The firm also stated that the demerged firms' performance is projected to improve over the next several years since they will be more focused and able to pursue quicker expansion.
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
The banks have told the Jalan-Kalrock consortium that they will apply for liquidation if lease rentals are not distributed to the verified lenders, the report said
Public officials also have a poor understanding of the IBC procedures
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.
In an exchange filing today, STFC said that as per the consolidated shareholder voting results, 98.1 percent of votes were cast in favour of the resolution while 1.9 percent of shareholders voted against the resolution.
With SEBI and RBI’s approvals, the reverse merger process of Equitas SFB now only requires approvals from shareholders, creditors, and NCLT approvals.
The National Company Law Tribunal (NCLT) on Monday dismissed a plea by real estate firm Wave Megacity Centre to initiate insolvency proceedings against itself.
The court’s June 3 order will give more power to lenders and ensure speedy recovery in cases under the bankruptcy court, according to bankers and legal experts
This is the third time that the court delayed admission of insolvency proceedings against the debt-laden retailer. The case is adjourned for June 10.
“Decision of the creditors (to settle up) was taken after ... exercising commercial wisdom. Neither the bankruptcy appeals tribunal nor the lower tribunal was justified in not giving due weightage to the wisdom,” the court says.
National Textile Corporation defaulted in its payment of dues to an operational creditor, leading to the NCLT admitting the creditor's petition for initiating corporate insolvency resolution proceedings.
"Waaree Energies Ltd has received the approval from the National Company Law Tribunal, Delhi Bench (NCLT) on April 21, 2022, for the resolution plan submitted by it towards the acquisition of Indosolar Ltd, a manufacturer of solar cells, under the corporate insolvency resolution process (CIRP) initiated by the lenders of Indosolar Ltd under the Insolvency and Bankruptcy Code 2016,” a company statement said.
The dispute relates to a Rs 75 crore loan by ICICI Pru Venture to the Noida-based developer. The National Company Law Appellate Tribunal had earlier stayed the insolvency proceedings initiated by NCLT in March 2022.
The Supreme Court is told that the panel headed by the CJI will meet again in the next 10 days to deliberate on the issue of tenure extension for members of NCLT who are set to retire this year.
New Delhi, May 23 The National Company Law Appellate Tribunal (NCLAT) has held that dues on account of non-payment of TDS can not be a ground to ini..
The NCLT had said the date of default was December 24, 2022 which falls within prohibition period mentioned in Section 10 A of the IBC and no petition can ever be filed for initiation of Corporate Insolvency Resolution Process for a default occurring in such period
Earlier, on March 29, the New Delhi-based bench of the National Company Law Tribunal (NCLT), had directed to appoint Kabra as its chief financial officer (CFO), over the plea filed by RattanIndia Finance’s JV partner — LSF 10 Rose Investments.
Almas Global Opportunity Fund, a majority stakeholder in Star9Mobility, has come under the scanner as it was earlier prosecuted by the National Company Law Tribunal.
The cement maker had availed credit facilities from banks including IDFC First Bank, HDFC and Karur Vysya Bank from 2012 to 2016, which were subsequently acquired by current creditor Pridhvi Asset Construction and Securitisation Company (Paras)
Yes Bank has alleged a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing
Future Group is locked in a legal dispute with U.S.-retailer Amazon over its plan to sell its retail, wholesale, warehousing and logistics business to Reliance Industries in $3.4 billion deal.
LSF 10 Rose Investments, is a subsidiary of US-based private equity firm Lone Star Funds (LSF), and holds 50 per cent shareholding in RattanIndia Finance (RF), a non-banking finance company.
The failure of the real estate regulator in Haryana to give relief to homebuyers in the Green View project developed by a state-owned company is only one instance of its limitations and indifference.