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 National Company Law Tribunal (NCLT) has granted approval for the demerger of Thermax’s subsidiaries, Thermax Cooling Solutions Ltd (TCSL) and Thermax Instrumentation Ltd (TIL), as per a regulatory filing on December 25, 2023. This move aims to streamline operations and enhance management focus on Thermax Instrumentation’s business post-demerger, bringing complementary businesses under a consolidated entity for increased scalability and
In a recent development, the National Company Law Tribunal (NCLT) has rejected an insolvency plea filed by Piramal Capital and Housing Finance, representing the original lender Dewan Housing Finance Corporation (DHFL), against Township Developers India. The financial creditor initiated the insolvency petition, citing the realty developer as a guarantor for defaulting on mortgage loans amounting to over ₹5,855 crore. Persons
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
Vedanta’s pursuit of acquiring Meenakshi Energy through the insolvency resolution process has garnered the approval of the National Company Law Tribunal (NCLT) Hyderabad bench, as reported last week. Earlier this year, on January 18, Vedanta emerged as the successful bidder for debt-laden Meenakshi Energy Limited. Vedanta, under the leadership of Anil Aggarwal, committed to a payment of Rs 1,440 crore
The National Company Law Tribunal (NCLT) in Hyderabad, presided over by Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), has granted its approval to the Resolution Plan submitted by a consortium led by B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. This development stems from the proceedings of the petition filed by Bank of
The National Company Law Tribunal (NCLT) has reached a significant milestone by approving a record-breaking 180 resolution plans in the fiscal year 2022-23. This achievement has resulted in a total realization of Rs 51,424 crore from distressed assets, marking the highest-ever number of resolution plans sanctioned by the NCLT. While this accomplishment is commendable, it is the second-highest in terms
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 Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
The National Company Law Tribunal (NCLT) has approved the Mumbai-based Suraksha Group’s resolution plan to acquire Jaypee Infratech Ltd, a debt-ridden company that has been undergoing insolvency proceedings for almost six years. This decision is a relief for over 20,000 homebuyers who have been stuck with stalled projects in Noida and Greater Noida. The resolution plan had been approved by
