Bank of India moves NCLT against Future Retail

Bank of India has moved the National Company Law Tribunal (NCLT), filing a petition to initiateinsolvency proceedings against debt-ridden Future Retail Ltd. “Bank of India (BoI) has served an advance intimation of filing an application under Section 7 of theInsolvency and Bankruptcy Code, 2016 against the company for default on non-payment of moniesdue in terms of the Framework Agreement entered

HDFC moved NCLT against SITI Networks

Housing Development Finance Corporation Ltd (HDFC) has moved insolvency tribunal NCLT against the country’s leading multi-system operator SITI Networks Ltd for an alleged default of Rs 296 crore.SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFC, the Essel group firm said in a regulatory filing on

Reliance’s gasification scheme receives approval from NCLT

Reliance Industries stated that it has received necessary approval from the National Company Law Tribunal for its plans to repurpose and restructure its gasification assets. The company received approval from both NCLT Mumbai bench and Ahmedabad bench for the scheme. Both NCLT Mumbai and Ahmedabad benches approved the scheme on March 30,2022. Appointed date of the scheme is March 31.

NCLT approves amalgamation of CGPL with Tata Power

Tata Power received approval from the Mumbai Bench of the National Company Law Tribunal (NCLT) on 31/03/2022 for the composite scheme of arrangement between Coastal Gujarat Power (CGPL) and Tata Power and their respective shareholders. The scheme provides for the amalgamation of CGPL with Tata Power which will result in streamlining the corporate structure and consolidation of assets and liabilities

NCLT declares Supertech bankrupt

The National Company Law Tribunal (NCLT) New Delhi, on March 25, 2022 admitted Union Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against real estate firm Supertech. “We are satisfied that the present application is complete in all respects and the applicant financial creditor (Union Bank) is entitled to claim

Bankers decide to refer Future Retail to NCLT

Lenders led by Bank of India decided to refer Future Retail Ltd (FRL) to the National Company Law Tribunal (NCLT) for insolvency proceedings over recovery of dues. The lenders have invited financial and technical bids from insolvency professionals (IPs) by March 29,2022. This will be followed by a presentation from shortlisted IPs, said the people cited above. Grant Thornton, PwC,

NCLT to hear Suraksha resolution plan on March 9

The National Company Law Tribunal (NCLT) Mumbai was to hear the matter pertaining to approval of the Suraksha group’s bid to acquire embattled realty firm Jaypee Infratech Ltd on March 7. The hearing was cancelled as the NCLT member was unwell. In June 2021, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha Group over state-owned NBCC for taking

NCLT allows arbitration against Indian Oil

A Mumbai bench of the National Company Law Tribunal (NCLT) court has permitted the liquidator of EPC Constructions India Ltd (formerly Essar Projects) to initiate arbitration proceedings against Indian Oil Corp Ltd (IOC) to recover about Rs 1,005 crore in dues, which relate to work that EPC had carried out under a turnkey contract in 2011 for the Paradip refinery

Indiabulls Housing Finance moves NCLT against Subhash Chandra

Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel group firms. It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in