The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
The National Company Law Tribunal (NCLT) has approved the Mumbai-based Suraksha Group’s resolution plan to acquire Jaypee Infratech Ltd, a debt-ridden company that has been undergoing insolvency proceedings for almost six years. This decision is a relief for over 20,000 homebuyers who have been stuck with stalled projects in Noida and Greater Noida. The resolution plan had been approved by
The National Company Law Appellate Tribunal (NCLAT) ruled in favour of Doha Bank on September 9. The Qatar-based bank had pleaded that the resolution professional (RP) should not admit claims from the Exim Bank of China, Assets Care and Reconstruction Enterprises (ACRE), Shubh Holdings and China Development Bank. The four entities are likely to challenge this order at the Supreme
The Supreme Court on Monday issued notices to the Future Group and the Competition Commission of India on a plea by Amazon against the June 13 NCLAT’s order which upheld the decision to keep share subscription agreement (SSA) between Amazon and Future private limited. A bench of justices put the matter for detailed consideration on September 19. The court issued
The Kolkata bench of the National Company Law Tribunal (NCLT) observed that to balance the interests of all the stakeholders, the payments to the various classes of operational creditors who have been paid nil value, need to be ‘reassessed’ and ‘re-considered’ by the Committee of Creditors (CoC). “The resolution plan in respect of the corporate debtor needs to be sent
The National Company Law Tribunal (NCLT) held the executive committee meeting of hotel andrestaurant body FHRAI on October 30, 2018 as “null and void” and ordered the election of its newpresident after conducting the annual general meeting. The bench has directed all four regions of the Federation of Hotel & Restaurant Associations of India(FHRAI) to nominate their members for the
Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). “The Company has received e-filing
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by a non- governmental organisation (NGO) against a decision by India’s anti-trust regulator that instant messaging platform WhatsApp had not been abusing its dominant position in the country. In a judgment dated August 2, the NCLAT said there was no reason for it to doubt the Competition Commission of
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.
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.
