Page 7 - Nclat

NCLAT sets aside insolvency proceedings against Sarda Agro Oils

NCLAT set aside the insolvency proceedings initiated against Sarda Agro Oils citing that claims were filed by the lender three years after declaring the account as NPA

Top headlines: Bankruptcy case against Anil Ambani, TCS-Epic Systems case

Business Standard brings to you a snapshot of events that made it to the headlines today

NCLAT sets aside order against former PNB official in Nirav Modi case

NCLAT has set aside an order to implead a former Executive Director of the Punjab National Bank in a matter related to Rs 14,000 crore scam involving diamond merchant Nirav Modi

NCLAT sets aside insolvency proceedings against Ansal Properties and Infra

A three-member NCLAT bench observed that a decree-holder cannot be treated as financial creditor for the purpose of triggering insolvency proceedings against a company

NCLAT rejects plea to start insolvency proceedings against Tata Chemicals

NCLAT observed that the NCLT has rightly dismissed the plea as Allied Silica has failed to prove the operational debt and its default

NCLAT says no to insolvency proceedings against Gujarat Ambuja Exports

Earlier on February 17, 2020, the NCLT had dismissed the plea of Samay Impex to initiate corporate insolvency resolution process (CIRP) against GAEL

NCLAT sets aside NCLT orders approving resolution plan for Ricoh India

The NCLT had also rejected the plea of Kotak Investment Advisors raising objections against the alleged illegalities committed in the conduct of CIRP

Jaypee Infratech's chief financial officer Pramod Kumar Aggarwal resigns

IMC formed pursuant to directions of NCLAT had requested Aggarwal to continue till July 31, 2020, for smooth functioning/transition

Tata Sons withheld facts on turning private: Mistry firms tell SC

The SC will hear the petitions filed by both the Mistry family and Tata Group next month

NCLAT issues notices as Jaypee minority shareholders seek compensation

A three-member NCLAT bench has issued notices to NBCC, IDBI Bank and resolution professional of Jaypee Infratech as well as to the bourses NSE and BSE

NCLAT upholds Adani Ports & Special Economic Zone's takeover of Dighi Port

The National Company Law Appellate Tribunal (NCLAT) has upheld the Adani Group firm - Adani Ports & Special Economic Zone's take-over plan of the debt-ridden Dighi Port. A three-member NCLAT bench dismissed the plea filed by promoter Vishal Vijay Kalantri challenging the order passed by the Mumbai bench of National Company Law Tribunal (NCLT), which had approved the Rs 650-crore resolution plan by Adani Ports & Special Economic Zone (APSEZ) on March 5. The appellate tribunal rejected Kalantri's submissions contending that NCLT has failed to consider objections raised by it over the resolution plan submitted by APSEZ and rejected the settlement proposal submitted by his company Balaji Infra Projects Ltd (BIPL). "All objections raised qua the action of the 'Resolution Professional' during Corporate Insolvency Resolution Process (CIRP), approval of 'Resolution Plan' of 'APSEZ' by the Committee of Creditors and its subsequent approval by the Adjudicating Authority being unfounded .

NCLAT upholds NCLT order to initiate insolvency proceedings against HDIL

"In view of our finding as aforesaid, no interference is called for against the impugned Order dated August 20, 2019. Therefore, Appeal fails," said the NCLAT bench

Tata Sons a 2-group firm, quasi-partnership between 2 groups: Mistry family

In its petition to the Supreme Court, Tata Sons has claimed there is no formal or informal agreement like quasi-partnership exists between the two groups, and Tata Sons is not a two-group company.

Govt extends NCLAT acting chairperson Justice B L Bhat's tenure for 3 mnths

The government has extended the tenure of National Company Law Appellate Tribunal's (NCLAT) acting chairperson Justice B L Bhat for the next three months.

Bharti Airtel shareholders to vote on July 31 on scheme of arrangement

As per a company notice to shareholders, there shall be no meeting requiring physical presence at a common venue in view of the present circumstances on account of the Covid-19 pandemic

Plea challenges appointment of NCLAT chairperson; Delhi HC seeks govt stand

Advocate Fozia Rahman, in her plea, has sought setting aside of the March 12 notification of the Ministry of Corporate Affairs (MCA) appointing Justice Bhat as the officiating chairperson of NCLAT

Hail the verdict and appeal against it!

Cyrus Mistry's reinstatement as chairman and director of the Tata companies for the rest of his tenure was symbolic at best as he hardly had any significant tenure left

Tata-Mistry dispute will test the rights of minority shareholders: Lawyers

The SC on Friday agreed to hear a plea filed by the SP Group challenging the National Company Law Appellate Tribunal's (NCLAT's) December order

NCLAT quashes NCLT order making MCA a party to all IBC proceedings

Allowing the plea filed by the 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".

NCLAT's resolution professional ruling: Several bankruptcy cases face delay

National Company Law Appellate Tribunal (NCLAT) had ordered that a former bank official cannot be appointed as a resolution professional (RP) in a company facing bankruptcy