In a significant endeavor to enhance the efficiency of the National Company Law Tribunal (NCLT), the government is contemplating a substantial expansion by potentially adding up to 100 new members. This strategic move aims not only to expedite the insolvency resolution process, which has experienced notable slowdowns in recent years but also to facilitate the prompt disposal of company law
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
The recent Supreme Court (SC) ruling permitting bankruptcy proceedings against personal guarantors of defaulting companies is poised to unlock a new avenue for lenders, potentially amplifying banks’ recoveries. This decision is anticipated to strengthen lenders’ negotiation position with defaulters and act as a deterrent against unrealistic personal guarantees from promoters in the future, as noted by banking experts and legal
In a significant development regarding the Zee-Sony merger, the National Company Law Appellate Tribunal (NCLAT) has taken the decision to transfer all associated pleas to the bench presided over by Chairperson Ashok Bhushan. This move was motivated by ongoing deliberations concerning IDBI Bank’s insolvency plea against Zee Entertainment Enterprises Ltd. (Zee) due to unpaid dues, which is already under review
In a recent decision, the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, consisting of Mr. Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has dismissed an appeal lodged by Vistra ITCL (India) Ltd. The ruling emphasized that the jurisdiction of the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC) is
In a recent development, the Supreme Court has taken a resolute stance against what it perceives as non-compliance with its directives by the National Company Law Appellate Tribunal (NCLAT). The apex court, led by Chief Justice of India DY Chandrachud, has issued a significant INR 1 crore fine to a litigant involved in a case related to the disclosure of
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) granted permission to GE Power to withdraw its insolvency petition against Bharat Heavy Electricals Ltd (BHEL), a public sector undertaking, on Wednesday. This withdrawal comes with the provision for revival should the operational debt remain unsettled. GE Power’s legal representatives, Akshay Sapre, along with Abhijit Swarup and Aneesha Rastogi from The Guild, informed the
The green light from the National Company Law Tribunal (NCLT) for the merger between Zee Entertainment Enterprises (ZEEL) and Sony Pictures Network India, now known as Culver Max Entertainment, has elicited positive sentiments from industry analysts. This significant development aligns with the ongoing efforts to merge the television networks, digital assets, production operations, and program libraries of the two entities.
