The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under CIRP.
Over 2,500 former employees of Cox and Kings who have not been paid salaries from June 2019 to October 2020 have moved the National Company Law Tribunal for unpaid dues
Oaktree Capital is said to have offered the highest recovery for lenders by far and maybe a natural choice. However, banks are planning to negotiate the offer higher and would hold discussions with the bidders over this week
Will Jet Airways take off again? Let’s find out in this edition of 3-Point Analysis
DHFL was the first finance company to be referred to NCLT by the RBI using special powers under section 227.
A majority of the projects considered for stress funding had RERA and NCLT cases pending against them
Anil Ambani earlier moved the Delhi High Court against the appointment of a resolution professional (RP) on the personal guarantee given by him against a loan taken by Reliance Communications Ltd (RCom) and Reliance Infratel Ltd (RITL) from SBI.
Indian lenders after burning their fingers in the Vijay Mallya-Kingfisher Airlines case have been aggressive in chasing loan defaulters in cases where there is a personal guarantee by promoters.
A spokesperson of Anil Ambani has said the company is reviewing the NCLT order and taking advice on filing appropriate appeal against appointment of RP.
While the NCLT takes care of secured creditors and employees, consumers have to travel a long road to recover their pending dues
Bharti Airtel and Bharti Hexacom had paid Rs 341 crore to Aircel and Dishnet Wireless but had retained Rs 112 crore to set off the dues owed by Aircel entities to Airtel entities.
Earlier on August 20, 2019, the Mumbai bench of National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against HDIL, after allowing the insolvency plea filed by Bank of India, claiming default of a loan of Rs 522 crore by the realty firm.
The tribunal observed that the resolution plan submitted by DVI fulfils all the requirements of regulations of the corporate insolvency resolution process and has been approved by the Committee of Creditors (CoC).
The Central Board of Direct Taxes (CBDT) through a notification said the exemptions would come into effect from April 1, 2020, and shall be applicable for the assessment year 2020-21 and thereafter.
The public sector lender had approached the tribunal under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
Jet Airways' insolvency resolution professional Ashish Chhawchharia had moved the NCLT to seek approval to sell its third and fourth floor in Godrej BKC building to clear overseas debt to transfer the title of six aircraft under Export-Import Bank of the US to the corporate debtor, which would help in maximising value of the defunct airline.
Aircel had submitted an application under Section 10 of the IBC in February 2018 after it failed to repay loans
The order said that IL&FS had sought that an amount of Rs 61.84 lakh is excluded as resolution process costs incurred for meeting various expenditures, other applicable taxes from the sale proceeds of the applicant's shareholding in GIFTCL to the Gujarat government.
Allowing the plea filed by the Ministry of Corporate Affairs (MCA), a two-member bench of the appellate tribunal said the NCLT's direction was "beyond the power" and amounted to "imposition of a new rule in a compelling fashion".
This reform reduces the strain on National Company Law Tribunal which is currently over-burdened. It will reduce timing compliance cost for smaller firms otherwise it takes years to get rid of minor violations.
Several judicial bodies and quasi-judicial bodies have also cancelled their summer vacations as they were closed during the lockdown and were disposing only urgent matters through video conferencing.
Despite the sharp run-up, analysts feel that the scrip still has some steam left.
The tribunal has a strength of 23 Judicial members including its Acting President and 25 technical members, as per NCLT website.
While disagreements in the management of the Delhi Gymkhana is hardly breaking news, things had never reached the pass it did this week when the central government moved a petition seeking a change of management.
Naredco seeks a $200 billion package from the government to kick-start the economy. Affordable housing to make a comeback first; Property prices may fall by 10-15 per cent.