The National Company Law Tribunal (NCLT) has dismissed the petition of Wave Mega City Center (WMCC) Private Limited that had approached the tribunal under section 10 of the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process(CIRP). The tribunal reserved the order on October 26, 2021. The tribunal dismissed the application and imposed a penalty of Rs one
The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by erstwhile Ranbaxy and Fortis Healthcare. A two-member NCLAT bench had admitted an appeal filed by Daiichi Sankyo against an order passed by the National Company Law Tribunal (NCLT) directing initiating the Corporate Insolvency Resolution Process (CIRP) against RHC Holding. The New
The National Company Law Tribunal Mumbai allowed the amalgamation of two Panasonic India entities despite objections by the income tax department over the chances of the anti-abuse provisions of the general anti-avoidance rule (GAAR) arising in the future. Panasonic had approached the NCLT for the amalgamation of a loss-making entity with a profit-making entity. The tax department had said that
NCLAT ordered the implementation of Jalan-Kalrock consortium resolution plan for Jet Airways would be subject to the outcome of its order over the appeals filed before it. While hearing a batch of petitions against the NCLT order approving Jet Airways’ resolution plan, a two-member bench of National Company Law Appellate Tribunal (NCLAT) said they would have to abide by the
The National Company Law Tribunal (NCLT) on May 27,2022 admitted a petition for initiating insolvency resolution process against National Textile Corporation Ltd (NTC) under the Insolvency and Bankruptcy Code (IBC). The Delhi bench of the NCLT has appointed Amit Talwar as the Interim Resolution Professional (IRP) and the corporation will be placed under a moratorium as per the provisions of
The National Company Law Tribunal (NCLT) has allowed ICICI Prudential Venture Capital to withdraw the insolvency proceeding against Anand Divine Developers, a subsidiary of ATS Infrastructure, on Wednesday, May 25 2022. The decision will end the uncertainty for hundreds of homebuyers who were adversely affected due to this legal process. National Company Law Appellate Tribunal (NCLAT) had stayed the insolvency
All India Jet Airways’ Officers and Staff Association has filed an appeal before the NCLAT against Jalan-Kalrock consortium’s resolution plan for the airline. In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS cannot be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the tribunal said “the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised” for recovery of TDS dues by an operational
Private equity (PE) have pulled medical diagnostics chain Medall Healthcare out of insolvency proceedings after they settled a dispute with one of the company’s creditors over non-payment of dues of ₹3 crore. The Chennai-based diagnostics chain, which ranks amongst the largest in southern India, is majority-owned by private equity firms Peepul Capital and Siguler Guff. Homegrown Peepul Capital manages $700
The NCLAT has dismissed the plea of Hinduja Leyland Finance Ltd to initiate insolvency proceedings against its creditor Fly Express Logistics. A three-member bench upheld the earlier orders of the Allahabad bench of the National Company Law Tribunal (NCLT), which had on April 5, 2022, rejected the plea of Hinduja Leyland Finance. The NCLT had said the date of default
