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 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), 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) has released a Circular on 4th August 2023, highlighting the pending petitions and applications within the E-Filing system, which were submitted prior to 30th June 2023. These cases lack subsequent actions or follow-ups. In this regard, the NCLT urges concerned parties and their legal representatives to proactively engage in follow-up actions and prosecution of
The National Company Law Tribunal (NCLT) in Hyderabad, presided over by Justice Telaprolu Rajani (Judicial Member) and Shri Charan Singh (Technical Member), has granted its approval to the Resolution Plan submitted by a consortium led by B. Subba Reddy and C. Venkateswara Reddy for Indu Projects Ltd. This development stems from the proceedings of the petition filed by Bank of
Reliance Innoventures, an enterprise owned by Anil Ambani, has been admitted for insolvency proceedings by the National Company Law Tribunal (NCLT) following a claim made by JC Flowers Asset Reconstruction Company. JC Flowers, which took over Yes Bank’s bad loan portfolio of ₹48,000 crore, alleged that Reliance Innoventures had defaulted on its debts, specifically defaulting on interest payments amounting to
In a significant development pertaining to the insolvency proceedings of Go First, the National Company Law Appellate Tribunal (NCLAT) has upheld the voluntary resolution proceedings authorized by the National Company Law Tribunal (NCLT). This decision, rendered on Monday, reinforces the ongoing efforts to resolve the financial crisis faced by Go First. A two-member bench of the NCLAT, led by Chairperson
The National Company Law Tribunal (NCLT) has reached a significant milestone by approving a record-breaking 180 resolution plans in the fiscal year 2022-23. This achievement has resulted in a total realization of Rs 51,424 crore from distressed assets, marking the highest-ever number of resolution plans sanctioned by the NCLT. While this accomplishment is commendable, it is the second-highest in terms
The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed that the lenders of Mittal Corp were empowered to issue a fresh RFRP when none of the resolution
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
