National Company Law Tribunal

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National Company Law Tribunal

The Delhi Gymkhana Club. Photo: delhigymkhana.org.in

Mohan Guruswamy | Elite clubs bastions of hereditary entitlement

After the white man departed, these clubs turned into a preserve of the new Indian elite -- many called them the 'brown sahibs'

01 Feb 2021 7:17 AM

Dilip Cherian | Gymkhana divided on suspension of ex-babu

Its elections are a hotly contested affair, often leading to accusations of use of 'illegal' and 'unlawful' means between the contestants

17 Dec 2020 8:56 AM

We direct the committee of creditors to take a decision to float expression of interest (EoIs). We direct them to expedite the process, the Mumbai bench of the National Company Law Tribunal (NCLT) said. (Photo: Representational/AFP)

Expedite decision on fresh EOIs: NCLT to Jet Airways lenders

The resolution professional (RP) Ashish Chawcharia requested three weeks time to float the EoI.

19 Dec 2019 7:24 PM

Jaypee Infratech's financial creditors, including lenders and homebuyers, approved the bid of state-owned NBCC to acquire the debt-laden realty firm Jaypee Infratech under insolvency process, according to sources.

Jaypee Infra jumps over 9 pc on CoC nod for NBCC bid

Shares of Jaypee Infratech were trading 9.26 per cent higher at Rs 1.77 apiece on the BSE.

18 Dec 2019 12:45 PM

Homebuyers are advised to reach out to their respective lending institutions to seek necessary guidance for additional borrowing or revival of their existing home loans within the existing legal and regulatory framework and standard board approved policies of the lending institutions, said the frequently asked questions (FAQs) issued by the finance ministry in this regard. (Representational image)

Rs 25,000-cr fund not for projects with cases pending in higher courts: Govt

Homebuyers can approach banks for loan revival, advised the Governmant.

07 Nov 2019 5:52 PM

Karnataka High Court stays insolvency move against Flipkart

The NCLT accepted the petition filed by Mumbai-based CloudWalker Streaming Technologies, an LED TV supplier to Flipkart.

07 Nov 2019 4:45 AM

It is not a very happy situation. There is a feedback...threshold approach has to be looked at, Corporate Affairs Secretary Injeti Srinivas.(Photo: File)

Govt mulls raising Rs 1 lakh default threshold for invoking IBC: Srinivas

The banks should be looking at other options for recovering loans before invoking the IBC, said Corp Affairs Secy Injeti Srinivas.

14 Oct 2019 10:18 PM

Amid continuing efforts to deal with corporate misdoings and strict actions being initiated against erring entities under the companies law, Corporate Affairs Secretary Injeti Srinivas said there is a lot of introspection happening at the level of boards of companies. (Photo: File)

Enforcement actions have generated 'lot of soul searching' at cos: Srinivas

In recent times, the ministry has initiated stringent action against various entities, including auditors, in the IL&FS scam, among others.

12 Aug 2019 5:40 PM

We have requested the government for infusion. The government will decide as to how to be given (it to) the bank, said Syndicate Bank MD Mrutyunjay Mahapatra.

Syndicate Bank expects Rs 4,000 cr from NPA recovery in FY20

The bank has recovered about Rs 800 crore in the first quarter, said Syndicate Bank MD Mrutyunjay Mahapatra.

12 Aug 2019 5:06 PM

The airline owes Rs 8,500 crore to banks and around Rs 25,000 crore in arrears to vendors, lessors and employees. (Photo: File)

Jet Airways Employee Consortium, AdiGroup to bid for 75 pc of airline

The debt-laden company became went into bankruptcy on June 20.

28 Jun 2019 5:06 PM

The insolvency tribunal also rejected judgement by the Netherlands court on Jet's liquidation.

NCLT admits bankruptcy plea against Jet Air

The first status report will have to be filed by July 5.

21 Jun 2019 3:23 AM

After a highly volatile trading day, the scrip skyrocketed 93.35 per cent to close at Rs 64 on the BSE, helped by robust fag end buying.

Unprecedented rally in Jet Airways shares; zoom over 122 pc

At the NSE, shares rose by 122.20 per cent to close at Rs 73.55.

20 Jun 2019 6:57 PM

Despite a weak opening, where the scrip hit an all-time low of Rs 27, it later pared the losses and jumped 16.16 per cent to Rs 38.45 on the BSE. (Photo: AFP/File)

Jet Airways shares bounce back; zoom 19 per cent

In the last 13 trading days, shares of Jet Airways have tumbled 78 per cent.

20 Jun 2019 12:57 PM

In 2017, Jaypee Infratech went into insolvency process after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking revival of the realty firm.

Jaypee Infra insolvency: Creditors decide to vote on NBCC bid from Friday

As many as 13 banks and over 23,000 home buyers have voting rights in CoC. Buyers have nearly 60 per cent votes.

30 May 2019 3:03 PM

A two-member bench headed by President Justice M M Kumar said ICICI Bank has already raised the similar claims against its corporate guarantor Era Infra Engineering, which is currently going through Corporate Insolvency Resolution Process (CIRP).

NCLT dismisses ICICI insolvency plea against Hyderabad Ring Road Projects

NCLT made an observation that there was 'duplicacy of the claims' of ICICI.

27 May 2019 7:35 PM

ITC now holds a 7.92 per cent stake in Hotel Leelaventure.

ITC moves NCLT against Leelaventure

The Mumbai bench of the National Company Law Tribunal posted the matter for hearing on Wednesday.

24 Apr 2019 1:18 AM

Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementation of insolvency. (Representational Image)

SC ruling does not disturb creditors' rights to insolvency proceedings, says Sahoo

In view of the judgement, a bank-creditor needs to ask itself when it should initiate proceeding and justify itself, IBBI's Sahoo said.

07 Apr 2019 6:51 PM

"The court has said that power of RBI under Section 35AA has to be exercised in certain manner. The validity of section 35AA of the Banking Regulation Act 1949 stands and henceforth we have to comply with the direction of Supreme Court and act accordingly," Shaktikanta Das said.

SC ruling: RBI to come out with fresh circular on resolution of bad loans

Supreme Court had on Tuesday quashed RBI circular that pertains to provisions for referring the defaulter to NCLT.

04 Apr 2019 1:06 PM

Corporate Affairs Secretary Injeti Srinivas said that personal insolvency should be approached carefully and in a planned manner. (Representational Image)

Over 12,000 cases filed since implementation of insolvency law, says govt

Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.

26 Mar 2019 12:42 PM

"The appropriate order be passed on an early date preferably within two weeks from the date of the production of the copy of this order," the NCLAT order added.

NCLAT sets aside Jyoti Structures liquidation, asks NCLT to consider Rs 4K-cr plan by Sanghi, others

"The case is remitted to NCLT, Mumbai to approve the plan..." said NCLAT in its order.

24 Mar 2019 4:52 PM

Ex Essar Steel directors approach NCLT against ArcelorMittal takeover

On Friday, Ahmedabad bench of NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over debt-ridden Essar Steel.

11 Mar 2019 5:35 PM

ArcelorMittal’s takeover proposal for the indebted steel-maker was approved by the Essar Steel’s Committee of Creditors (CoC) last October and it was pending before the NCLT for approval since.

Essar: NCLT clears ArcelorMittal’s bid

Clearing ArcelorMittal's bid, NCLT said that it cannot impose judicial view over banks’ wisdom.

09 Mar 2019 1:06 AM

the audit work for the quarter ended December 31, 2018 was progressing at a slow pace on account of high employee attrition in the past few months and is yet to conclude. (Photo: Twitter)

Kwality Ltd seeks more time to file results

It said that at the time of initiation of CIRP, the audit work although commenced, but was progressing at a slow pace.

17 Feb 2019 5:17 PM

These cases would include Essar Steel, Bhushan Power & Steel, Videocon Group, Monnet Ispat, Amtek Auto, Ruchi Soya, Lanco Infratech, Jaypee Infratech among others.

NCLT helps recover Rs 80,000 crore

In 2019, the NCLT is expected to finalise corporate insolvency resolution process of several stressed assets.

26 Dec 2018 12:57 AM

IL&FS was proud to state in its 2017-2018 annual report that it enjoyed the highest credit ratings.

IL&FS: Emerging India’s very own ‘robber baron’

The new management has been quick to reassure investors that the value in IL&FS shares will not be allowed to be eroded.

09 Oct 2018 12:21 AM

The new board has been given time till October 8 to meet and elect a new chairman.

Fearing gloom, govt takes over debt-hit IL&FS

This is the third time in less than 10 years that the government has been forced to step in and supersede the board of a listed company in India.

02 Oct 2018 1:37 AM

The government has sought applications for filling up as many as 36 posts of judicial and technical members at the National Company Law Tribunal (NCLT).

Govt seeks applications to fill judicial, technical member posts at NCLT

The last date for filling the online applications for the vacancies is September 14.

26 Aug 2018 1:18 PM

Grandchildren of late Maharani Gayatri Devi have won the control of Jaipur-based iconic property Jai Mahal Hotel as the National Company Law Tribunal (NCLT) has restored their majority holding in the company which controls the erstwhile royal palace.

NCLT restores Jai Mahal Hotel ownership to Gayatri Devi's grandchildren

Maharaja Devraj and Rajkumari Lalitya Kumar had filed the petition in 2006 against the company and its directors.

02 Aug 2018 1:13 PM

Mobile tower arm of telecom major Bharti Airtel, Infratel on Wednesday said it has received clearance from stock exchanges for its merger with Indus Towers.

Bharti Infratel, Indus Tower merger deal gets clearance from SEBI

It will now approach National Company Law Tribunal for its approval, the company said.

25 Jul 2018 3:18 PM

Plea seeks reversal of NCLT order on Tata

The petition has sought interim relief in the form of restricting the conversion process.

23 Jul 2018 2:17 AM

NCLAT on Friday gave a go-ahead to the lenders' meeting of debt-ridden Bhushan Power & Steel, directing it to finalise a bid for the company.

NCLAT allows lenders to meet and finalise Bhushan Power bid

Vacating its earlier stay, the appellate tribunal has directed the CoC of the company to consider the resolution plans.

20 Jul 2018 12:41 PM

However, Cyrus Mistry resigned from the board of six firms, and dragged Tata Sons and his then interim successor Ratan Tata to the NCLT. (Photo: File)

Tata vs Mistry: Court dismisses Cyrus Mistry's plea against Tata Sons

On October 24, 2016, Board of Tata Sons had abruptly removed Cyrus Mistry as its chairman and sought his ouster from other group companies.

09 Jul 2018 11:23 AM

The National Company Law Tribunal (NCLT) on Wednesday deferred to July 9 its judgement on a petition filed by Cyrus Mistry challenging his ouster as chairman of the Tata Sons group.

NCLT defers order to July 9 in Tata Sons and Cyrus Mistry case

Mistry claimed that his removal was due to a result of mismanagement by the board's trustees.

04 Jul 2018 5:45 PM

IDFC Bank on Wednesday said it has received RBI's approval for merger of Capital First, Capital First Home Finance and Capital First Securities with the company.

IDFC Bank and Capital First get RBI nod for merger

Earlier in January, the company said its board of directors has approved amalgamation of the three entities with IDFC Bank Ltd.

06 Jun 2018 11:52 AM

Lenders will get 7.6 per cent stake in Jharkhand-based steel mill Electrosteel if Vedanta Ltd's bid to take over the company goes through.

Lenders to get 7.6 pc in Electrosteel after Vedanta takeover

Company officials said the shareholder approval and the legal challenge are two separate things which can go parallelly.

03 May 2018 1:51 PM

The proposed ordinance is likely to provide that freedom to the board member, sources in the know said.

Promoters may be allowed to bid

The Union Cabinet may take up the proposed ordinance during its meeting scheduled for April 25.

25 Apr 2018 3:00 AM

Reliance Industries on Sunday said that its resolution plan for acquiring Alok Industries in conjunction with JM Financial Asset Reconstruction Company has been rejected by the Committee of Creditors.

RIL, JM Financial bid to acquire Alok Industries rejected

The consortium of lenders, led by SBI, is claiming dues of over Rs 23,000 crore from Alok Industries.

15 Apr 2018 7:05 PM

India overtook the US in 2015 to become the third largest producer of crude steel. (Photo: File | Representational)

India overtakes Japan to become world’s second largest crude steel producer

At present, China is the largest producer of crude steel in the world, accounting for more than 50 per cent of the production.

05 Apr 2018 9:42 AM

The government plans to have more benches of the National Company Law Tribunal on the basis of case load, a senior official said on Wednesday amid rising number of insolvency cases coming up before the NCLT.

Govt plans to have more National Company Law Tribunal benches

A case is admitted for resolution under the Code only after approval from the NCLT.

04 Apr 2018 8:03 PM

In its first board meeting after a controversy erupted involving Chanda Kochhar and the Videocon Group, leading private lender ICICI Bank examined insolvency cases pending before the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016.

ICICI examines pending insolvency cases in Board meeting

ICICI Bank examined insolvency cases pending before the NCLT under the Insolvency and Bankruptcy Code, 2016.

02 Apr 2018 5:37 PM

Rotomac Pen's owner Vikram Kothari (Photo: Facebook)

CBI grills Rotomac owners over Rs 3,695-crore loan default

According to sources Mr Kothari and his son was questioned at length by the agency sleuths on Wednesday.

22 Feb 2018 2:24 AM

Discontinuation of supplies by its logistics partner is being seen as a fallout of the ongoing spat between Radhakrishna Foodland and McDonald's estranged joint venture partner Vikram Bakshi. (Photo: PTI)

McDonald's outlets in North, East India may shutdown soon, warns partner

All in all there are 80 outlets of McDonald's in India that have been hit by this cut-off in supplies by Radhakrishna Foodland.

26 Dec 2017 7:51 AM

The Supreme Court on Monday agreed to hear on Tuesday the appeal of Unitech Limited challenging the recent order of the National Company Law Tribunal (NCLT) directing the central government to take over the management of the embattled real estate firm.

Supreme Court to hear Unitech plea against NCLT order today

The NCLT has recently invoked the provisions of the Companies Act.

12 Dec 2017 7:54 AM

A government lawyer said it wanted to prevent Unitech becoming insolvent and protect 19,000 home buyers who have yet to be handed apartments they had bought.

NCLT does a Satyam on Unitech’s board

Allows government to appoint directors for realty firm.

09 Dec 2017 12:27 AM

Cyrus Mistry was removed as Tata Sons chairman on October 24 last year.

NCLT rejects Mistry's transfer plea, imposes Rs 10 lakh cost

Mistry's lawyer had argued they are being asked to go to a forum where they have already gone in past.

06 Oct 2017 11:38 AM

Relief to flat-buyers as SC puts breaks on Jaypee’s insolvency

Top court stays NCLT insolvency order against Jaypee Infratech.

05 Sep 2017 1:45 AM

Tata Sons interim Chairman Ratan Tata and Cyrus Mistry

Show proof of oppression at Tatas: NCLT to Mistry

Justice BSV Prakash Kumar observes that Tata-Mistry dispute should be resolved expeditiously.

22 Dec 2016 6:11 PM

Ousted Tata Sons chairman Cyrus P Mistry

Tata Sons believes Mistry's petition not maintainable

In a statement Tata Sons said the quasi-judicial body NCLT did not grant any interim reliefs.

22 Dec 2016 3:26 PM

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