The workers’ union of Birla Tyres has taken its plea to the National Company Law Appellate Tribunal (NCLAT), challenging the recent sanction of the resolution plan by the Kolkata bench of the National Company Law Tribunal (NCLT). Representing 307 workers, the union initially filed claims totaling around Rs 31.47 crore for the settlement of pending wages. However, the resolution professional
Private sector lender Axis Bank has taken a significant step by filing a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) against education services provider Zee Learn. The move aims to instigate Corporate Insolvency Resolution Process (CIRP) for Zee Learn, marking another development in the company’s financial struggles. Zee Learn confirmed receiving a notice from the Mumbai
The Insolvency and Bankruptcy Board of India (IBBI) has amplified its efforts to expedite insolvency resolutions by finalizing a provisional list of 787 insolvency professionals (IPs), a substantial increase from the 400 listed in June. This comprehensive list, complemented by 31 insolvency professional entities (IPEs), is poised to be presented to the adjudicating authority. The move aims to streamline the
The National Company Law Tribunal (NCLT) has granted approval for the demerger of Thermax’s subsidiaries, Thermax Cooling Solutions Ltd (TCSL) and Thermax Instrumentation Ltd (TIL), as per a regulatory filing on December 25, 2023. This move aims to streamline operations and enhance management focus on Thermax Instrumentation’s business post-demerger, bringing complementary businesses under a consolidated entity for increased scalability and
The National Company Law Tribunal (NCLT) has granted approval to the resolution plan for Reliance Communications Infrastructure Limited (RCIL), a subsidiary of the insolvent Reliance Communications Limited. The endorsed plan was submitted by Reliance Projects and Property Management Services Limited, selected by the Committee of Creditors during their meeting on August 5, 2021. Subsequently, the resolution professional of RCIL filed
The National Company Law Appellate Tribunal (NCLAT) has granted approval to the settlement proposal submitted by the promoter of Appu Hotels Limited, the owner of the renowned Tamil Nadu-based luxury hotel brand, Le Royal Meridien. This decision marks a pivotal moment as it not only allows the settlement but also terminates the resolution process of the company. The NCLAT order
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, led by Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has dismissed an appeal against the National Company Law Tribunal’s (NCLT) Mumbai Bench order. The ruling emphasizes that a successful auction purchaser in the liquidation proceedings of a corporate debtor is entitled to specific reliefs and concessions, particularly in
The National Company Law Tribunal (NCLT) Mumbai bench has postponed the hearing of a petition filed by Palguntech, a US-based technology consulting company, seeking a stay on the liquidation process of Future Retail (FRL). The tribunal, presiding over the case, has instructed all parties involved to maintain the status quo until the rescheduled hearing on January 4. Palguntech had approached
The National Company Law Tribunal (NCLT) has affirmed that liquidation proceedings under the Companies Act do not prohibit the filing of a Section 9 petition under the Insolvency and Bankruptcy Code (IBC). The Mumbai Bench, comprising Judicial Member VG Bisht and Technical Member Prabhat Kumar, addressed a petition by an operational creditor seeking recovery of Rs. 2,36,21,491. The operational creditor
In a significant ruling, the Supreme Court has dismissed the plea of personal guarantors seeking early adjudication by the National Company Law Tribunal (NCLT) during the resolution professional appointment stage in their insolvency cases. The apex court emphasized that the NCLT’s adjudicatory role commences only after the submission of the resolution professional’s report under Section 100, clarifying that this report
