Reliance Industries stated that it has received necessary approval from the National Company Law Tribunal for its plans to repurpose and restructure its gasification assets. The company received approval from both NCLT Mumbai bench and Ahmedabad bench for the scheme. Both NCLT Mumbai and Ahmedabad benches approved the scheme on March 30,2022. Appointed date of the scheme is March 31.
Tata Power received approval from the Mumbai Bench of the National Company Law Tribunal (NCLT) on 31/03/2022 for the composite scheme of arrangement between Coastal Gujarat Power (CGPL) and Tata Power and their respective shareholders. The scheme provides for the amalgamation of CGPL with Tata Power which will result in streamlining the corporate structure and consolidation of assets and liabilities
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
The National Company Law Tribunal (NCLT) Mumbai was to hear the matter pertaining to approval of the Suraksha group’s bid to acquire embattled realty firm Jaypee Infratech Ltd on March 7. The hearing was cancelled as the NCLT member was unwell. In June 2021, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha Group over state-owned NBCC for taking
A Mumbai bench of the National Company Law Tribunal (NCLT) court has permitted the liquidator of EPC Constructions India Ltd (formerly Essar Projects) to initiate arbitration proceedings against Indian Oil Corp Ltd (IOC) to recover about Rs 1,005 crore in dues, which relate to work that EPC had carried out under a turnkey contract in 2011 for the Paradip refinery
Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel group firms. It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in
The National Company Law Tribunal (NCLT) has allowed withdrawal of insolvency proceedings against real estate development firm Nirmal Lifestyle and has also lifted a moratorium on the company. Nirmal Lifestyle has entered into a separate settlement agreement with the financial creditor. The Mumbai bench of the NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Go Airlines against an order passed by the NCLT allowing withdrawal of insolvency proceedings against Sovika Aviation Services. The Mumbai bench of the National Company Law Tribunal (NCLT) had on September 23, 2021 allowed the Section 12A application filed by the Resolution Professional for withdrawal of the
