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 resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist. Jitender
The Insolvency and Bankruptcy Board of India (IBBI) has amended rules pertaining to redressal of grievances filed against insolvency professionals. IBBI has amended the Insolvency and Bankruptcy Board of India (Grievance and Complaint Handling Procedure) Regulations, 2017 and the Insolvency and Bankruptcy Board of India (Inspection and Investigation) Regulations, 2017. The mechanism of complaint or grievance redressal and subsequent enforcement
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The NCLT Mumbai court has dismissed a petition filed by Gateway Offshore against Pune-based realty developer Runwal Realtors to admit the company under the Corporate Insolvency Resolution Process (CIRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while rejecting the arguments made by Gateway Offshore in its petition, observed that in absence of any written document indicating the
The National Company Law Tribunal (NCLT) has dismissed the petition of Wave Mega City Center (WMCC) Private Limited that had approached the tribunal under section 10 of the Insolvency and Bankruptcy Code to initiate the Corporate Insolvency Resolution Process(CIRP). The tribunal reserved the order on October 26, 2021. The tribunal dismissed the application and imposed a penalty of Rs one
The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by erstwhile Ranbaxy and Fortis Healthcare. A two-member NCLAT bench had admitted an appeal filed by Daiichi Sankyo against an order passed by the National Company Law Tribunal (NCLT) directing initiating the Corporate Insolvency Resolution Process (CIRP) against RHC Holding. The New
The National Company Law Appellate Tribunal (NCLAT) On June 10,2022 ordered starting of insolvency proceedings in only one of the housing projects of realty firm Supertech Ltd and not the entire company. A two-member NCLAT bench limited the Corporate Insolvency Resolution Process (CIRP) to only “Eco Village II Project” located at Greater Noida (West). On March 25, the Delhi bench
The National Company Law Tribunal Mumbai allowed the amalgamation of two Panasonic India entities despite objections by the income tax department over the chances of the anti-abuse provisions of the general anti-avoidance rule (GAAR) arising in the future. Panasonic had approached the NCLT for the amalgamation of a loss-making entity with a profit-making entity. The tax department had said that
NCLAT ordered the implementation of Jalan-Kalrock consortium resolution plan for Jet Airways would be subject to the outcome of its order over the appeals filed before it. While hearing a batch of petitions against the NCLT order approving Jet Airways’ resolution plan, a two-member bench of National Company Law Appellate Tribunal (NCLAT) said they would have to abide by the
