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
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,
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
An INFORMATION UTILITY is defined in section 3(21) of the IBC as a “person” registered as such with the IBBI under section 210. The primary function of INFORMATION UTILITYs is to provide high quality authenticated information about debts and defaults, making them important from a public policy standpoint. Section 209 of the IBC specifies that no INFORMATION UTILITY can do
The objective of the new law is to promote entrepreneurship, availability of credit, and to balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner and for maximization of value of assets of such persons and matters connected therewith or incidental
