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The creditors of OYO Hotels and Homes Pvt Ltd are called upon to submit their claims with proofs on or before April 15, 2021, to the interim resolution professional, the announcement said.(Reuters)

NCLT initiates insolvency proceedings against OYO arm; Co files appeal

PTI |
PUBLISHED ON APR 07, 2021 02:41 PM IST
Meanwhile, OYO said it has challenged the order against its subsidiary OYO Hotels and Homes Pvt Ltd (OHHPL) in the National Company Law Appellate Tribunal (NCLAT).
"The said paragraph reads as under, '(f) The AA/NCLT cannot permit any person - Tom, Dick, and Harry' to represent and defend the respondent u/s-7 of IBC, as the rules do not permit it," the court noted.(HT File Photo)
"The said paragraph reads as under, '(f) The AA/NCLT cannot permit any person - Tom, Dick, and Harry' to represent and defend the respondent u/s-7 of IBC, as the rules do not permit it," the court noted.(HT File Photo)

'Not allowed': Delhi HC raps petitioner for using 'Tom, Dick and Harry' in plea

ANI |
PUBLISHED ON MAR 02, 2021 05:18 PM IST
A single-judge bench of Justice Prathiba M Singh was hearing a petition filed by Group Captain Atul Jain against the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT)
Prime Minister Narendra Modi on Monday outlined that the country now has to step out from an import-dependent status and fast track its defence manufacturing capabilities. (PTI Photo)(PTI)
Prime Minister Narendra Modi on Monday outlined that the country now has to step out from an import-dependent status and fast track its defence manufacturing capabilities. (PTI Photo)(PTI)

News updates from HT: PM Modi urges bolstering of indigenous defence manufacture

UPDATED ON FEB 22, 2021 01:00 PM IST
Here are today’s top news, analysis, and opinion. Know all about the latest news and other news updates from Hindustan Times.
The committee of creditors (CoC) for DHFL, which is overseeing the sale of the mortgage lender, is currently in talks with top bidders Oaktree and Piramal Capital.(PTI)
The committee of creditors (CoC) for DHFL, which is overseeing the sale of the mortgage lender, is currently in talks with top bidders Oaktree and Piramal Capital.(PTI)

Oaktree provides unconditional, implementable plan for DHFL resolution

New Delhi | By Press Trust of India| Posted by Mallika Soni
UPDATED ON JAN 07, 2021 07:10 PM IST
Revised bids for DHFL were received last month with Oaktree and Piramal Enterprises jostling for the top spot.
The Centre’s priority is to save viable businesses till there is sufficient investor appetite for stressed assets as lifting the ban could be a death warrant for both unviable and viable businesses in the absence of bidders.
The Centre’s priority is to save viable businesses till there is sufficient investor appetite for stressed assets as lifting the ban could be a death warrant for both unviable and viable businesses in the absence of bidders.

Govt works on measures to handle business stress

Livemint | By Gireesh Chandra Prasad
PUBLISHED ON JAN 04, 2021 04:38 AM IST
The Insolvency and Bankruptcy Code (Second Amendment) Act, 2020, which was notified in September, barred fresh bankruptcy action for a year starting 25 March 2020. The defaults during this period will never be placed before a tribunal.
The Bombay high court.
The Bombay high court.

NCLT cannot examine validity of actions taken under MPID Act: Bombay high court

Hindustan Times, Mumbai | By Kanchan Chaudhari
UPDATED ON NOV 17, 2020 12:32 PM IST
Striking down an NCLT order of January 2019, the high court said the tribunal has no jurisdiction to examine the validity of actions taken under the MPID Act
Cash-strapped Jet Airways had halted its operations in April last year.
Cash-strapped Jet Airways had halted its operations in April last year.

‘Very tough, uncertain’: Experts on path to restart Jet Airways

Hindustan Times, New Delhi | By hindustantimes.com | Edited by: Amit Chaturvedi
UPDATED ON OCT 18, 2020 08:05 PM IST
The carrier’s creditors approved a multi-million dollar resolution plan on Saturday under which Jet Airways would be acquired by an investor consortium.
A view of the Mohali Inter State Bus Terminus (ISBT).(HT Photo)
A view of the Mohali Inter State Bus Terminus (ISBT).(HT Photo)

Mohali ISBT: GMADA to claim Rs 89 crore from developer C&C Towers

Hindustan Times, Mohali | By Hillary Victor
PUBLISHED ON SEP 09, 2020 12:02 AM IST
Senior GMADA official says claim sought as lease/fine amount as the authority and allottees had not received possession of commercial spaces
September 7 has been set as the next date of hearing, when the five-member panel will submit its report.(HT photo)
September 7 has been set as the next date of hearing, when the five-member panel will submit its report.(HT photo)

Delhi Gymkhana Club still reeks of ‘imperial mindset’: NCLT

Hindutsan Times, New Delhi | By Deeksha Bhardwaj
UPDATED ON JUN 27, 2020 04:35 PM IST
On Friday, the NCLT had asked the government to appoint two nominees to the club’s governing body and also set up a five-member committee to look into the alleged “irregularities”, officials told HT.
HT Image
HT Image

LIT exploring alternative project at city centre site

Hindustan Times, Ludhiana | By HT Correspondent
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
Cyrus Mistry, who took over as Chairperson of Tata Sons, the holding company of Tata group in December 2012 was removed from the post on October 24, 2016.(REUTERS)
Cyrus Mistry, who took over as Chairperson of Tata Sons, the holding company of Tata group in December 2012 was removed from the post on October 24, 2016.(REUTERS)

NCLAT order on Cyrus Mistry inconsistent, sets dangerous legal precedent: Tata Sons

Hindustan Times, New Delhi | By Murali Krishnan
UPDATED ON JAN 02, 2020 04:44 PM IST
The NCLAT judgment, Tata Sons submitted, is detrimental to the interest of Tata Sons and its members for its failure to discuss the reasoning and findings of the judgment of National Company Law Tribunal (NCLT) which had ruled in favour of the firm.
Unnati Fortune Group’s Aranya housing project located in Noida was the first residential project to be deregistered by UP Rera so as to allow the apartment owners’ association to finish it or bring in a co-developer.(Sunil Ghosh / HT Photo)
Unnati Fortune Group’s Aranya housing project located in Noida was the first residential project to be deregistered by UP Rera so as to allow the apartment owners’ association to finish it or bring in a co-developer.(Sunil Ghosh / HT Photo)

UP Rera cancels registration of five stuck realty projects in Gautam Budh Nagar

Hindustan Times, Greater Noida | By Vinod Rajput
UPDATED ON DEC 09, 2019 02:20 PM IST
According to the law, the Rera has the right to deregister a project if the developer abandons it. After deregistration, a developer loses control of the project and the Rera has the right to either transfer rights to buyers or to a new developer.
The Centre has announced Rs 20,000 crore affordable housing package for the benefit of around 3.5 lakh home owners in the country.(Sunil Ghosh / HT Photo)
The Centre has announced Rs 20,000 crore affordable housing package for the benefit of around 3.5 lakh home owners in the country.(Sunil Ghosh / HT Photo)

Impact of Rs 10,000 crore fund for realty sector will be limited, say experts

Hindustan Times, Noida | By Vinod Rajput
UPDATED ON SEP 16, 2019 01:42 PM IST
The Credai, a group of private realtors, said the Rs 10,000 fund will not benefit homebuyers in the projects such as Jaypee Group, Amrapali, Unitech, Unnati Group, 3C Group and Shubhkamna among others, which are facing litigation and have been put into the category of non-performing assets.
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).
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 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.
(Mint file photo)
(Mint file photo)

NCLT allows IL&FS to sell 7 wind assets to Orix for Rs 4,800 crore

livemint, Mumbai | By Shayan Ghosh
UPDATED ON AUG 29, 2019 02:43 PM IST
Orix Corporation is an equity partner in the group and owns 49% stake in each of these seven operating wind power plants. The seven wind power SPVs include Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Retadi Wind Power, Wind Urja Indiae, Tadas Wind Energy and Kaze Energy.
Resolution professional of debt-ridden Ariisto Developers has invited fresh bids from prospective buyers to revive the Mumbai-based real estate firm which has gone under insolvency proceedings.(Mint photo)
Resolution professional of debt-ridden Ariisto Developers has invited fresh bids from prospective buyers to revive the Mumbai-based real estate firm which has gone under insolvency proceedings.(Mint photo)

Fresh bids invited for debt-ridden Ariisto Developers under insolvency proceedings

livemint, Mumbai | By Bidya Sapam
UPDATED ON AUG 27, 2019 10:38 AM IST
Mumbai-based developer Rustomjee Group had emerged as the lone bidder in the first round of bidding.In November 2018, NCLT had admitted insolvency proceedings against Ariisto Developer.
Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years.(Bloomberg Photo)
Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years.(Bloomberg Photo)

Will pay creditors, complete pending projects in 3 yrs: Jaypee Infra

New Delhi | By Press Trust of India
UPDATED ON JUL 22, 2019 07:05 PM IST
The National Company Law Appellate Tribunal (NCLAT) reserved its order over exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process (CIRP) of Jaypee Infratech.
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.
‘Fund crunch’ stalls Unnati Fortune project Aranya again. (Representative Image)(Getty Images/iStockphoto)
‘Fund crunch’ stalls Unnati Fortune project Aranya again. (Representative Image)(Getty Images/iStockphoto)

‘Fund crunch’ stalls Unnati Fortune project Aranya again

Greater Noida | By Kapil Datta
PUBLISHED ON MAR 03, 2019 03:29 AM IST
This came to light during a conciliation meeting held at the office of the Uttar Pradesh real estate regulatory authority (UP Rera) in Greater Noida. Rera officials, however, said the project is viable and they will explore ways to complete it.
Unnati Fortune allottees meet RD Paliwal (centre), Rera consultant and head, monitoring committee.(Kapil Datta/HT Photo)
Unnati Fortune allottees meet RD Paliwal (centre), Rera consultant and head, monitoring committee.(Kapil Datta/HT Photo)

Plea submitted to revive cases of Unnati Fortune’s housing project

Hindustan Times, Greater Noida | By Kapil Datta
PUBLISHED ON FEB 25, 2019 02:50 AM IST
The Uttar Pradesh real estate regulatory authority held a project-monitoring meeting with Unnati Fortune group allottees during which the latter submitted an application for revival of their cases, after the National Company Law Tribunal (NCLT) stay on proceedings was vacated.
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
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.
Shivinder Mohan Singh (L) and Malvinder Mohan Singh during the Concept Launch and Question and Answer session in Fortis Memorial Research Institute at sector- 44, in Gurgaon.(Parveen Kumar/Hindustan Times)
Shivinder Mohan Singh (L) and Malvinder Mohan Singh during the Concept Launch and Question and Answer session in Fortis Memorial Research Institute at sector- 44, in Gurgaon.(Parveen Kumar/Hindustan Times)

Former Fortis promoter to withdraw NCLT petition against elder brother Malvinder Singh on ailing mother’s advice

New Delhi | By Press Trust of India
UPDATED ON SEP 13, 2018 09:09 PM IST
Shivinder’s counsel Ranjana R Gawai said the petition is not withdrawn yet but getting withdrawn because the ailing mother wants to get this matter sorted out within domestic forum through mediation.
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.
Cyrus Mistry was ousted as Tata Sons’ chairman a four-year stint in October 2016.(PTI)
Cyrus Mistry was ousted as Tata Sons’ chairman a four-year stint in October 2016.(PTI)

‘You lost Tata board’s confidence’: Court junks Cyrus Mistry’s sacking plea

Hindustan Times, Mumbai | By HT Correspondent
UPDATED ON JUL 10, 2018 12:04 AM IST
The tribunal said it will not accept Mistry’s contentions that his removal was due to the result of mismanagement by the board and oppression of minority shareholders of the group.
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