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national company law tribunal

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The Kolkata bench of the National Company Law Tribunal had set two dates for creditor meetings on December 16 and 23, meant to ratify the proposal to transfer assets between two Srei firms.(Mint File Photo)

Srei lenders weigh forensic audit of two group firms

Mint, New Delhi | By Shayan Ghosh
UPDATED ON DEC 18, 2020 06:40 AM IST
Srei is fully engaged with creditors, and expects an orderly outcome in the best interest of all stakeholders, a spokesperson said.
The Nagaon Paper Mill of the Hindustan Paper Corporation Limited has been shut since March 2017.(HT PHOTO)
The Nagaon Paper Mill of the Hindustan Paper Corporation Limited has been shut since March 2017.(HT PHOTO)

Fresh plea in NCLT seeking liquidation of two closed paper mills in Assam

Hindustan Times, Guwahati | By Utpal Parashar
PUBLISHED ON SEP 20, 2020 08:21 PM IST
The plea comes days after the Assam government sought a month’s time to revive the two paper mills.
Application has been filed with the NCLT, Mumbai against 87 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Township Developers India Ltd, Wadhawan Holdings Private Limited, Dheeraj Township Developers Private Limited, Wadhawan Consolidated Holdings Pvt Ltd and certain others entities as reported by the transaction auditor.(Aniruddha Chowdhury/Mint)
Application has been filed with the NCLT, Mumbai against 87 respondents, including Kapil Wadhawan, Dheeraj Wadhawan, Township Developers India Ltd, Wadhawan Holdings Private Limited, Dheeraj Township Developers Private Limited, Wadhawan Consolidated Holdings Pvt Ltd and certain others entities as reported by the transaction auditor.(Aniruddha Chowdhury/Mint)

DHFL case: Auditor flags fraudulent transactions worth Rs 17,394 cr

Mumbai | By Press Trust of India | Posted by: Shankhyaneel Sarkar
UPDATED ON SEP 03, 2020 10:14 AM IST
The administrator of Dewan Housing Finance Corporation Limited (DHFL), appointed under the Insolvency and Bankruptcy Code (IBC), obtained assistance from Grant Thornton to conduct investigation into the affairs of the mortgage firm.
Telecom firms now need to clear their adjusted gross revenue (AGR) dues in a staggered manner over the next 10 years.(Reuters Photo)
Telecom firms now need to clear their adjusted gross revenue (AGR) dues in a staggered manner over the next 10 years.(Reuters Photo)

Telecoms get 10 years to repay AGR dues: 10 things to know about the case

Hindustan Times, New Delhi | By hindustantimes.com | Edited by Kanishka Sarkar
UPDATED ON SEP 01, 2020 04:13 PM IST
If a company fails to repay installments of its adjusted gross revenue (AGR) dues to the government, it will be punishable for contempt of court, the Supreme Court has ruled.
A man talks on a mobile phone in front of an advertisement for Reliance Communications.(Reuters File Photo)
A man talks on a mobile phone in front of an advertisement for Reliance Communications.(Reuters File Photo)

Reliance Communications insolvency rescue plan hits DoT hurdle

Mint, Mumbai/New Delhi | By Shayan Ghosh and Ishita Guha
UPDATED ON AUG 20, 2020 06:02 AM IST
The DoT objection comes after the Supreme Court recently asked the government to clarify how it plans to recover dues from bankrupt telcos, which, apart from RCom, also include Aircel and Videocon.
HT Image
HT Image

LIT exploring alternative project at city centre site

Hindustan Times, Ludhiana | By HT Correspondent, Ludhiana
UPDATED ON JAN 17, 2020 12:16 AM IST
In the last week of November, the district and sessions court had acquitted the chief minister and others in the Ludhiana city centre scam
The code, which was amended last year, said the case could be filed only if 100 or 10 percent of the home buyers of the project concerned come together.(Amal KS/HT PHOTO)
The code, which was amended last year, said the case could be filed only if 100 or 10 percent of the home buyers of the project concerned come together.(Amal KS/HT PHOTO)

Supreme Court notices Centre on petition against IBC clause

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON JAN 13, 2020 12:52 PM IST
The petition was filed by home buyers who contested the amendment to the insolvency code that introduced the concept of a threshold on the minimum number of home buyers that have to file a case at the law tribunal for liquidation proceedings.
The Union Cabinet on Wednesday approved key amendments to the Insolvency and Bankruptcy Code (IBC) Bill. (Photo by Sunil Ghosh / Hindustan Times)
The Union Cabinet on Wednesday approved key amendments to the Insolvency and Bankruptcy Code (IBC) Bill. (Photo by Sunil Ghosh / Hindustan Times)

How tweaks in IBC and partial credit guarantee scheme affect real estate sector

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON DEC 12, 2019 11:49 AM IST
According to one of the amendments, financial creditors will now have to meet an additional threshold to take a company to bankruptcy court.
The riverfront bungalow in Amravati that Lingamaneni Estates and Projects Private Limited (LEPL) leased to Telugu Desam Party president and former chief minister of Andhra Pradesh N Chandrababu Naidu.(HT Photo)
The riverfront bungalow in Amravati that Lingamaneni Estates and Projects Private Limited (LEPL) leased to Telugu Desam Party president and former chief minister of Andhra Pradesh N Chandrababu Naidu.(HT Photo)

Realtor who leased riverfront bungalow to Chandrababu Naidu goes bankrupt

Hindustan Times, Hyderabad | By Srinivasa Rao Apparasu
UPDATED ON NOV 19, 2019 05:55 AM IST
Ramesh Lingamaneni, promoter of Lingamaneni Estates and Projects Private Limited (LEPL) filed an insolvency petition before the National Company Law Tribunal on November 14, indicating that the company was not in a position to repay the loans to its creditors.
The projects would be “net worth positive in affordable and middle income category”, and contributions of “roughly same amount” will come from outside investors, she said.(HT image)
The projects would be “net worth positive in affordable and middle income category”, and contributions of “roughly same amount” will come from outside investors, she said.(HT image)

Government unveils Rs 70,000cr boost to exports, housing

New Delhi | By Rajeev Jayaswal
UPDATED ON JUN 29, 2020 10:21 PM IST
Sitharaman said the government will contribute ~10,000 crore in setting up a special window to provide last-mile funding for unfinished housing projects that haven’t turned into non-performing assets (NPAs) and are not facing proceedings at the National Company Law Tribunal (NCLT).
Nirmala Sitharaman announced another set of measures to boost the economy that includes over Rs 50,000 crore package for exports and creation of a Rs 20,000 crore fund for unfinished real estate projects(Mint Photo)
Nirmala Sitharaman announced another set of measures to boost the economy that includes over Rs 50,000 crore package for exports and creation of a Rs 20,000 crore fund for unfinished real estate projects(Mint Photo)

Nirmala Sitharaman announces booster dose for exports, realty sector

Hindustan Times, New Delhi | By Rajeev Jaiswal
UPDATED ON JUN 29, 2020 10:12 PM IST
Finance minister Nirmala Sitharaman said the government will contribute Rs 10,000 crore in setting up a special window “to provide last mile funding for housing projects which are non-NPA [non-performing asset] and non-NCLT [National Company Law Tribunal] projects
The National Company Law Tribunal (NCLT) has begun insolvency proceeding against the real estate firm Raheja Developers.(Getty Images/iStockphoto)
The National Company Law Tribunal (NCLT) has begun insolvency proceeding against the real estate firm Raheja Developers.(Getty Images/iStockphoto)

NCLT begins insolvency proceedings against Raheja Developers

New Delhi | By Indo Asian News Service
UPDATED ON SEP 09, 2019 01:31 PM IST
The National Company Law Tribunal admitted and initiated the insolvency proceedings following a plea by one of the flat buyers last month.
The Supreme Court of India , upheld the constitutional validity of the Section 5(8) (f) of the IBC Code which gives right to the homebuyers to approach the National Company Law Tribunal (NCLT) under the IBC.(HT PHOTO)
The Supreme Court of India , upheld the constitutional validity of the Section 5(8) (f) of the IBC Code which gives right to the homebuyers to approach the National Company Law Tribunal (NCLT) under the IBC.(HT PHOTO)

How homebuyers managed to secure a landmark victory

Hindusatn Times, New Delhi | By Namrata Kohli
UPDATED ON AUG 31, 2019 02:11 PM IST
The Supreme Court of India delivered its landmark judgment in the Insolvency & Bankruptcy Code (IBC) case reaffirming the rights of homebuyers which was challenged by a consortium of builders.
The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against Delhi NCR-based realty firm Three C Projects Ltd(Getty Images/iStockphoto)
The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against Delhi NCR-based realty firm Three C Projects Ltd(Getty Images/iStockphoto)

NCLT directs insolvency proceedings against realty firm Three C Projects

Press Trust of India | By Press Trust of India
UPDATED ON AUG 30, 2019 11:40 AM IST
A two-member principal bench, headed by President Justice M M Kumar, admitted a plea filed by five flat buyers who had booked homes in the company’s Lotus Zing project in Noida, Uttar Pradesh.
The bid would require 66 per cent votes in its favour to make the cut and acquire the insolvent realty company.(HT Photo)
The bid would require 66 per cent votes in its favour to make the cut and acquire the insolvent realty company.(HT Photo)

Jaypee Infratech home buyers may stop paying EMIs

New Delhi | By Indo Asian News Service
UPDATED ON JUN 09, 2019 06:27 PM IST
IDBI Bank, the prime lender to JIL, which has around 18 per cent vote share is already against the bid on the ground of the resolution plan being “conditional”.
Jet Airways, which turned 25 last year, has been, for at least a decade now, unrecognisable from the one that delighted Indians with its service standards in the 1990s and the early 2000s(Abhijit Bhatlekar/Mint)
Jet Airways, which turned 25 last year, has been, for at least a decade now, unrecognisable from the one that delighted Indians with its service standards in the 1990s and the early 2000s(Abhijit Bhatlekar/Mint)

Jet is case of throwing good money after bad

Hindustan Times | By HT Correspondent
UPDATED ON APR 18, 2019 08:01 PM IST
The insolvency and bankruptcy code may be the answer to the airline’s crisis
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)

NCLT approves ArcelorMittal’s Rs 45,000 cr Essar Steel takeover plan

Reuters | By Reuters
UPDATED ON MAR 08, 2019 07:00 PM IST
ArcelorMittal, which has been engaged in a drawn-out attempt to acquire Essar Steel since 2017, had made a 420 billion rupee ($5.99 billion) bid for the bankrupt Indian steelmaker.
Reliance Communications Ltd (RCom) on Friday said it will seek fast track resolution through National Company Law Tribunal.(REUTERS)
Reliance Communications Ltd (RCom) on Friday said it will seek fast track resolution through National Company Law Tribunal.(REUTERS)

Reliance Communications goes to bankruptcy court

New Delhi | By Reuters
UPDATED ON FEB 02, 2019 12:29 PM IST
RCom, controlled by businessman Anil Ambani, owed banks $7 billion as of March 2017 when it last made public its debt level, and more to vendors.
Recent bankruptcy proceedings that wrested prominent companies from their owners were a wake up call for India’s business community, previously used to walking away from debts without major consequences.
Recent bankruptcy proceedings that wrested prominent companies from their owners were a wake up call for India’s business community, previously used to walking away from debts without major consequences.

‘Madam, don’t send us to insolvency court,’ firms tell SBI

New Delhi | By Bloomberg
UPDATED ON JAN 31, 2019 02:56 PM IST
SBI is working with the founders of several mid-sized companies to restructure loans and escape bankruptcy proceedings, said Kant, who joined SBI in 1983 and was previously the lender’s chief financial officer.
The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.(Mint Photo)
The government-appointed board of directors of Infrastructure Leasing & Financial Services Ltd (IL&FS) board will update the National Company Law Tribunal (NCLT) on 31 October about the revival plan, after which it will seek consent from lenders and shareholders.(Mint Photo)

IL&FS board to invite bid for assets by December

Hindustan Times | By Gireesh Chandra Prasad
PUBLISHED ON OCT 25, 2018 11:15 PM IST
Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium.(Reuters File Photo)
Workers stand near the logo of ArcelorMittal, the world's largest producer of steel, at the steel plant in Ghent, Belgium.(Reuters File Photo)

Ruias offer 54,389 crore to lenders to avert takeover by Arcelor

Hindustan Times | By Malvika Joshi, Tanya Thomas & Maulik Vyas
UPDATED ON OCT 25, 2018 11:06 PM IST
The Ruia family has made a last-ditch effort to avert losing its flagship company Essar Steel Ltd to Lakshmi Mittal’s ArcelorMittal SA.
A two-member bench of the NCLAT on October 15, 2018, stayed all proceedings against IL&FS and other group companies till further order on an urgent petition moved by the ministry of corporate affairs.(Reuters File)
A two-member bench of the NCLAT on October 15, 2018, stayed all proceedings against IL&FS and other group companies till further order on an urgent petition moved by the ministry of corporate affairs.(Reuters File)

NCLAT stays proceedings against IL&FS, group companies till further order

New Delhi | By Press Trust of India
PUBLISHED ON OCT 15, 2018 02:19 PM IST
The NCLAT order came on an urgent petition moved by the ministry of corporate affairs after the Mumbai bench of NCLT had turned down its plea for 90 days moratorium over the loans taken by the IL&FS and its subsidiaries.
PF6997 New development in Bandra Kurla Complex area, Mumbai, Maharashtra, India.(Alamy Stock Photo)
PF6997 New development in Bandra Kurla Complex area, Mumbai, Maharashtra, India.(Alamy Stock Photo)

Govt takes over indebted lender IL&FS in surprise move

Bloomberg | By Saloni Shukla
UPDATED ON OCT 01, 2018 06:27 PM IST
he dramatic move, which unfolded within the span of a hectic day in Mumbai, underscores the government’s concern about IL&FS’s defaults spreading to other lenders in the world’s fastest-growing major economy.
Rescuing IL&FS group, which has total debt of $12.6 billion is vital for authorities to stem the risk of default spreading to other lenders.(Alamy Stock Photo)
Rescuing IL&FS group, which has total debt of $12.6 billion is vital for authorities to stem the risk of default spreading to other lenders.(Alamy Stock Photo)

Centre moves to sack board of indebted financier IL&FS, seeks court’s nod

By Bloomberg
UPDATED ON OCT 01, 2018 02:22 PM IST
The government told the National Company Law Tribunal that it wants to take control of IL&FS by “sunset” and appoint 10 directors on a board it constitutes
File photo of Cyrus Mistry speaking to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai June 28, 2013.(REUTERS File Photo)
File photo of Cyrus Mistry speaking to shareholders during the Tata Consultancy Services (TCS) annual general meeting in Mumbai June 28, 2013.(REUTERS File Photo)

NCLAT admits Cyrus Mistry’s plea against order upholding his removal from Tata Sons

New Delhi | By Press Trust of India
UPDATED ON AUG 29, 2018 01:31 PM IST
Mistry had yesterday filed the petition in his personal capacity, requesting the appellate tribunal to set aside the impugned July 9 order of the National Company Law Tribunal.
The apex court had earlier reserved its order on “interim reliefs” sought by various stakeholders, including the home buyers of JIL, JAL, banks and financial institutions and the Insolvency Resolution Professional (IRP).(Sunil Ghosh / Hindustan Times)
The apex court had earlier reserved its order on “interim reliefs” sought by various stakeholders, including the home buyers of JIL, JAL, banks and financial institutions and the Insolvency Resolution Professional (IRP).(Sunil Ghosh / Hindustan Times)

SC asks NCLT to deal with insolvency proceedings against Jaypee group

New Delhi | By Bhadra Sinha
UPDATED ON AUG 09, 2018 10:27 PM IST
The top court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate separate insolvency proceedings against JIL’s holding company Jaiprakash AssociateS Limited (JAL).
Investors protest against the Appu Ghar water park management in Gurugram, July 15, 2018.(Yogendra Kumar/HT File Photo)
Investors protest against the Appu Ghar water park management in Gurugram, July 15, 2018.(Yogendra Kumar/HT File Photo)

Tribunal appoints IRP to resolve problems of Appu Ghar investors

Hindustan Times, Gurugram | By Dhananjay Jha
PUBLISHED ON AUG 08, 2018 12:25 PM IST
The appointment of interim resolution professional (IRP) has brought relief to investors as, according to the provisions of the NCLT, the IRP has to resolve the problem of the company in six months from the date of appointment.
A file picture of Cyrus Mistry, ousted chairman of Tata Sons(PTI)
A file picture of Cyrus Mistry, ousted chairman of Tata Sons(PTI)

The Tata-Mistry case verdict is not surprising

By Prabal Basu Roy
UPDATED ON JUL 10, 2018 08:14 PM IST
It is difficult to prove oppression and mismanagement, even for powerful minority shareholders
The NCLT pointed out that Cyrus Mistry had openly gone against the Tata Sons Board, and hence against the company.(Reuters File Photo)
The NCLT pointed out that Cyrus Mistry had openly gone against the Tata Sons Board, and hence against the company.(Reuters File Photo)

Cyrus Mistry ‘disappointed’ with NCLT verdict; Tata Sons vindicated, says chairman

Mumbai | By Indo Asian News Service
PUBLISHED ON JUL 09, 2018 05:01 PM IST
The NCLT ruled that the Tata Sons board of directors was competent to remove the executive Chairman and that Mistry was ejected as the board members had lost confidence in him.
Ratan Tata (left) with Cyrus Mistry.(HT File Photo)
Ratan Tata (left) with Cyrus Mistry.(HT File Photo)

‘Majority lost confidence in you’: Tribunal rejects Cyrus Mistry’s plea against sacking by Tata Sons board

Reuters | By Press Trust of India, Mumbai
UPDATED ON JUL 09, 2018 12:18 PM IST
Cyrus Mistry was removed because the board and majority of its members lost confidence in him after he sent out certain crucial information about the company to the I-T department, leaked details to the media and came out openly in public against the company’s shareholders and its board, the bench said.
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