National Company Law Tribunal, Chennai, admitted the application filed by State Bank of India (financial creditor) against Coastal Energen (corporate debtor), the power generating flagship company of the Dubai-based Coal and Oil Group to initiate Corporate Insolvency Resolution Process (CIRP) against the company, declare moratorium,and appoint an Interim Resolution Professional (IRP). The company has defaulted an amount of ₹1,458 crore
The National Company Law Appellate Tribunal (NCLAT) Chennai has dismissed entrepreneur Sivasankaran, founder of Siva Industries appeal against the National Company Law Tribunal (NCLT) order on liquidation of Siva Industries. NCLAT in the order said, “this Tribunal comes to a resultant conclusion that the Adjudicating Authority had rightly come to the legitimate and reasonable conclusion that the Corporate Debtor was
IndusInd Bank Limited has moved National Company Law Tribunal (NCLT), Mumbai Bench claiming default of Rs 83 crore by Zee Entertainment. “An application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, by IndusInd Bank Limited, claiming to
The National Company Law Tribunal (NCLT) MUMBAI has allowed Reliance Industries to withdraw its proposal to demerge its oil-to-chemicals (O2C) business, which effectively rings down the curtain on a two-year-old saga surrounding the Mukesh Ambani-owned. company’s relentless pursuit of an investment deal with Aramco of Saudi Arabia. The Ambanis have been in negotiations with Aramco since the middle of 2019
The National Company Law Appellate Tribunal (NCLAT) Mumbai has put a stay on the insolvency proceedings against India’s third largest IT services player HCL Technologies. The National Company Law Tribunal (NCLT) had on January 17, 2022 had initiated for insolvency proceedings against the company. The NCLAT in its hearing said that the dispute was genuine between the parties but the
The National Company Law Appellate Tribunal (NCLAT) New Delhi has rejected petitions filed by ridesharing players Meru and Fast Track Call Cab against Ola alleging predatory pricing ways and anti-competitive practices in Bengaluru market. The appeals were filed by the entities against ANI Technologies, which run the app-based taxi serviceunder the brand name Ola. It was alleged that Ola indulged
No insurance company can refuse a mediclaim citing a medical condition that the policyholder disclosed while signing up for the policy, the Supreme Court has ruled. A bench of justices D Y Chandrachud and B V Nagarathna has also said that the policyholder has to disclose to the insurer all material facts within his or her knowledge, adding that the
The centre on 31st dec 2021 filed an affidavit in the Supreme Court of India regarding EWS (Economically Weaker Section) reservation in undergraduate and Postgraduate Medical seats. The centre in the affidavit said the criteria for EWS reservation will remain the same for this academic year and the new rules will come into force next year. The centre in July,
The Jalan Kalrock Consortium has approached the National Company Law Tribunal (NCLT) New Delhi to fast track the implementation of the Approved Resolution Plan by infusing capital in Jet Airways. The new owners of the airline want to start paying all stakeholders including former employees, workmen, ticket claimants, and lenders of Jet Airways as per the plan approved by the
The Reserve Bank of India (RBI) moved Mumbai bench of National Company Law Tribunal (NCLT) forthe insolvency and bankruptcy proceeding of Reliance Capital. The RBI appointed former executive director of Bank of Maharashtra Y Nageswar Rao as theadministrator and gave him an advisory board to discharge his duty. In a statement on its website, the RBI said there would be
