The State government of Kerala intends to contest the National Company Law Tribunal (NCLT) order transferring SAIL-SCL Kerala Limited to Chattisgarh Outsourcing Services, citing violations of lease agreements and procedural irregularities. According to Industries Minister P. Rajeeve, the tribunal’s decision lacked the State government’s input and disregarded established lease terms. The NCLT’s ruling on May 2 stemmed from a complaint
KSK Mahanadi Power Company, represented by its Resolution Professional (RP), addressed the National Company Law Tribunal (NCLT) in Hyderabad, advocating for a renewed bidding process under the corporate insolvency resolution process (CIRP). The company, admitted into insolvency in October 2019, contends that recent developments necessitate a fresh invitation for bids. The RP emphasized that KSK Mahanadi’s evolving status as a
The Mumbai bench of the National Company Law Tribunal (NCLT) has greenlit Sapphire Media’s resolution plan for Reliance Broadcast Network’s FM radio entity, Big 92.7 FM. This decision arrives amidst Sapphire Media’s commitment to pay Rs. 261 crore to secured and operational creditors, addressing claims totaling Rs. 947.5 crore. In its order dated May 6, the NCLT bench, comprising technical
The IL&FS Group has petitioned the National Company Law Appellate Tribunal (NCLAT) for permission to divest its stake, without shareholders’ consent, in Category II companies facing insolvency. These companies are burdened with unsustainable debts, necessitating a resolution strategy sans shareholder approval. IL&FS emphasizes that stakeholders, including lenders and shareholders, would inevitably undergo a financial adjustment. This approach aims at ensuring
The Mumbai bench of the National Company Law Tribunal (NCLT) has deferred the hearing concerning the insolvency resolution of cable TV distribution company Siti Networks to April 3. The adjournment comes amidst pending applications, signaling irregularities in the resolution process and changes in the commencement date, noted the bench consisting of judicial member Lakshmi Gurung and technical member Charanjeet Singh
The National Company Law Tribunal (NCLT) has ruled against Shripal Morakhia, the founder of Smaaash Entertainment Private Ltd, in his plea alleging misconduct by the company’s resolution professional (RP). The tribunal clarified that it lacks jurisdiction to address RP misconduct and initiate disciplinary actions, stating that such matters fall under the purview of the Insolvency and Bankruptcy Board of India
The National Company Law Tribunal (NCLT) has accepted an insolvency petition lodged by Chennai-based Wiz Logtec India Private Limited against Vivimed Life Sciences, a subsidiary of Strides Pharma Science Limited. The petition stemmed from Vivimed’s failure to settle a debt amounting to Rs 1.37 crore. Initiating the Corporate Insolvency Resolution Process (CIRP), Wiz Logtec cited Vivimed’s non-payment of Rs 1.21
The National Company Law Appellate Tribunal (NCLAT) has upheld the decision to dismiss Kesoram Industries’ appeal against the National Company Law Tribunal’s (NCLT) ruling in Kolkata. The NCLT had rejected Kesoram’s claim of being a financial creditor of Birla Tyres Ltd. NCLAT ruled that Kesoram failed to substantiate the nature of the transaction as a deposit or loan, stating, “the
The National Company Law Appellate Tribunal (NCLAT) has rejected Jindal Power Limited’s appeal against the Mumbai National Company Law Tribunal (NCLT) ruling, prohibiting the company from presenting a resolution plan in the Tuticorin Coal Terminal’s insolvency proceedings. Dismissing the appeal, NCLAT emphasized the absence of merits and highlighted that granting it would contravene Corporate Insolvency Resolution Process (CIRP) regulations. Jindal
The National Company Law Appellate Tribunal (NCLAT) in New Delhi, chaired by Justice Ashok Bhushan and Technical Member Mr. Barun Mitra, has ruled that a Corporate Debtor remains liable for discharging its operational debt, even if an insurance claim has been settled with the Operational Creditor. The decision clarifies that the insurance payment to the Operational Creditor cannot serve as
