IL&FS proposes to NCLT sale of its wind energy biz to Japan’s Orix
NEW DELHI: Embattled IL&FS group has proposed to the National Company Law Tribunal (NCLT) the sale of its wind energy business to Japan’s Orix Corporation which will help reduce the debt of the company by Rs 4,800 crore. Infrastructure Leasing and Financial Services (IL&FS) said in a statement it has filed the proposal to complete […]
HDFC moves NCLT to keep mortgaged Jet Airways headquarters out of bankruptcy process
NEW DELHI: Mortgage lender HDFC on Thursday moved the NCLT seeking to keep the Jet Airways headquarters in the city out of the bankruptcy process. The HDFC counsel told the National Company Law Tribunal that three floors of the building are mortgaged with the lender. The tribunal will hear HDFC’s plea Friday along with the […]
ITC moves NCLT against Hotel Leelaventure
NEW DELHI: Diverdified group ITC has moved National Company Law Tribunal (NCLT) against Hotel Leelaventure alleging “oppression and mismanagement”. ITC’s current plea was mentioned before the Mumbai bench of the NCLT, which has posted the matter for hearing tomorrow, Hotel Leelaventure said in a regulatory filing. ITC, along with the petition has also filed two […]
NCLT approves ArcelorMittal’s Rs 45,000 crore Essar Steel takeover plan
NEW DELHI: The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday approved AreclorMittal’s Rs 45,000 crore resolution plan for the insolvent Essar Steel. The committee of creditors of bankrupt Essar Steel had chosen ArcelorMittal as the highest bidder and submitted the Rs42,000-crore plan of the world’s largest steel maker before the NCLT […]
Leela promoters curious over ‘sale’ of hotel group
NEW DELHI: In a curious tale of a transaction taking place without the owner’s knowledge, embattled Hotel Leela Ventures Company Secretary Alen Fernes wrote to both NSE and BSE surveillance departments on February 12 saying “We wish to clarify that the company in consultation with lenders is evaluating various options and there is no binding […]
NCLT approves merger of debt-ridden Tata Teleservices with Bharti Airtel
NEW DELHI: The National Company Law Tribunal (NCLT) has approved the merger of loss-making telecom firm Tata Teleservices with Bharti Airtel, according to an exchange filing on Monday. The merger is subject to the approval of the Department of Telecommunications (DoT). “Hon’ble National Company Law Tribunal, New Delhi, Principal Bench, vide its order dated January […]
Standard Chartered Bank moves NCLT against CoC selecting Arcelor for Essar Steel
NEW DELHI: Standard Chartered Bank has filed an interlocutory application in the bankruptcy court against a panel of lenders selecting ArcelorMittal to takeover debt-ridden Essar Steel, saying the decision was “illegal” and was taken without considering its claims. Standard Chartered Bank (SCB), which has more than 7.5% weightage in the Committee of Essar Steel Creditors, […]
Sunil Goel gets NCLT nod to inspect Omaxe holding co’s records
NEW DELHI: The National Company Law Tribunal(NCLT) Chandigarh has issued order in favour of Sunil Goel second largest promoter and erstwhile Joint Managing Director of Omaxe Ltd. NCLT Chandigarh directed Guild Builders the holding company of Omaxe Ltd. to allow inspection of record/registers and take extract copies of the documents by Sunil Goel. He has […]