In a significant development regarding the Zee-Sony merger, the National Company Law Appellate Tribunal (NCLAT) has taken the decision to transfer all associated pleas to the bench presided over by Chairperson Ashok Bhushan. This move was motivated by ongoing deliberations concerning IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd. (Zee) due to unpaid dues, which is already under review
In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, consisting of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has dismissed an appeal lodged by Vistra ITCL (India) Ltd. The ruling emphasized that the jurisdiction of the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) is
Vedanta’s pursuit of acquiring Meenakshi Energy through the insolvency resolution process has garnered the approval of the National Company Law Tribunal (NCLT) Hyderabad bench, as reported last week. Earlier this year, on January 18, Vedanta emerged as the successful bidder for debt-laden Meenakshi Energy Limited. Vedanta, under the leadership of Anil Aggarwal, committed to a payment of Rs 1,440 crore
The green light from the National Company Law Tribunal (NCLT) for the merger between Zee Entertainment Enterprises (ZEEL) and Sony Pictures Network India, now known as Culver Max Entertainment, has elicited positive sentiments from industry analysts. This significant development aligns with the ongoing efforts to merge the television networks, digital assets, production operations, and program libraries of the two entities.
The Resolution Professional (RP) overseeing Future Retail Ltd’s Corporate Insolvency Resolution Process (CIRP) has submitted a request for an extension until September 15 to the National Company Law Tribunal (NCLT). The application, filed with the Mumbai NCLT bench, seeks to exclude a 29-day period from the CIRP timeline. This extension marks the third sought by Future Retail Ltd (FRL), which
The National Company Law Tribunal (NCLT) in Mumbai has rendered its verdict, affirming the merger scheme between Zee Entertainment Enterprises (ZEE) and Culver Max Entertainment (formerly known as Sony Pictures Networks India). The judicial member Justice HV Subba Rao and technical member Madhu Sinha pronounced the decision after the tribunal had reserved its judgment on July 11, addressing concerns raised
The National Company Law Appellate Tribunal (NCLAT) of New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Shri Barun Mitra (Technical Member), rendered a significant ruling in the case of Chandrashekhar Exports Pvt. Ltd. v Babanraoji Shinde Sugar & Allied Industries Ltd. This decision addresses the maintainability of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC) in relation
The National Company Law Tribunal (NCLT) has released a Circular on 4th August 2023, highlighting the pending petitions and applications within the E-Filing system, which were submitted prior to 30th June 2023. These cases lack subsequent actions or follow-ups. In this regard, the NCLT urges concerned parties and their legal representatives to proactively engage in follow-up actions and prosecution of
The National Company Law Tribunal (NCLT), Allahabad bench, Prayagraj, has recently issued a notice in a company petition filed by Mahender Mohan Gupta, a director of Jagran Media Network Investment Private Limited, and his son Shailesh Gupta. The petition alleges oppression by the majority shareholders within the company, which is a subsidiary of Jagran Prakashan Limited, the publisher of the
In 2018, ICICI Bank initiated insolvency proceedings against Punj Lloyd after the company defaulted on a ₹854 crore loan. On Monday, the National Company Law Tribunal (NCLT) provided the liquidator additional time until July 23 to complete the company’s liquidation. The NCLT specified that, if necessary, the liquidator could submit a fresh application after July 23 to request further extension
