The Supreme Court on September 6,2021 refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons tech and directed the NCLAT to hear the issue expeditiously. The Supreme Court on Monday refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons tech and directed the National Company Law
Punjab National Bank has challenged the rescue plan for Jet Airways (India) Ltd, posing a fresh hurdle to the Jalan-Kalrock consortium’s attempt to revive the grounded carrier. The state-run lender filed a petition before the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking to quash a rescue plan for Jet Airways approved by the National Company Law Tribunal (NCLT)
Jet Airways employees have rejected the Kalrock-Jalan consortium’s offer under the resolution plan and have challenged the plan in the National Company Law Appellate Tribunal. Kalrock-Jalan consortium proposed a sum of Rs 52 crore to settle admitted employee claims of Rs 1,265 crore. Bharatiya Kamgar Sena (BKS) and Jet Airways Cabin Crew Association, on August 18, filed an appeal against
Parliamentary panel says details of every customer in a real estate project should be made available to a buyer who chooses to commence NCLT proceedings against a builder. The Insolvency and Bankruptcy Code (IBC) Parliamentary Standing Committee has recommended that even if only one buyer decides to file a case against a builder before the NCLT, the government make it
The McLeod Russel company runs 31 tea gardens in Assam, 2 in Alipurduar and also has gardens in Africa, Vietnam India’s largest bulk tea producer McLeod Russel India Ltd (MRIL) has been admitted for insolvency proceedings on Friday for defaulting on the repayment of a Rs 100 crore loan. The company, promoted by the Khaitan family of Calcutta, operates 31
The National Company Law Tribunal (NCLT), Chennai, has rejected the debt settlement proposal of Siva Industries and Holdings Ltd that was earlier approved by its lenders. The court also ordered Siva Industries’ liquidation in an order on August 13,2021. The NCLT rejected the proposal terming it a “business restructuring plan” rather than a settlement envisaged under section 12 A of
In the case of Vijay Kumar Jain vs. Standard Chartered Bank & Ors., the Apex Court held that the members of the suspended Board of Directors of a corporate debtor are vested with right to receive insolvency resolution plans submitted before the resolution professional so that they could effectively participate in the meetings of Committee of Creditors (CoC). The Supreme Court
The NCLAT in JM Financial Asset Reconstruction Company Ltd. v. Samay Electronics Pvt. Ltd., the same Bench of the Adjudicating Authority, which passed two conflicting orders, to make a reference to Hon’ble President, NCLT, if not already made, in terms of Section 419 (5) of the Companies Act 2013, for hearing on the issues and points on which the two Members
