The pre-pack resolution is designed to speed up the resolution process with a deadline for submission of the plan set at 90 days and the next 30 days are fixed for the NCLT to approve it
In the application filed before the Mumbai bench of the NCLT, the Resolution Professional (RP) has sought direction from the tribunal against the present and erstwhile directors of FRL "to contribute the amount to the company", Future Retail Ltd (FRL) said in a regulatory filing.
"Our resolution plan for Delhi One project has been approved by the NCLT. A Committee of Creditors (CoC) had approved our plan in 2019," Max Ventures and Industries Ltd MaxVIL MD and CEO Sahil Vachani said.
Experts say that after the stuck inventory is completed and distributed, it will boost the number of homes available in Noida and Greater Noida, which may trigger a temporary slowdown in real estate price rises in the region.
IPRS - the representative body of music owners and composers that collects royalty on behalf of artistes - had in January filed an insolvency plea against Zee for alleged non-payment of dues of around Rs 211 crore.
A two-member bench of the appellate tribunal upheld the order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which on April 8, 2022, directed to initiate CIRP over the plea filed by its financial creditor Sunstar Hotels and Estates.
In the meeting held on November 20 last year it was decided that the last date for submission of resolution plans for FRL was February 20 2023.
The ZEEL-SPIL merger may get delayed as NCLT accepts IndusInd’s petition
The proposed amendments formally recognise project-wise resolution and will ensure expeditious resolution of a stalled development without hampering the interests of homebuyers of other projects of a builder, say legal experts.
Counsels for the Committee of Creditors and RCap administrator said that the NCLT should not intervene in any process in which public interest is impacted.
he National Company Law Tribunal (NCLT) on January 12 had adjourned Torrent Investments' plea to challenge the Committee of Creditors (CoC)’s proposal to hold a second auction to January 16
The fact that applicants in a few Insolvency and Bankruptcy Code (IBC) code cases had to approach the courts to restrain lenders from considering bids that were made after the deadline is shameful. Such bids should automatically be thrown out or delays will be endemic
The Wave Group’s Wave Mega City Centre Private Limited had filed for voluntary bankruptcy proceedings on March 26, 2021, leaving homebuyers in the lurch
Well intended they may be but harsh company law provisions disqualify directors for five years if their company has incurred certain financial defaults. It’s no surprise that directors jump ship at such companies, worsening their problems
On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against BPTP Ltd, a leading real estate player in Delhi-NCR, on a petition filed by an operational creditor, RBCL Projects.
The government is looking to close loss-making units in nearly nine months from the day a firm seeks approval to do so.
Giving its ruling in the Ultratech Nathdwara Cement Ltd case, the Ahmedabad bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) observed that the revenue department has no proper guideline as to what stand is to be taken in a case where the proceedings under the Insolvency and Bankruptcy Code (IBC) is in progress before NCLT/NCLAT or at higher forum.
Going by the pace at which insolvency petitions are admitted and cases are resolved, the wait for thousands of JAL homebuyers may only get prolonged.
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The case was filed by homebuyers of CHD Vann residential project in Sector 71.
The latest petition is filed against Future Enterprises by Retaail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT).
The petition has been filed at the Allahabad bench of the National Company Law Tribunal, an exchange filing said
Financial creditor Realpro Realty Solutions slaps Section 7 of Insolvency and Bankruptcy Code on the realtor which constructs builder flats in Delhi for Rs 5-crore default
With the NCLT order, banks can now formally initiate insolvency proceedings against Future Retail and try to recover the more than Rs 5,300 crore owed to them.
Vijaykumar V Iyer of Deloitte will be appointed as the interim resolution professional of Future Retail, the NCLT has said