The workers’ union of Birla Tyres has taken its plea to the National Company Law Appellate Tribunal (NCLAT), challenging the recent sanction of the resolution plan by the Kolkata bench of the National Company Law Tribunal (NCLT). Representing 307 workers, the union initially filed claims totaling around Rs 31.47 crore for the settlement of pending wages. However, the resolution professional
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 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
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
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed that the lenders of Mittal Corp were empowered to issue a fresh RFRP when none of the resolution
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
The National Company Law Tribunal (NCLT) Kolkata Bench has allowed the application filed by the Committee of Creditors (CoC) of McNally Bharat Engineering Company Ltd to appoint Ravi Sethia as the Resolution Professional for the company which is undergoing an insolvency process. The company was admitted under the corporate insolvency resolution process (CIRP) by the NCLT Kolkata Bench in April
Realty developer Supertech is in talks to raise Rs 300 crore as it has resumed construction on its project. NCLAT had earlier directed that the CoC be limited to just one project and that the other projects be constructed under the supervision of the insolvency resolution professional (IRP). According to management, company has tied up with investors to accelerate construction
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
