Page 13 - Nclat

NCLAT rejects plea for insolvency proceedings against Intex Technologies

The appellate tribunal observed that there was a pre-existing dispute between the firm and Intex Technologies, and the NCLT has rightly rejected it

Gujarat NRE Coke promoter ineligible to negotiate with creditors: NCLAT

Allowing the appeal of Jindal Steel and Power, the National Company Law Appellate Tribunal (NCLAT) has held Arun Kumar Jagatramka, the promotor of Gujarat NRE Coke, not eligible to negotiate with the creditors of the debt-ridden company. A two-member bench of NCLAT headed by Chairperson Justice S J Mukhopadjaya said that as Jagatramka, who was ineligible to be a Resolution Applicant of the company under the Insolvency & Bankruptcy Code (IBC), cannot be allowed at this stage to negotiate with the creditors of Gujarat NRE Coke. Jindal Steel and Power, which is an unsecured creditor of Gujarat NRE Coke, had challenged an NCLT order that allowed the promoters to settle debts with its creditors. NCLT had given a go ahead to Jagatramka for "Financial Scheme of Compromise and Arrangement" with him and the company through its Liquidator, after holding the debts of shareholders, creditors etc. The appellate tribunal set aside the order passed on May 15, 2018, by the Kolkata bench of ...

Sort out Bhushan Power and Steel asset issue: NCLAT to MCA and ED

Appellate tribunal says ED can claim dues from proceeds of crime under IBC as operational creditor

Bakshi doesn't want to go abroad now; NCLAT allows wife to travel

Bakshi's counsel sought permission to withdraw the application seeking permission to travel and requested the NCLAT to allow his wife to travel

NCLAT hauls up Vikram Bakshi, asks him to deposit security to go abroad

Appellate tribunal asks Bakshi and his wife to deposit Rs 5 crore each as security before flying out of the country

Essar Steel CoC defends lower pay out to Standard Chartered Bank

Apex court starts hearing CoC challenge to NCLAT approving higher payout to operational creditors

NCLAT halts Bhushan Power sale to JSW Steel; asks ED to release BSPL assets

The ED had seized a portion of Bhushan Power and Steel's (BPSL) assets in the money laundering case against its former promoters

NCLAT sets aside insolvency plea of bauxite exporter Ashapura Minechem

The appellate tribunal observed that plea to initiate insolvency against it was filed by Ashapura Minechem under Section 10 of the IBC without any prior approval of the AGM

NCLAT decision on Jet's CoC meetings a welcome signal to foreign investors

The NCLAT's decision is based on a 'Cross Border Insolvency Protocol' agreed upon by the Dutch insolvency court administrator and the Indian Resolution Professional of debt-laden Jet Airways

IL&FS approaches NCLAT to recover Rs 145 crore from Gujarat discom

Debt-ridden firm IL&FS has approached the National Company Law Appellate Tribunal (NCLAT) seeking the release of around Rs 145 crore held by Gujarat Urja Vikas Nigam. A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has issued notice to the Gujarat Urja Vikas Nigam over the IL&FS plea. NCLAT has directed to list the matter for next hearing on October 15. According to senior advocate Ramji Srinivasan appearing for IL&FS, the matter relates to payment of five IL&FS wind energy companies. IL&FS had approached Gujarat Energy Regulatory Commission regarding this but could not get relief there. IL&FS Group, which has a total debt of above Rs 90,000 crore, is going through debt resolution plan. The entire resolution process is based on the principles enunciated in the Insolvency and Bankruptcy Code and is supervised by Justice D K Jain.

NCLAT asks 3 firms to file claims before liquidator of Lanco Infratech

The companies are KSB Shanghai Pump Co, TLT-Tourbo (Sichuan) Co and Beijing Power Equipment Group Co

Dutch court administrator, Jet Airways' RP agree to cooperate in insolvency

Jet is facing insolvency proceedings in the Netherlands, which is a regional hub for the Euro operations of the airline

Lenders okay Rs 5,071-crore debt recast plan for 3 IL&FS group firms

NCLAT takes on record new board's plan, debt restructuring for nine more amber category firms soon

Three IL&FS entities turn green after signing terms sheet with lenders

This will help the IL&FS board in its stated objective of asset monetisation

NCLAT refuses to entertain RCom resolution professional, sends him to NCLT

RCom RP had approached NCLAT with plea that Ericsson India refund Rs 577 crore given to it by RCom

NCLAT keeps Bakshi deal with McDonald's on hold, bars him from going abroad

Two-member bench headed by Justice S J Mukhopadhaya says prima facie there is a case for deal to be stayed for now and the case to be heard on merits

IL&FS board files affidavit with NCLAT; 3 amber entities may become green

The total debt of three entities that may be reclassified as green is around Rs 5,071 crore - Rs 3,242 crore from secured lenders and Rs 1,829 crore from the unsecured ones

NCLAT directs Jet Airways IRP, Dutch court administrator to coordinate

NCLAT also asks interim resolution professional to submit copy of draft agreement in two weeks, to hear matter on Sep 20

NCLAT rejects govt claims of $314 mn from Videocon for Ravva offshore

The ministry had on October 22 last year sent Videocon a demand notice for payment of govt's share of profit petroleum

NCLAT bars petroleum ministry from recovering Rs 2,245 crore from Videocon

Appellate tribunal upholds NCLT Mumbai order, says ministry free to approach RP with its claims