The Kolkata bench of the National Company Law Tribunal (NCLT) on 07/04/2022 approved the resolution plan submitted by Tata Steel subsidiary Tata Steel Mining (TSML) for debt-laden Ferro alloys and stainless steel manufacturer Rohit Ferro-Tech Limited (RFTL). In a stock exchange filing, Tata Steel said the NCLT approving the resolution plan submitted by TSML for acquisition of RFTL. Rohit Ferro-Tech’s
Sintex Industries’ lenders have approved the joint bid of Reliance Industries (RIL) and Assets Care & Reconstruction Enterprise (ACRE) to acquire the debt-ridden textiles firm under the insolvency resolution process. The Committee of Creditors (CoC) of Sintex Industries has unanimously voted in favour of the resolution plan by Reliance Industries and ACRE, the company announced in an exchange filing. “As
The Chandigarh Bench of the NCLT (National Company Law Tribunal) has convened a meeting of the shareholders and creditors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited for approving the scheme of merger of the two companies. The first motion petition was filed with NCLT in March, 2021 after the board of JSL and group companies had approved the
Bank of India has moved the National Company Law Tribunal (NCLT), filing a petition to initiateinsolvency proceedings against debt-ridden Future Retail Ltd. “Bank of India (BoI) has served an advance intimation of filing an application under Section 7 of theInsolvency and Bankruptcy Code, 2016 against the company for default on non-payment of moniesdue in terms of the Framework Agreement entered
Housing Development Finance Corporation Ltd (HDFC) has moved insolvency tribunal NCLT against the country’s leading multi-system operator SITI Networks Ltd for an alleged default of Rs 296 crore.SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFC, the Essel group firm said in a regulatory filing on
Reliance Industries stated that it has received necessary approval from the National Company Law Tribunal for its plans to repurpose and restructure its gasification assets. The company received approval from both NCLT Mumbai bench and Ahmedabad bench for the scheme. Both NCLT Mumbai and Ahmedabad benches approved the scheme on March 30,2022. Appointed date of the scheme is March 31.
Tata Power received approval from the Mumbai Bench of the National Company Law Tribunal (NCLT) on 31/03/2022 for the composite scheme of arrangement between Coastal Gujarat Power (CGPL) and Tata Power and their respective shareholders. The scheme provides for the amalgamation of CGPL with Tata Power which will result in streamlining the corporate structure and consolidation of assets and liabilities
Lenders led by Bank of India decided to refer Future Retail Ltd (FRL) to the National Company Law Tribunal (NCLT) for insolvency proceedings over recovery of dues. The lenders have invited financial and technical bids from insolvency professionals (IPs) by March 29,2022. This will be followed by a presentation from shortlisted IPs, said the people cited above. Grant Thornton, PwC,
Amazon on 25-02-2022 appealed Competition Commission’s decision to keep in abeyance the more than two-year-old approval for the e-commerce major’s deal with Future Coupons Pvt Ltd (FCPL), arguing that the regulator does not have the power to keep its own order in abeyance. The Amazon made the submission before the National Company Law Appellate Tribunal (NCLAT), which is hearing its
The National Company Law Tribunal (NCLT) Mumbai was to hear the matter pertaining to approval of the Suraksha group’s bid to acquire embattled realty firm Jaypee Infratech Ltd on March 7. The hearing was cancelled as the NCLT member was unwell. In June 2021, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha Group over state-owned NBCC for taking
