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 National Company Law Tribunal (NCLT) based in New Delhi, comprising Shri Bachu Venkat Balaram Das (Judicial Member) and Shri Atul Chaturvedi (Technical Member), has granted approval for the resolution plan presented by M/s. Ace Infracity Developers Pvt. Ltd. concerning Three C Homes Pvt. Ltd. This resolution plan, valued at approximately Rs. 140 crores, has been accepted by the NCLT
In a significant development pertaining to the insolvency proceedings of Go First, the National Company Law Appellate Tribunal (NCLAT) has upheld the voluntary resolution proceedings authorized by the National Company Law Tribunal (NCLT). This decision, rendered on Monday, reinforces the ongoing efforts to resolve the financial crisis faced by Go First. A two-member bench of the NCLAT, led by Chairperson
The National Company Law Tribunal (NCLT) in Delhi is scheduled to hear the maintainability of Aircastle (Ireland) Limited’s second insolvency petition against SpiceJet, a low-cost carrier, on June 17. Aircastle, an aircraft lessor, has filed this plea in addition to their initial petition on April 28, which sought to initiate insolvency proceedings against SpiceJet under Section 9 of the Insolvency
The National Company Law Tribunal (NCLT) has recently issued a notice in response to a plea filed by Jackson Aviation, one of the lessors of Go First. Jackson Aviation sought information regarding the status of aircraft whose leases were terminated before the imposition of the moratorium. Acknowledging the urgency of the matter, the tribunal has instructed the insolvency resolution professional
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
According to the government, there are over 21,000 cases pending before the National Company Law Tribunal (NCLT) as of the end of January this year. Of these, 12,963 cases are under the Insolvency and Bankruptcy Code (IBC), 1,181 cases are for mergers and amalgamations (M&A), and 7,061 are other cases. The pending cases have caused significant concern among resolution professionals
The Insolvency and Bankruptcy Code (IBC) Amendment Bill is set to be tabled in the upcoming Monsoon session. The amendment aims to facilitate group insolvency resolution by enabling lenders to take subsidiary companies to NCLT as a combined entity, said sources. This move will aid in streamlining insolvency processes, eliminating redundancy and promoting efficiency. The proposed amendment will address a
The National Company Law Tribunal (NCLT) has dismissed a petition filed by around 368 homebuyers who had purchased properties from Lavasa Corporation. The petition had alleged misconduct in the corporate insolvency resolution process (CIRP) of the company and mistreatment of the homebuyers as a class of creditors. The homebuyers, in their petition, had sought the tribunal’s intervention to declare the
The bankruptcy court admitted an insolvency case against Asian Hotels (West), which operates the Hyatt Regency hotel near the Mumbai airport, on a petition filed by JM Financial Asset Reconstruction Company (ARC). The Delhi bench of the National Company Law Tribunal admitted the company on September 16 and appointed Sapan Mohan Garg as an interim resolution professional Yes Bank, the
