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.
The Chennai-based two-wheeler maker had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the liquidator of Kalisma Steel rejected its claim as a financial creditor. “The shares were supplied by the promoter in his official capacity to provide security for the loan” said the division bench of Justice PN Deshmukh and Shyam Babu Gautam in its
The Insolvency and Bankruptcy Board of India (IBBI) has released a paper that proposes increasing the fee on service providers it appoints, seeking to buttress its finances as statutory independent body. The IBBI is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government to a system where the it recovers all or
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
The National Company Law Appellate Tribunal (NCLAT) has stayed the insolvency proceedings against RHC Holding, an entity promoted by erstwhile Ranbaxy and Fortis Healthcare. A two-member NCLAT bench had admitted an appeal filed by Daiichi Sankyo against an order passed by the National Company Law Tribunal (NCLT) directing initiating the Corporate Insolvency Resolution Process (CIRP) against RHC Holding. The New
The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS cannot be a ground to initiate insolvency proceedings against any company. Setting aside an order of the Kolkata bench of NCLT, the tribunal said “the process of Insolvency & Bankruptcy Code (IBC) cannot be utilised” for recovery of TDS dues by an operational
Indiabulls Housing finance has approached the NCLT Mumbai on 13/05/2022 a plea to admit Mumbai-based realty development firm Radius Estate Projects under Corporate Insolvency Resolution Process (CIRP). The realty firm owes over Rs 798 crore to Indiabulls Housing Finance. Indiabulls Housing Finance had extended loans to a few subsidiaries of Radius Developers and managed to recover most of it through
Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon’s plea challenging the decision of regulator CCI to suspend approval for the e-commerce deal with Future Coupons. In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon’s deal to acquire a 49% stake in Future Coupons Pvt Ltd
The Kolkata bench of the National Company Law Tribunal (NCLT) on 07/04/2022 approved the resolution plan submitted by Tata Steel subsidiary Tata Steel Mining (TSML) for debt-laden Ferro alloys and stainless steel manufacturer Rohit Ferro-Tech Limited (RFTL). In a stock exchange filing, Tata Steel said the NCLT approving the resolution plan submitted by TSML for acquisition of RFTL. Rohit Ferro-Tech’s
