NCLT approves Jalan Kalrock Consortium”s resolution plan for Jet Airways

NEW DELHI: The National Company Law Tribunal (NCLT) on Tuesday approved the Jalan Kalrock Consortium”s resolution plan for the bankrupt-Jet Airways, two years after the once-storied airline went into insolvency proceedings. Financial distress forced Jet Airways, which flew for more than two decades, to suspend operations on April 17, 2019 and a consortium of lenders, […]

NCLT agrees to hear plea alleging mismanagement in real estate firm Omaxe

NEW DELHI: The National Company Law Tribunal (NCLT) has agreed to hear a petition filed against Omaxe Ltd alleging oppression and mismanagement in the affairs of the Delhi-based real estate firm. Terming the matter as “exceptional” and having “compelling circumstances” against the realty firm, a two-member Chandigarh-based NCLT bench has granted the waiver in the […]

63 Moons moves NCLT seeking to ensure recovery from DHFL benefit creditors

NEW DELHI: 63 Moons Technologies, formerly Financial Technologies, on Thursday said it has moved the National Company Law Tribunal (NCLT) seeking to ensure that recovery from DHFL benefit all creditors, including NCD-holders. The company holds over Rs 200 crore of NCD (non-convertible debentures) of the crippled mortgage player. “We have filed an application with the […]

NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 crore

NEW DELHI: The National Company Law Tribunal on Thursday approved a resolution plan of Reliance Infratel following which lenders may get around Rs 4,400 crore and Reliance Jio may pick up the assets of the debt-ridden telecom infrastructure company, according to sources. Reliance Jio through its subsidiary placed bids to acquire assets of Reliance Communications” […]

NCLT approves Rs 103 crore resolution plan for NIIL Infrastructures

NEW DELHI: The National Company Law Tribunal (NCLT) has approved a Rs 103-crore bid to acquire debt-ridden NIIL Infrastructures, which is developing a housing project in Agra, Uttar Pradesh. A two-member Principal bench of NCLT, headed by Acting President BSV Prakash Kumar, has approved the Rs 103.18 crore resolution plan by a consortium of Rishabh […]

Kalrock consortium not declared successful applicant: Jet Airways

NEW DELHI: Jet Airways has clarified that the Kalrock Capital-Murari Lal Jalan consortium has not won the bid for the airline. In a regulatory filing, the resolution professional (RP) of Jet Airways, which is under the Insolvency and Bankruptcy Code (IBC) process, clarified the status. Ashish Chhawchharia, the RP for Jet Airways, said that the […]

NCLT transfers 3 more members with immediate effect

NEW DELHI: The National Company Law Tribunal (NCLT) has transferred three more members to different benches across the country with immediate effect. On April 30, it had transferred eight members as part of an organisational reshuffle. According to a notification issued by the NCLT Registrar on Tuesday, the new list comprises three judicial members. The […]

NCLT asks Kwality lenders to reconsider Haldiram’s Rs 145 crore revised offer

NEW DELHI: The National Company Law Tribunal (NCLT) has directed the lenders of Kwality Ltd to reconsider the revised Rs 145-crore offer by Haldiram Snacks to acquire the debt-ridden dairy firm. The Delhi-based bench of the tribunal has also extended the Corporate Insolvency Resolution period by another three weeks and directed the Committee of Creditor […]

About 450 real estate projects are facing insolvency proceedings

NEW DELHI: Representing 12500 members, 21 state and 204 city level chapters, CREDAI, whole heartedly supported the government in its endeavour to develop a roadmap for accelerated development of the sector, at the first ever National RERA Conclave, organised by Uttar Pradesh Real Estate Regulatory Authority (U.P. RERA) along with Government of India and Government […]

NCLT directs Jet Airways lenders to disburse lifeline funds within 15 days

NEW DELHI: The National Company Law Tribunal (NCLT) Wednesday directed the financial creditors of the grounded Jet Airways to release some interim lifeline funds within 15 days. The lenders had in-principle sanctioned Rs 63 crore to the RP and SBI, the lead lender, had reportedly already disbursed its portion of Rs 10 crore. However, other […]

NCLT okays merger of Monsanto India with Germany’s Bayer CropScience

NEW DELHI: The National Company Law Tribunal (NCLT) on Friday approved the merger of biotech company Monsanto India Ltd with Bayer CropScience. In June 2018, German chemical and pharma major Bayer AG had announced completion of the USD 63 billion mega-deal to acquire US-based biotech major Monsanto to create the world’s biggest agro-chemical and seed […]

NCLT approves Patanjali’s resolution plan for debt-ridden Ruchi Soya

NEW DELHI: The National Company Law Tribunal has approved the resolution plan submitted by Yoga guru Ramdev-led Patanjali for the debt-ridden Ruchi Soya. A two-member Mumbai NCLT bench, comprising Rajesh Sharma and V P Singh, approved the resolution plan after observing that all eventuality has been discussed by it. “It is also to be clarified […]

NCLT approves JSW Steel’s Rs 19,700 crore bid for Bhushan Power & Steel

NEW DELHI: The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion (Rs 19,700 cror)  bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process. The NCLT approved the offer while stating that profits made by Bhushan Power during the […]

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