The National Company Law Appellate Tribunal (NCLAT) has stayed an order passed by the Kolkata Bench of the National Company Law Tribunal (NCLT) that had termed allotment of shares to the Roys of Peerless General Finance & Investment in 1988 ‘void’ and ordered cancellation. In an order passed, the appellate tribunal said, the impugned order dated July 18, 2022, passed
HDFC Ltd on 06/08/2022 said an application has been filed with the National Company Law Tribunal (NCLT) for merger of HDFC Investments Limited and HDFC Holdings Limited with HDFC Bank. This is part of the proposed merger of HDFC Bank , the country’s largest private sector bank by balance sheet, with its parent, mortgage lender Housing Development Finance Corporation Ltd.
The National Company Law Tribunal (NCLT) rejected JSW Energy’s plea to withdraw its resolution plan for the takeover of debt-laden Ind-Barath Energy (Utkal) on grounds of deterioration of assets, saying it doesn’t have powers to terminate a plan approved by the Committee of Creditors (CoC) with big majority. At the same time, the tribunal took note of JSW Energy’s concerns
DHL has filed a lawsuit against Royal Enfield’s manufacturer Eicher Motors at the National Company Law Tribunal (NCLT) over a payment dispute. DHL has claimed that in the financial year 2020-21, it had raised various sets of invoices for warehousing and third-party logistics services which it had provided to Eicher Motors. Invoices totalling around ₹10 crore are unpaid, DHL claimed.
The Chennai-based two-wheeler maker had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the liquidator of Kalisma Steel rejected its claim as a financial creditor. “The shares were supplied by the promoter in his official capacity to provide security for the loan” said the division bench of Justice PN Deshmukh and Shyam Babu Gautam in its
The Insolvency and Bankruptcy Board of India (IBBI) has released a paper that proposes increasing the fee on service providers it appoints, seeking to buttress its finances as statutory independent body. The IBBI is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government to a system where the it recovers all or
State Bank of India (SBI) has been pulled up by national company law tribunal (NCLT) for lacking diligence in its approach to a bad loan recovery case that is before the court. The public sector bank had approached NCLT claiming it had misplaced papers pertaining to the account of a borrower, Tybros India Tours, and could not locate them at
The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process. In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates
The National Company Law Tribunal (NCLT), Chennai, was informed on Monday that the committee of creditors has voted in favour of a resolution bid submitted by Rajasthan-based ASG Hospital Private Limited for Vasan Health Care Pvt. Ltd. under the insolvency process. The resolution professional told the tribunal that the lenders had approved the plan in a meeting held on February
Due to a tepid response from bidders for the acquisition of debt-laden Reliance Capital, the company’s lenders on Sunday decided to extend the timeline for the resolution process by another two months ending November 2, 2022. This would be the second extension by the Committee of Creditors (CoC) for the Anil Ambani-backed company’s resolution. Earlier, the creditors extended the timeline
