The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The NCLT Mumbai court has dismissed a petition filed by Gateway Offshore against Pune-based realty developer Runwal Realtors to admit the company under the Corporate Insolvency Resolution Process (CIRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while rejecting the arguments made by Gateway Offshore in its petition, observed that in absence of any written document indicating the
The National Company Law Tribunal (NCLT) has dismissed the petition of Wave Mega City Center (WMCC) Private Limited that had approached the tribunal under section 10 of the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process(CIRP). The tribunal reserved the order on October 26, 2021. The tribunal dismissed the application and imposed a penalty of Rs one
The National Company Law Appellate Tribunal (NCLAT) On June 10,2022 ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech Ltd and not the entire company. A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only “Eco Village II Project” located at Greater Noida (West). On March 25, the Delhi bench
The Mumbai bench of the National Company Law Tribunal admitted a plea filed by Beacon Trusteeship Ltd against Mumbai-based Modella Textile Industries Ltd after the company defaulted on its dues to the tune of about Rs 502 crore. The company has argued that it has mortgaged several properties worth around Rs 906 crore in favour of the financial creditor to
The Kolkata Bench of the National Company Law Tribunal (NCLT) on April 29 admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited. The petition for insolvency had been moved by Bank of India, the lead bank. Ankur Singhi, advocate for Bank of India, said, the NCLT admitted the Bank of India petition today for commencement
The National Company Law Appellate Tribunal (NCLAT) on 19 April, 2022 gave Supertech one more opportunity to settle its dispute with the Union Bank of India that dragged the company to the insolvency court even as the lender rejected the realty firm’s latest one- time settlement (OTS) offer. Union Bank of India took Supertech to the insolvency court after the
Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25. “The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed. Yes Bank has filed for bankruptcy under Section
The National Company Law Tribunal (NCLT) has allowed withdrawal of insolvency proceedings against real estate development firm Nirmal Lifestyle and has also lifted a moratorium on the company. Nirmal Lifestyle has entered into a separate settlement agreement with the financial creditor. The Mumbai bench of the NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year
