Page 2 - Nclt

Debt recovery via insolvency cases at 31%; 47% cases liquidated: Report

Nearly half of the 3,247 insolvency cases have been resolved through liquidation, and only a paltry 457 or 14 per cent of them through asset sale as per their lenders-approved resolution plans, a report said on Friday. Even the various resolution processes have witnessed the recovery of debt of just 31 per cent on an average, said the data from the Insolvency & Bankruptcy Board of India. The data which covers all the cases since the implementation of the Insolvency and Bankruptcy Code (IBC) five years ago till December 2021 reflects very slow pace of the process, according to an analysis by Icra Ratings. Liquidation means lenders or financial firms face the maximum brunt of losses on their books. Of the Rs 7.52 lakh crore claims made by the creditors on their borrowers, the lenders could realise only Rs 2.5 lakh crore, reflecting the pains of liquidation that lenders were forced to suffer, Icra Ratings said in its analysis. While various NCLTs (National Company Law Tribunals) have

Kalrock-Jalan consortium gets 2 months more to meet Jet revival plan terms

The National Company Law Tribunal gave more time to ensure the revival of the grounded airline.

Bank of India moves NCLT as lead lender to Kishore Biyani-led Future Retail

BoI's loan exposure to Future Retail is Rs 1,441.62 crore

BoI drags Future Retail to NCLT, suggests V K V Iyer's name as IRP

Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the 'process of taking legal advice'

Credit Suisse and Axis Bank move NCLT against RCap, Administrator

The lenders want recognition as firm's financial creditors, and inclusion in CoC as part of RCap's corporate insolvency resolution proceedings. Administrator has admitted claims worth Rs 23,666 cr

Amazon says anyone aiding FRL shareholders meeting is party to fraud

In a 16-page letter to Kishore Biyani, his daughter Ashni and other promoters, Amazon has said such meetings violate Singapore tribunal's injunction on sale of retail assets to RIL

NCLT approves Tata Steel Mining's resolution plan for Rohit Ferro-Tech

Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its wholly-owned subsidiary Tata Steel Mining Limited, for the acquisition of debt-laden Rohit Ferro-Tech Limited. On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code 2016, declared Tata Steel Mining Limited as the successful resolution applicant for the acquisition of Rohit Ferro-Tech Ltd, subject to necessary regulatory approvals including approval from the NCLT Kolkata bench. The NCLT on April 7, 2022, "orally pronounced its Order approving the Resolution Plan submitted by TSML for acquisition of Rohit Ferro-Tech Limited," Tata Steel said in a regulatory filing. However, Tata Steel did not divulge any further details related to its resolution plan in the filing. In a bid to augment its ferro alloys processing capacities, Tata

Jet Airways revival: Banks back Kalrock-Jalan consortium's extension plea

NCLT to hear matter on Monday; consortium had said extension was necessary to stop company from sliding into liquidation

NCLT allows govt to take over management of Delhi Gymkhana Club

Earlier, the tribunal had allowed the ministry to nominate 15 persons as directors on the club's general committee as well as manage the affairs of the club.

NCLT approves transfer of Raymond Apparel business to parent firm

Raymond in a filing on September 27, 2021 said with a focus to fast- track the recovery post pandemic, Raymond will consolidate its B2C business by transfer of apparel business into Raymond Ltd

Future Enterprises risks turning NPA by next quarter, say banking experts

FEL, which defaulted on payments to lenders and debenture holders in the last week of March, has a 30 day-curation period

NCLT orders insolvency proceedings against Santasha Real Estate

The order came on a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh

Allegations made in NCLT petition downright untruthful: Max Group Chairman

Analjit Singh refuted the allegations made against him by his wife Neelu Analjit Singh in a petition filed before the NCLT

Max Group chairman rejects media reports about plea before NCLT

Analjit Singh says company will contest allegations of corporate governance.

NCLT has disposed of 62,000 cases out of about 83,000 filed: Official

The National Company Law Tribunal (NCLT) has disposed of nearly 62,000 cases out of nearly 83,000 cases filed before it, Rajesh Verma, Secretary, Ministry of Corporate Affairs said on Saturday.Addressing a national level Colloquium on the subject 'NCLT- The Road Ahead' organised by the NCLT, Verma said NCLT is an institution of pride and it has led to faster resolution of corporate disputes under the Company Act and the Insolvency & Bankruptcy Code (IBC).Verma emphasised that the IBC Code has seen a roller coaster ride with six amendments that have been made in the main legislation so far. He further stated that many provisions of IBC have come out unscathed when challenged (in the higher courts) and the Supreme Court of India had settled the jurisprudence on various aspects of this new law at an unprecedented pace and passion.In his address as the chief guest, Justice (retd) Ramalingam Sudhakar said that India is envisioning a multi-trillion dollar economy. Industry and ...

NCLT begins insolvency proceedings against realty firm Supertech

Union Bank claims unpaid dues of Rs 492 crore

NCLT extends Jet Airways revival plan deadline till March 29

The deadline has been extended by a week to allow lenders to formulate their view on the consortium's application. The matter will now be heard on March 29.

Sintex lenders to seek extra time from NCLT to complete resolution process

Lenders of Sintex Industries will approach the National Company Law Tribunal (NCLT) to seek an extension of time for the completion of the Corporate Insolvency Resolution Process (CIRP) and select a bidder for the debt-ridden textiles maker. The Committee of Creditors (CoC) in a meeting held on Monday "discussed and approved the proposal for extension of CIRP period beyond 330 days", Sintex Industries said in a regulatory filing. An application in this regard will be filed before the Ahmedabad bench of NCLT for the same, it added. Under the Insolvency & Bankruptcy Code, a CIRP has to be concluded within a maximum limit of 330 days, failing which the company has to face liquidation. Four companies, including Reliance Industries, are in the race to acquire Sintex Industries and have filed their bids, on which CoC has to take a decision through a voting process. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex ...

Jet Airways revival: NCLT to hear Kalrock-Jalan application on Tuesday

The 270-day deadline given to the group to implemey its plan ends on Tuesday; the consortium wants certain days excluded from this time frame in view of another pending application

Piramal Capital drags Anil Ambani companies to NCLT over unpaid dues

Reliance Natural Resources had defaulted on a loan of Rs 526.1 cr from DHFL before it was taken over by Piramal Capital last September for Rs 34,250 cr