The National Company Law Appellate Tribunal (NCLAT) has rejected Jindal Power Limited’s appeal against the Mumbai National Company Law Tribunal (NCLT) ruling, prohibiting the company from presenting a resolution plan in the Tuticorin Coal Terminal’s insolvency proceedings. Dismissing the appeal, NCLAT emphasized the absence of merits and highlighted that granting it would contravene Corporate Insolvency Resolution Process (CIRP) regulations. Jindal
The National Company Law Tribunal (NCLT) based in New Delhi, comprising Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), has granted approval for the resolution plan presented by M/s. Ace Infracity Developers Pvt. Ltd. concerning Three C Homes Pvt. Ltd. This resolution plan, valued at approximately Rs. 140 crores, has been accepted by the NCLT
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
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
The Kolkata bench of the National Company Law Tribunal (NCLT) observed that to balance the interests of all the stakeholders, the payments to the various classes of operational creditors who have been paid nil value, need to be ‘reassessed’ and ‘re-considered’ by the Committee of Creditors (CoC). “The resolution plan in respect of the corporate debtor needs to be sent
The National Company Law Tribunal (NCLT) rejected JSW Energy’s plea to withdraw its resolution plan for the takeover of debt-laden Ind-Barath Energy (Utkal) on grounds of deterioration of assets, saying it doesn’t have powers to terminate a plan approved by the Committee of Creditors (CoC) with big majority. At the same time, the tribunal took note of JSW Energy’s concerns
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
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules pertaining to redressal of grievances filed against insolvency professionals. IBBI has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. The mechanism of complaint or grievance redressal and subsequent enforcement
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).
All India Jet Airways’ Officers and Staff Association has filed an appeal before the NCLAT against Jalan-Kalrock consortium’s resolution plan for the airline. In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai
