Kerala State Challenges NCLT Order on SAIL-SCL Takeover

The State government of Kerala intends to contest the National Company Law Tribunal (NCLT) order transferring SAIL-SCL Kerala Limited to Chattisgarh Outsourcing Services, citing violations of lease agreements and procedural irregularities. According to Industries Minister P. Rajeeve, the tribunal’s decision lacked the State government’s input and disregarded established lease terms. The NCLT’s ruling on May 2 stemmed from a complaint

IL&FS Seeks NCLAT Approval for Category II Company Resolution

The IL&FS Group has petitioned the National Company Law Appellate Tribunal (NCLAT) for permission to divest its stake, without shareholders’ consent, in Category II companies facing insolvency. These companies are burdened with unsustainable debts, necessitating a resolution strategy sans shareholder approval. IL&FS emphasizes that stakeholders, including lenders and shareholders, would inevitably undergo a financial adjustment. This approach aims at ensuring

NCLT Dismisses Smaaash Founder’s Allegations Against Resolution Professional

The National Company Law Tribunal (NCLT) has ruled against Shripal Morakhia, the founder of Smaaash Entertainment Private Ltd, in his plea alleging misconduct by the company’s resolution professional (RP). The tribunal clarified that it lacks jurisdiction to address RP misconduct and initiate disciplinary actions, stating that such matters fall under the purview of the Insolvency and Bankruptcy Board of India

NCLT Admits Insolvency Plea Against Vivimed for Unpaid Debt

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

NCLAT Upholds NCLT Decision, Denies Jindal Power’s Plea in Tuticorin Coal Terminal Case

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

IBBI Enlarges Panel: 787 Professionals to Drive Swift Insolvency Resolutions

The Insolvency and Bankruptcy Board of India (IBBI) has amplified its efforts to expedite insolvency resolutions by finalizing a provisional list of 787 insolvency professionals (IPs), a substantial increase from the 400 listed in June. This comprehensive list, complemented by 31 insolvency professional entities (IPEs), is poised to be presented to the adjudicating authority. The move aims to streamline the

NCLT Sanctions Demerger of Thermax Subsidiaries, Boosting Operational Efficiency

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

NCLAT Clarifies: Auction Purchasers in Liquidation Eligible for Consequential Reliefs

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

NCLT Delays Future Retail Case, Sets Next Hearing for January 4

The National Company Law Tribunal (NCLT) Mumbai bench has postponed the hearing of a petition filed by Palguntech, a US-based technology consulting company, seeking a stay on the liquidation process of Future Retail (FRL). The tribunal, presiding over the case, has instructed all parties involved to maintain the status quo until the rescheduled hearing on January 4. Palguntech had approached