A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
According to the government, there are over 21,000 cases pending before the National Company Law Tribunal (NCLT) as of the end of January this year. Of these, 12,963 cases are under the Insolvency and Bankruptcy Code (IBC), 1,181 cases are for mergers and amalgamations (M&A), and 7,061 are other cases. The pending cases have caused significant concern among resolution professionals
The Insolvency and Bankruptcy Code (IBC) Amendment Bill is set to be tabled in the upcoming Monsoon session. The amendment aims to facilitate group insolvency resolution by enabling lenders to take subsidiary companies to NCLT as a combined entity, said sources. This move will aid in streamlining insolvency processes, eliminating redundancy and promoting efficiency. The proposed amendment will address a
In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the penalty of INR 1,337 crore imposed on Google by the Competition Commission of India (CCI) for its anti-competitive conduct in the Android ecosystem. However, the appellate tribunal has set aside four critical directions of the ten non-monetary directives issued by CCI in its Android ruling of October
The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for the
Zee Entertainment Enterprises Ltd (ZEEL) has announced that it has reached an agreement with IndusInd Bank Ltd to settle all disputes and claims between the two parties. The settlement puts an end to the insolvency proceedings that were initiated against ZEEL by IndusInd Bank before the National Company Law Tribunal (NCLT). In February last year, IndusInd Bank had filed a
The National Company Law Tribunal (NCLT) has approved the Mumbai-based Suraksha Group’s resolution plan to acquire Jaypee Infratech Ltd, a debt-ridden company that has been undergoing insolvency proceedings for almost six years. This decision is a relief for over 20,000 homebuyers who have been stuck with stalled projects in Noida and Greater Noida. The resolution plan had been approved by
The bankruptcy court admitted an insolvency case against Asian Hotels (West), which operates the Hyatt Regency hotel near the Mumbai airport, on a petition filed by JM Financial Asset Reconstruction Company (ARC). The Delhi bench of the National Company Law Tribunal admitted the company on September 16 and appointed Sapan Mohan Garg as an interim resolution professional Yes Bank, the
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 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
