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 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 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
DHL has filed a lawsuit against Royal Enfield’s manufacturer Eicher Motors at the National Company Law Tribunal (NCLT) over a payment dispute. DHL has claimed that in the financial year 2020-21, it had raised various sets of invoices for warehousing and third-party logistics services which it had provided to Eicher Motors. Invoices totalling around ₹10 crore are unpaid, DHL claimed.
The National Company Law Tribunal (NCLT), Chennai, has given nod for the resolution plan submitted by promoters of Landmark Housing Projects Chennai Pvt. Ltd., under the corporate insolvency resolution process. In 2021, the NCLT had admitted the insolvency petition filed by an operational creditor against the company. As per the legal filings, the total claims admitted from 27 creditors aggregates
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
