The Mumbai bench of the National Company Law Tribunal admitted a plea filed by Beacon Trusteeship Ltd against Mumbai-based Modella Textile Industries Ltd after the company defaulted on its dues to the tune of about Rs 502 crore. The company has argued that it has mortgaged several properties worth around Rs 906 crore in favour of the financial creditor to
Indiabulls Housing finance has approached the NCLT Mumbai on 13/05/2022 a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP). The realty firm owes over Rs 798 crore to Indiabulls Housing Finance. Indiabulls Housing Finance had extended loans to a few subsidiaries of Radius Developers and managed to recover most of it through
The Kolkata bench of the National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against BK Birla group company Birla Tyres, admitting an insolvency petition of SRF Limited. The application filed by SRF, under Section 9 of the Insolvency and Bankruptcy Code (IBC),for initiating the Corporate Insolvency Resolution Process (CIRP) against Birla Tyres, thecorporate debtor, is admitted, said
The Kolkata Bench of the National Company Law Tribunal (NCLT) on April 29 admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited. The petition for insolvency had been moved by Bank of India, the lead bank. Ankur Singhi, advocate for Bank of India, said, the NCLT admitted the Bank of India petition today for commencement
The National Company Law Appellate Tribunal on May 2 stayed the order of the National Company Law Tribunal (NCLT) by which insolvency proceedings had been initiated against Logix City Developers Private Limited. The appeal against the NCLT order was filed by homebuyers of Logix Blossom Zest, a project located in Noida.After hearing the arguments, NCLAT stayed the NCLT order. “Learned
The National Company Law Appellate Tribunal (NCLAT) on 19 April, 2022 gave Supertech one more opportunity to settle its dispute with the Union Bank of India that dragged the company to the insolvency court even as the lender rejected the realty firm’s latest one- time settlement (OTS) offer. Union Bank of India took Supertech to the insolvency court after the
Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
Shareholders of Future Group companies voted over the deal to sell their assets to Reliance Retail. The final result of the voting will be declared after the two meetings of secured and unsecured creditors. The shareholders’ meeting came after an order by the National Company Law Tribunal(NCLT) on February 28 after a Supreme Court order allowed Future Group companies to
Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25. “The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed. Yes Bank has filed for bankruptcy under Section
National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Mahindra Engineering and Chemical Products Limited (MECPL), Retail Initiative Holdings Limited (RIHL) and Mahindra Retail Limited (MRL) with the Mahindra and Mahindra (M&M) Group and their shareholders. This scheme has become effective from April 29, according to a latest exchange filing by Mahindra & Mahindra. There
