Sanskar Projects and Housing has been dragged to National Company Law Tribunal (NCLT) under Section 7 of Insolvency and Bankruptcy Code, over a default of over Rs 5 crore by its financial creditor Realpro Realty Solutions. The companies entered into a loan agreement on December 9, 2020 to facilitate the acquisition of a 575 sq yards property in Jor Bagh
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
Real estate developers face a dilemma—whether to launch new projects under a SPV (Special Purpose Vehicle) or under the flagship entity. This decision is often influenced by various factors like stamp duty, GST, availability of resources and the Insolvency and Bankruptcy Code. While organisational structure and tax framework would favour launching a project in the flagship entity, RERA and IBC
The bankruptcy court has approved the resolution plan submitted by Prakash Asphaltings & Toll Highways (India) Ltd for Rajahmundry Godavari Bridge Ltd (RGBL). The bridge, built on the river Godavari, connects Rajahmundry and Kovvur in Andhra Pradesh. The Mumbai bench of the National Company Law Tribunal (NCLT) gave its nod after the lenders approved the revival plan with 100% voting
The National Company Law Appellate Tribunal (NCLAT) has stayed an order passed by the Kolkata Bench of the National Company Law Tribunal (NCLT) that had termed allotment of shares to the Roys of Peerless General Finance & Investment in 1988 ‘void’ and ordered cancellation. In an order passed, the appellate tribunal said, the impugned order dated July 18, 2022, passed
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by a non- governmental organisation (NGO) against a decision by India’s anti-trust regulator that instant messaging platform WhatsApp had not been abusing its dominant position in the country. In a judgment dated August 2, the NCLAT said there was no reason for it to doubt the Competition Commission of
HDFC Ltd on 06/08/2022 said an application has been filed with the National Company Law Tribunal (NCLT) for merger of HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank. This is part of the proposed merger of HDFC Bank , the country’s largest private sector bank by balance sheet, with its parent, mortgage lender Housing Development Finance Corporation Ltd.
DHL has filed a lawsuit against Royal Enfield’s manufacturer Eicher Motors at the National Company Law Tribunal (NCLT) over a payment dispute. DHL has claimed that in the financial year 2020-21, it had raised various sets of invoices for warehousing and third-party logistics services which it had provided to Eicher Motors. Invoices totalling around ₹10 crore are unpaid, DHL claimed.
The Chennai-based two-wheeler maker had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the liquidator of Kalisma Steel rejected its claim as a financial creditor. “The shares were supplied by the promoter in his official capacity to provide security for the loan” said the division bench of Justice PN Deshmukh and Shyam Babu Gautam in its
The Insolvency and Bankruptcy Board of India (IBBI) has released a paper that proposes increasing the fee on service providers it appoints, seeking to buttress its finances as statutory independent body. The IBBI is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government to a system where the it recovers all or
