In a recent development, the National Company Law Tribunal (NCLT) has rejected an insolvency plea filed by Piramal Capital and Housing Finance, representing the original lender Dewan Housing Finance Corporation (DHFL), against Township Developers India. The financial creditor initiated the insolvency petition, citing the realty developer as a guarantor for defaulting on mortgage loans amounting to over ₹5,855 crore. Persons
The National Company Law Appellate Tribunal (NCLAT) is set to address significant challenges to the resolution plan of Birla Tyres in the coming week. HDFC Bank’s plea, challenging the joint resolution plan proposed by Himadri Speciality Chemical Ltd and the Dalmia Bharat group for acquiring Birla Tyres, will be heard on November 23. Additionally, Kesoram Industries Ltd, the parent company
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 National Company Law Tribunal (NCLT) in Hyderabad, presided over by Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), has granted its approval to the Resolution Plan submitted by a consortium led by B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. This development stems from the proceedings of the petition filed by Bank of
Tech giant Google has taken its appeal to the Supreme Court, requesting the annulment of antitrust directives levied against it for alleged abuse of the Android market. According to a report, the Competition Commission of India (CCI) previously declared in October that Google, whose Android mobile operating system dominates 97% of the Indian smartphone market with 600 million users, had
The National Company Law Tribunal (NCLT) has recently issued a notice in response to a plea filed by Jackson Aviation, one of the lessors of Go First. Jackson Aviation sought information regarding the status of aircraft whose leases were terminated before the imposition of the moratorium. Acknowledging the urgency of the matter, the tribunal has instructed the insolvency resolution professional
The National Company Law Tribunal (NCLT) has reached a significant milestone by approving a record-breaking 180 resolution plans in the fiscal year 2022-23. This achievement has resulted in a total realization of Rs 51,424 crore from distressed assets, marking the highest-ever number of resolution plans sanctioned by the NCLT. While this accomplishment is commendable, it is the second-highest in terms
The Supreme Court on Thursday rejected Axis Bank’s petition seeking reconsideration of its earlier judgment that held that the NCLT while examining the existence of debt and default by a corporate debtor on a financial creditor’s plea for initiating corporate insolvency resolution process has the discretion to admit or not admit the plea. A Bench comprising justices Indira Banerjee and
In this article we will go through the various forms that have to be filled and perused to understand the procedure on insolvency. it is always pertinent to understand the various forms and its uses to use the Code to its best. FORM 1: application by financial creditors to initiate corporate insolvency resolution process: under s.7 rule 4(Financial creditors to
