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 workers’ union of Birla Tyres has taken its plea to the National Company Law Appellate Tribunal (NCLAT), challenging the recent sanction of the resolution plan by the Kolkata bench of the National Company Law Tribunal (NCLT). Representing 307 workers, the union initially filed claims totaling around Rs 31.47 crore for the settlement of pending wages. However, the resolution professional
The National Company Law Appellate Tribunal (NCLAT) is set to address significant challenges to the resolution plan of Birla Tyres in the coming week. HDFC Bank’s plea, challenging the joint resolution plan proposed by Himadri Speciality Chemical Ltd and the Dalmia Bharat group for acquiring Birla Tyres, will be heard on November 23. Additionally, Kesoram Industries Ltd, the parent company
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
