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
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS cannot be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the tribunal said “the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised” for recovery of TDS dues by an operational
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 NCLAT has dismissed the plea of Hinduja Leyland Finance Ltd to initiate insolvency proceedings against its creditor Fly Express Logistics. A three-member bench upheld the earlier orders of the Allahabad bench of the National Company Law Tribunal (NCLT), which had on April 5, 2022, rejected the plea of Hinduja Leyland Finance. The NCLT had said the date of default
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
The Kolkata bench of the National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against BK Birla group company Birla Tyres, admitting an insolvency petition of SRF Limited. The application filed by SRF, under Section 9 of the Insolvency and Bankruptcy Code (IBC),for initiating the Corporate Insolvency Resolution Process (CIRP) against Birla Tyres, thecorporate debtor, is admitted, said
The Kolkata Bench of the National Company Law Tribunal (NCLT) on April 29 admitted a petition to start an insolvency process against McNally Bharat Engineering Company Limited. The petition for insolvency had been moved by Bank of India, the lead bank. Ankur Singhi, advocate for Bank of India, said, the NCLT admitted the Bank of India petition today for commencement
The National Company Law Appellate Tribunal on May 2 stayed the order of the National Company Law Tribunal (NCLT) by which insolvency proceedings had been initiated against Logix City Developers Private Limited. The appeal against the NCLT order was filed by homebuyers of Logix Blossom Zest, a project located in Noida.After hearing the arguments, NCLAT stayed the NCLT order. “Learned
The National Company Law Appellate Tribunal (NCLAT) on 19 April, 2022 gave Supertech one more opportunity to settle its dispute with the Union Bank of India that dragged the company to the insolvency court even as the lender rejected the realty firm’s latest one- time settlement (OTS) offer. Union Bank of India took Supertech to the insolvency court after the
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
