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
The Kolkata bench of the National Company Law Tribunal (NCLT) on 07/04/2022 approved the resolution plan submitted by Tata Steel subsidiary Tata Steel Mining (TSML) for debt-laden Ferro alloys and stainless steel manufacturer Rohit Ferro-Tech Limited (RFTL). In a stock exchange filing, Tata Steel said the NCLT approving the resolution plan submitted by TSML for acquisition of RFTL. Rohit Ferro-Tech’s
Sintex Industries’ lenders have approved the joint bid of Reliance Industries (RIL) and Assets Care & Reconstruction Enterprise (ACRE) to acquire the debt-ridden textiles firm under the insolvency resolution process. The Committee of Creditors (CoC) of Sintex Industries has unanimously voted in favour of the resolution plan by Reliance Industries and ACRE, the company announced in an exchange filing. “As
The Chandigarh Bench of the NCLT (National Company Law Tribunal) has convened a meeting of the shareholders and creditors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited for approving the scheme of merger of the two companies. The first motion petition was filed with NCLT in March, 2021 after the board of JSL and group companies had approved the
NCLAT stays formation of committee of creditors to overtake Supertech The National Company Law Appellate Tribunal (NCLAT) has stayed formation of Committee of Creditors (COC) to overtake Supertech Ltd, against whom the Delhi bench of the National Company Law Tribunal had ordered bankruptcy proceedings. On the appeal filed by R K Arora, chairman of Supertech Group, NCLAT has issued notice
The National Company Law Tribunal (NCLT) New Delhi, on March 25, 2022 admitted Union Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against real estate firm Supertech. “We are satisfied that the present application is complete in all respects and the applicant financial creditor (Union Bank) is entitled to claim
Lenders led by Bank of India decided to refer Future Retail Ltd (FRL) to the National Company Law Tribunal (NCLT) for insolvency proceedings over recovery of dues. The lenders have invited financial and technical bids from insolvency professionals (IPs) by March 29,2022. This will be followed by a presentation from shortlisted IPs, said the people cited above. Grant Thornton, PwC,
Amazon on 25-02-2022 appealed Competition Commission’s decision to keep in abeyance the more than two-year-old approval for the e-commerce major’s deal with Future Coupons Pvt Ltd (FCPL), arguing that the regulator does not have the power to keep its own order in abeyance. The Amazon made the submission before the National Company Law Appellate Tribunal (NCLAT), which is hearing its
