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
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
The National Company Law Tribunal (NCLT) has affirmed that liquidation proceedings under the Companies Act do not prohibit the filing of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench, comprising Judicial Member VG Bisht and Technical Member Prabhat Kumar, addressed a petition by an operational creditor seeking recovery of Rs. 2,36,21,491. The operational creditor
In a significant ruling, the Supreme Court has dismissed the plea of personal guarantors seeking early adjudication by the National Company Law Tribunal (NCLT) during the resolution professional appointment stage in their insolvency cases. The apex court emphasized that the NCLT’s adjudicatory role commences only after the submission of the resolution professional’s report under Section 100, clarifying that this report
In a recent development, the National Company Law Tribunal (NCLT) has rejected an insolvency plea filed by Piramal Capital and Housing Finance, representing the original lender Dewan Housing Finance Corporation (DHFL), against Township Developers India. The financial creditor initiated the insolvency petition, citing the realty developer as a guarantor for defaulting on mortgage loans amounting to over ₹5,855 crore. Persons
The National Company Law Appellate Tribunal (NCLAT) is set to address significant challenges to the resolution plan of Birla Tyres in the coming week. HDFC Bank’s plea, challenging the joint resolution plan proposed by Himadri Speciality Chemical Ltd and the Dalmia Bharat group for acquiring Birla Tyres, will be heard on November 23. Additionally, Kesoram Industries Ltd, the parent company
The recent Supreme Court (SC) ruling permitting bankruptcy proceedings against personal guarantors of defaulting companies is poised to unlock a new avenue for lenders, potentially amplifying banks’ recoveries. This decision is anticipated to strengthen lenders’ negotiation position with defaulters and act as a deterrent against unrealistic personal guarantees from promoters in the future, as noted by banking experts and legal
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 National Company Law Appellate Tribunal (NCLAT) has scheduled a hearing for August 31, 2023, to address IDBI Bank’s plea against Zee Entertainment in a payment dispute case. The private lender contests a prior NCLT decision that denied its request to initiate insolvency proceedings against the media conglomerate on May 19. The NCLT’s Mumbai branch had ruled that the lender’s
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
