) The Hon’ble Tribunal decided on the matter specifically bearing in mind the intent of the Insolvency and Bankruptcy Code (IBC) and the parameters while considering admitting a Corporate Debtor (CD) into Corporate Insolvency Resolution Process (CIRP) in light of the prevalent economic slowdown due to COVID-19.
