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
Tag: Insolvency Resolution Process
SC Verdict Expanding IBC to Personal Guarantors Boosts Lenders’ Recovery Prospects
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
NCLT Approves Vedanta’s Meenakshi Energy Acquisition
Vedanta’s pursuit of acquiring Meenakshi Energy through the insolvency resolution process has garnered the approval of the National Company Law Tribunal (NCLT) Hyderabad bench, as reported last week. Earlier this year, on January 18, Vedanta emerged as the successful bidder for debt-laden Meenakshi Energy Limited. Vedanta, under the leadership of Anil Aggarwal, committed to a payment of Rs 1,440 crore
Future Retail’s RP Seeks CIRP Extension Amid Struggles to Conclude Resolution Process
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
Reliance Innoventures Admitted for Insolvency: NCLT Validates Default Claim by JC Flowers
Reliance Innoventures, an enterprise owned by Anil Ambani, has been admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) following a claim made by JC Flowers Asset Reconstruction Company. JC Flowers, which took over Yes Bank’s bad loan portfolio of ₹48,000 crore, alleged that Reliance Innoventures had defaulted on its debts, specifically defaulting on interest payments amounting to
NCLT Delhi Approves Ace Infracity’s Resolution Plan for Three C Homes, ‘Lotus City’ Development to Conclude in 24 Months
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
NCLAT Affirms NCLT’s Decision: Aircraft Lessors Advised to Seek Remedy in Go First Insolvency
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
Aircastle’s Second Plea against SpiceJet to be Reviewed by NCLT
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
Go First Insolvency: NCLT Notice Served in Plea by Jackson Aviation
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
DGCA to Audit Go First’s Preparedness for Flight Resumption
Go First, the crisis-hit airline currently undergoing voluntary insolvency resolution proceedings, has informed its staff that the Directorate General of Civil Aviation (DGCA) will conduct an audit to assess the airline’s readiness before granting approval for flight resumption. The head of operations at Go First conveyed this information to the employees. The cash-strapped airline ceased operations on May 3, and