The National Company Law Tribunal (NCLT) has dismissed the petition of Wave Mega City Center (WMCC) Private Limited that had approached the tribunal under section 10 of the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process(CIRP). The tribunal reserved the order on October 26, 2021. The tribunal dismissed the application and imposed a penalty of Rs one
The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by erstwhile Ranbaxy and Fortis Healthcare. A two-member NCLAT bench had admitted an appeal filed by Daiichi Sankyo against an order passed by the National Company Law Tribunal (NCLT) directing initiating the Corporate Insolvency Resolution Process (CIRP) against RHC Holding. The New
The National Company Law Appellate Tribunal (NCLAT) On June 10,2022 ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech Ltd and not the entire company. A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only “Eco Village II Project” located at Greater Noida (West). On March 25, the Delhi bench
The National Company Law Tribunal Mumbai allowed the amalgamation of two Panasonic India entities despite objections by the income tax department over the chances of the anti-abuse provisions of the general anti-avoidance rule (GAAR) arising in the future. Panasonic had approached the NCLT for the amalgamation of a loss-making entity with a profit-making entity. The tax department had said that
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS cannot be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the tribunal said “the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised” for recovery of TDS dues by an operational
Private equity (PE) have pulled medical diagnostics chain Medall Healthcare out of insolvency proceedings after they settled a dispute with one of the company’s creditors over non-payment of dues of ₹3 crore. The Chennai-based diagnostics chain, which ranks amongst the largest in southern India, is majority-owned by private equity firms Peepul Capital and Siguler Guff. Homegrown Peepul Capital manages $700
The NCLAT has dismissed the plea of Hinduja Leyland Finance Ltd to initiate insolvency proceedings against its creditor Fly Express Logistics. A three-member bench upheld the earlier orders of the Allahabad bench of the National Company Law Tribunal (NCLT), which had on April 5, 2022, rejected the plea of Hinduja Leyland Finance. The NCLT had said the date of default
The National Company Law Appellate Tribunal on May 2 stayed the order of the National Company Law Tribunal (NCLT) by which insolvency proceedings had been initiated against Logix City Developers Private Limited. The appeal against the NCLT order was filed by homebuyers of Logix Blossom Zest, a project located in Noida.After hearing the arguments, NCLAT stayed the NCLT order. “Learned
Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25. “The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed. Yes Bank has filed for bankruptcy under Section
