The Mumbai bench of the National Company Law Tribunal (NCLT) has greenlit Sapphire Media’s resolution plan for Reliance Broadcast Network’s FM radio entity, Big 92.7 FM. This decision arrives amidst Sapphire Media’s commitment to pay Rs. 261 crore to secured and operational creditors, addressing claims totaling Rs. 947.5 crore. In its order dated May 6, the NCLT bench, comprising technical
The National Company Law Appellate Tribunal (NCLAT) in New Delhi, chaired by Justice Ashok Bhushan and Technical Member Mr. Barun Mitra, has ruled that a Corporate Debtor remains liable for discharging its operational debt, even if an insurance claim has been settled with the Operational Creditor. The decision clarifies that the insurance payment to the Operational Creditor cannot serve as
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
The National Company Law Appellate Tribunal (NCLAT) has scheduled a hearing for August 31, 2023, to address IDBI Bank’s plea against Zee Entertainment in a payment dispute case. The private lender contests a prior NCLT decision that denied its request to initiate insolvency proceedings against the media conglomerate on May 19. The NCLT’s Mumbai branch had ruled that the lender’s
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
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
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
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The IBC Ordinance, 2020 promulgated on June 5, 2020. The scheme stipulates and lays down extra norms for insolvency proceedings. The government had felt that operation of Section 7,9 and 10 should be suspended due to the economic distress faced during the pandemic. Negatives: “Section 10A: Suspension of initiation of corporate insolvency resolution process 10A. Notwithstanding anything contained in Sections
