Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). “The Company has received e-filing
Real estate developers face a dilemma—whether to launch new projects under a SPV (Special Purpose Vehicle) or under the flagship entity. This decision is often influenced by various factors like stamp duty, GST, availability of resources and the Insolvency and Bankruptcy Code. While organisational structure and tax framework would favour launching a project in the flagship entity, RERA and IBC
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
Due to a tepid response from bidders for the acquisition of debt-laden Reliance Capital, the company’s lenders on Sunday decided to extend the timeline for the resolution process by another two months ending November 2, 2022. This would be the second extension by the Committee of Creditors (CoC) for the Anil Ambani-backed company’s resolution. Earlier, the creditors extended the timeline
Realty developer Supertech is in talks to raise Rs 300 crore as it has resumed construction on its project. NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP). According to management, company has tied up with investors to accelerate construction
The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist. Jitender
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
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 Kolkata Bench of the National Company Law Tribunal (NCLT) on April 29 admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited. The petition for insolvency had been moved by Bank of India, the lead bank. Ankur Singhi, advocate for Bank of India, said, the NCLT admitted the Bank of India petition today for commencement
