The IL&FS Group has petitioned the National Company Law Appellate Tribunal (NCLAT) for permission to divest its stake, without shareholders’ consent, in Category II companies facing insolvency. These companies are burdened with unsustainable debts, necessitating a resolution strategy sans shareholder approval. IL&FS emphasizes that stakeholders, including lenders and shareholders, would inevitably undergo a financial adjustment. This approach aims at ensuring
The National Company Law Tribunal (NCLT) has granted approval for the demerger of Thermax’s subsidiaries, Thermax Cooling Solutions Ltd (TCSL) and Thermax Instrumentation Ltd (TIL), as per a regulatory filing on December 25, 2023. This move aims to streamline operations and enhance management focus on Thermax Instrumentation’s business post-demerger, bringing complementary businesses under a consolidated entity for increased scalability and
The National Company Law Tribunal (NCLT) has granted approval to the resolution plan for Reliance Communications Infrastructure Limited (RCIL), a subsidiary of the insolvent Reliance Communications Limited. The endorsed plan was submitted by Reliance Projects and Property Management Services Limited, selected by the Committee of Creditors during their meeting on August 5, 2021. Subsequently, the resolution professional of RCIL filed
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
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
Realty firm Supertech Ltd aims to raise approximately Rs 1,600 crore from institutional investors by July to ensure the completion of its 18 ongoing housing projects across Delhi-NCR. Chairman RK Arora stated that these projects possess positive net worth, enabling the company to finish them through fresh funding and receivables from customers. Supertech has already signed a term sheet with
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
The Mumbai bench of the National Company Law Tribunal admitted a plea filed by Beacon Trusteeship Ltd against Mumbai-based Modella Textile Industries Ltd after the company defaulted on its dues to the tune of about Rs 502 crore. The company has argued that it has mortgaged several properties worth around Rs 906 crore in favour of the financial creditor to
