The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed that the lenders of Mittal Corp were empowered to issue a fresh RFRP when none of the resolution
A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
The National Company Law Tribunal (NCLT) has dismissed a petition filed by around 368 homebuyers who had purchased properties from Lavasa Corporation. The petition had alleged misconduct in the corporate insolvency resolution process (CIRP) of the company and mistreatment of the homebuyers as a class of creditors. The homebuyers, in their petition, had sought the tribunal’s intervention to declare the
The National Company Law Tribunal (NCLT) Kolkata Bench has allowed the application filed by the Committee of Creditors (CoC) of McNally Bharat Engineering Company Ltd to appoint Ravi Sethia as the Resolution Professional for the company which is undergoing an insolvency process. The company was admitted under the corporate insolvency resolution process (CIRP) by the NCLT Kolkata Bench in April
Real estate developers face a dilemma—whether to launch new projects under a SPV (Special Purpose Vehicle) or under the flagship entity. This decision is often influenced by various factors like stamp duty, GST, availability of resources and the Insolvency and Bankruptcy Code. While organisational structure and tax framework would favour launching a project in the flagship entity, RERA and IBC
The bankruptcy court has approved the resolution plan submitted by Prakash Asphaltings & Toll Highways (India) Ltd for Rajahmundry Godavari Bridge Ltd (RGBL). The bridge, built on the river Godavari, connects Rajahmundry and Kovvur in Andhra Pradesh. The Mumbai bench of the National Company Law Tribunal (NCLT) gave its nod after the lenders approved the revival plan with 100% voting
The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process. In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
Due to a tepid response from bidders for the acquisition of debt-laden Reliance Capital, the company’s lenders on Sunday decided to extend the timeline for the resolution process by another two months ending November 2, 2022. This would be the second extension by the Committee of Creditors (CoC) for the Anil Ambani-backed company’s resolution. Earlier, the creditors extended the timeline
