Page 6 - Nclat

Bhushan Power lenders accept JSW Steel plan, look to close deal by March 31

25 financial creditors would be realising 41% from the Rs 19,350 cr deal on claims of Rs 47,158 cr

NCLAT orders suspension of Delhi Gymkhana Club's general committee

The National Company Law Appellate Tribunal (NCLAT) on Monday ordered suspension of the Delhi Gymkhana Club's general committee, directed the government to appoint an administrator

NCLAT officiating Chairperson Justice B L Bhat gets another extension

The government has again extended the tenure of Justice B L Bhat as the officiating Chairperson of the National Company Law Appellate Tribunal (NCLAT). According to a notification issued by the Ministry of Corporate Affairs, Justice Bhat's tenure has been extended further till his attaining the age of 67 years or till further orders, whichever is earlier. As per the information available on NCLAT website, Justice Bhat's date of birth is April 19, 1954, which means his tenure could be for over three months. Bhat's tenure as officiating Chairperson of NCLAT was scheduled to end on December 31, 2020. This is the fourth extension for Justice Bhat since he was appointed as the officiating Chairperson of the NCLAT on March 15, 2020 for three months. Later, he was given a three-month extension from June 15, 2020 and the tenure was again extended for one month till October 16, 2020. In October, the government had extended his tenure along with judicial member Justice A I S Cheema till ..

Nithia Capital, CarVal Investors complete purchase of two Uttam Group firms

Total consideration Rs 2,000 cr; companies were on RBI's second list of NPAs mandated for resolution under IBC

Can NCLAT reinstate Cyrus Mistry as chairman of Tata Sons? Asks CJI

The NCLAT perhaps wanted Mistry to continue as chairman of Tata Sons, the CJI remarked

Ratan Tata, not professional board, was running Tata Group: Mistry to SC

Mistry counsel Sundaram claims Ratan Tata was able to achieve this through the Tata Trusts-nominated directors on Tata Sons board

NCLAT stays order on ArcelorMittal to pay for using slurry pipeline

As per earlier NCLT Ahmedabad Bench order, ArcelorMittal had to pay Rs 1,300 cr for using pipeline to run Essar Steel by Dec 15

Supreme Court adjourns hearing in Tata Sons-Mistry case to December 8

The Tata group has appealed against a National Company Law Appellate Tribunal (NCLAT) order

Flipkart India revenue grew 12% to Rs 34,610 cr in FY20; losses dropped 18%

The company's total expenses for the year were reported at Rs 37,760 crore. During FY20, the company allotted total equity shares worth Rs 4,455 crore to Flipkart Private Limited Singapore

Explained: How Uttam Galva Steels lost its sheen amid mounting debts

The promoter group's deal-making capabilities have come back to haunt it

Deccan Value Investors want 'win-win' solution for Amtek: Hedge fund's exec

Lenders must fulfill conditions that they signed with the auto parts maker, says Vinit Bodas.

NCLAT suspends court works after some staff members test Covid-19 positive

NCLAT has suspended all its court works, including virtual hearing and filing, after some of its staff tested Covid-19 positive

Successful resolution applicants cannot be allowed to withdraw offer: NCLAT

A three-member NCLAT bench said the sanctity of resolution process has to be maintained and such withdrawal by a successful bidder "frustrate" the entire exercise of CIRP

NCLAT sets aside NCLT order rejecting insolvency plea against Coastal Oil

The NCLAT''s direction came over a petition filed by Bank of India and Central Bank of India, challenging the NCLT order

NCLT to send Samay Electronics case to 3rd member after split verdict

The two-member Ahmedabad bench of the National Company Law Tribunal (NCLT) had delivered the split verdict on February 26, 2020

NCLAT rejects PNB's plea on Mittal Corp, asks NCLT Mumbai to decide afresh

The National Company Law Appellate Tribunal (NCLAT) has set aside an order passed by NCLT rejecting a plea filed by Punjab National Bank to initiate insolvency proceedings against Mittal Corp and directed it to decide afresh "expeditiously". A three-member bench of the appellate tribunal observed that the Mumbai bench of the National Company Law Tribunal (NCLT) had dismissed PNB's plea on the basis of a circular issued by the Reserve Bank of India (RBI) on February 12, 2018, which was not applicable in this matter. "We set aside the Impugned Order dated December 20, 2019 and remit the case to the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, with a direction to decide the Admission of the Application on merits as expeditiously as practicable," the NCLAT order said. The appellate tribunal said there was no evidence suggesting that PNB had moved NCLT to initiate insolvency proceedings based on the said circular, under which it was not eligible to file as the ..

NCLAT upholds NCLT order to initiate insolvency against Meenakshi Energy

A three-member bench has dismissed the plea filed by its director and its shareholder India Power Corporation Ltd observing that the company had committed default

NCLAT rejects plea challenging NCLT's resolution plan of Uttam Value Steel

Uttam Value Steels has an admitted debt of Rs 3,003 crore

IL&FS board faces challenges as resolution takes a Covid-19 knock

With real estate valuations falling and other deals coming unstuck, the current management's improved target faces significant challenges

No corporate insolvency proceedings once debt converted into capital: NCLAT

The appellate tribunal also said that any investment cannot be "financial debt"