KSK Mahanadi Power Company, represented by its Resolution Professional (RP), addressed the National Company Law Tribunal (NCLT) in Hyderabad, advocating for a renewed bidding process under the corporate insolvency resolution process (CIRP). The company, admitted into insolvency in October 2019, contends that recent developments necessitate a fresh invitation for bids. The RP emphasized that KSK Mahanadi’s evolving status as a
The Mumbai bench of the National Company Law Tribunal (NCLT) has deferred the hearing concerning the insolvency resolution of cable TV distribution company Siti Networks to April 3. The adjournment comes amidst pending applications, signaling irregularities in the resolution process and changes in the commencement date, noted the bench consisting of judicial member Lakshmi Gurung and technical member Charanjeet Singh
The National Company Law Tribunal (NCLT) has accepted an insolvency petition lodged by Chennai-based Wiz Logtec India Private Limited against Vivimed Life Sciences, a subsidiary of Strides Pharma Science Limited. The petition stemmed from Vivimed’s failure to settle a debt amounting to Rs 1.37 crore. Initiating the Corporate Insolvency Resolution Process (CIRP), Wiz Logtec cited Vivimed’s non-payment of Rs 1.21
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 Appellate Tribunal (NCLAT) in New Delhi, chaired by Justice Ashok Bhushan and Technical Member Mr. Barun Mitra, has ruled that a Corporate Debtor remains liable for discharging its operational debt, even if an insurance claim has been settled with the Operational Creditor. The decision clarifies that the insurance payment to the Operational Creditor cannot serve as
The National Company Law Appellate Tribunal (NCLAT) has granted approval to the settlement proposal submitted by the promoter of Appu Hotels Limited, the owner of the renowned Tamil Nadu-based luxury hotel brand, Le Royal Meridien. This decision marks a pivotal moment as it not only allows the settlement but also terminates the resolution process of the company. The NCLAT order
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, led by Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has dismissed an appeal against the National Company Law Tribunal’s (NCLT) Mumbai Bench order. The ruling emphasizes that a successful auction purchaser in the liquidation proceedings of a corporate debtor is entitled to specific reliefs and concessions, particularly in
In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, consisting of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has dismissed an appeal lodged by Vistra ITCL (India) Ltd. The ruling emphasized that the jurisdiction of the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) is
The Resolution Professional (RP) overseeing Future Retail Ltd’s Corporate Insolvency Resolution Process (CIRP) has submitted a request for an extension until September 15 to the National Company Law Tribunal (NCLT). The application, filed with the Mumbai NCLT bench, seeks to exclude a 29-day period from the CIRP timeline. This extension marks the third sought by Future Retail Ltd (FRL), which
The National Company Law Tribunal (NCLT) has released a Circular on 4th August 2023, highlighting the pending petitions and applications within the E-Filing system, which were submitted prior to 30th June 2023. These cases lack subsequent actions or follow-ups. In this regard, the NCLT urges concerned parties and their legal representatives to proactively engage in follow-up actions and prosecution of
