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
Sanskar Projects and Housing has been dragged to National Company Law Tribunal (NCLT) under Section 7 of Insolvency and Bankruptcy Code, over a default of over Rs 5 crore by its financial creditor Realpro Realty Solutions. The companies entered into a loan agreement on December 9, 2020 to facilitate the acquisition of a 575 sq yards property in Jor Bagh
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
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 Insolvency and Bankruptcy Board of India (IBBI) has released a paper that proposes increasing the fee on service providers it appoints, seeking to buttress its finances as statutory independent body. The IBBI is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government to a system where the it recovers all or
State Bank of India (SBI) has been pulled up by national company law tribunal (NCLT) for lacking diligence in its approach to a bad loan recovery case that is before the court. The public sector bank had approached NCLT claiming it had misplaced papers pertaining to the account of a borrower, Tybros India Tours, and could not locate them at
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
The National Company Law Tribunal (NCLT), Chennai, was informed on Monday that the committee of creditors has voted in favour of a resolution bid submitted by Rajasthan-based ASG Hospital Private Limited for Vasan Health Care Pvt. Ltd. under the insolvency process. The resolution professional told the tribunal that the lenders had approved the plan in a meeting held on February
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
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
