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 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
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
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
Real estate developers face a dilemma—whether to launch new projects under a SPV (Special Purpose Vehicle) or under the flagship entity. This decision is often influenced by various factors like stamp duty, GST, availability of resources and the Insolvency and Bankruptcy Code. While organisational structure and tax framework would favour launching a project in the flagship entity, RERA and IBC
The bankruptcy court has approved the resolution plan submitted by Prakash Asphaltings & Toll Highways (India) Ltd for Rajahmundry Godavari Bridge Ltd (RGBL). The bridge, built on the river Godavari, connects Rajahmundry and Kovvur in Andhra Pradesh. The Mumbai bench of the National Company Law Tribunal (NCLT) gave its nod after the lenders approved the revival plan with 100% voting
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
