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) granted permission to GE Power to withdraw its insolvency petition against Bharat Heavy Electricals Ltd (BHEL), a public sector undertaking, on Wednesday. This withdrawal comes with the provision for revival should the operational debt remain unsettled. GE Power’s legal representatives, Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi from The Guild, informed the
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
In a significant development pertaining to the insolvency proceedings of Go First, the National Company Law Appellate Tribunal (NCLAT) has upheld the voluntary resolution proceedings authorized by the National Company Law Tribunal (NCLT). This decision, rendered on Monday, reinforces the ongoing efforts to resolve the financial crisis faced by Go First. A two-member bench of the NCLAT, led by Chairperson
Go First, the crisis-hit airline currently undergoing voluntary insolvency resolution proceedings, has informed its staff that the Directorate General of Civil Aviation (DGCA) will conduct an audit to assess the airline’s readiness before granting approval for flight resumption. The head of operations at Go First conveyed this information to the employees. The cash-strapped airline ceased operations on May 3, and
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
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
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 Insolvency and Bankruptcy Code (IBC) Amendment Bill is set to be tabled in the upcoming Monsoon session. The amendment aims to facilitate group insolvency resolution by enabling lenders to take subsidiary companies to NCLT as a combined entity, said sources. This move will aid in streamlining insolvency processes, eliminating redundancy and promoting efficiency. The proposed amendment will address a
