State Bank of India (SBI) has been pulled up by national company law tribunal (NCLT) for lacking diligence in its approach to a bad loan recovery case that is before the court. The public sector bank had approached NCLT claiming it had misplaced papers pertaining to the account of a borrower, Tybros India Tours, and could not locate them at
The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process. In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
The National Company Law Tribunal (NCLT), Chennai, was informed on Monday that the committee of creditors has voted in favour of a resolution bid submitted by Rajasthan-based ASG Hospital Private Limited for Vasan Health Care Pvt. Ltd. under the insolvency process. The resolution professional told the tribunal that the lenders had approved the plan in a meeting held on February
Due to a tepid response from bidders for the acquisition of debt-laden Reliance Capital, the company’s lenders on Sunday decided to extend the timeline for the resolution process by another two months ending November 2, 2022. This would be the second extension by the Committee of Creditors (CoC) for the Anil Ambani-backed company’s resolution. Earlier, the creditors extended the timeline
Realty developer Supertech is in talks to raise Rs 300 crore as it has resumed construction on its project. NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP). According to management, company has tied up with investors to accelerate construction
The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist. Jitender
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules pertaining to redressal of grievances filed against insolvency professionals. IBBI has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. The mechanism of complaint or grievance redressal and subsequent enforcement
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The NCLT Mumbai court has dismissed a petition filed by Gateway Offshore against Pune-based realty developer Runwal Realtors to admit the company under the Corporate Insolvency Resolution Process (CIRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while rejecting the arguments made by Gateway Offshore in its petition, observed that in absence of any written document indicating the
