The National Company Law Tribunal (NCLT) has allowed ICICI Prudential Venture Capital to withdraw the insolvency proceeding against Anand Divine Developers, a subsidiary of ATS Infrastructure, on Wednesday, May 25 2022. The decision will end the uncertainty for hundreds of homebuyers who were adversely affected due to this legal process. National Company Law Appellate Tribunal (NCLAT) had stayed the insolvency
All India Jet Airways’ Officers and Staff Association has filed an appeal before the NCLAT against Jalan-Kalrock consortium’s resolution plan for the airline. In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. The plan was later cleared by the Mumbai
Private equity (PE) have pulled medical diagnostics chain Medall Healthcare out of insolvency proceedings after they settled a dispute with one of the company’s creditors over non-payment of dues of ₹3 crore. The Chennai-based diagnostics chain, which ranks amongst the largest in southern India, is majority-owned by private equity firms Peepul Capital and Siguler Guff. Homegrown Peepul Capital manages $700
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
Indiabulls Housing finance has approached the NCLT Mumbai on 13/05/2022 a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP). The realty firm owes over Rs 798 crore to Indiabulls Housing Finance. Indiabulls Housing Finance had extended loans to a few subsidiaries of Radius Developers and managed to recover most of it through
Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
Shareholders of Future Group companies voted over the deal to sell their assets to Reliance Retail. The final result of the voting will be declared after the two meetings of secured and unsecured creditors. The shareholders’ meeting came after an order by the National Company Law Tribunal(NCLT) on February 28 after a Supreme Court order allowed Future Group companies to
Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25. “The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed. Yes Bank has filed for bankruptcy under Section
National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Mahindra Engineering and Chemical Products Limited (MECPL), Retail Initiative Holdings Limited (RIHL) and Mahindra Retail Limited (MRL) with the Mahindra and Mahindra (M&M) Group and their shareholders. This scheme has become effective from April 29, according to a latest exchange filing by Mahindra & Mahindra. There
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon’s plea challenging the decision of regulator CCI to suspend approval for the e-commerce deal with Future Coupons. In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon’s deal to acquire a 49% stake in Future Coupons Pvt Ltd
