Page 20 - Nclt

IL&FS case: NCLT turns heat on CEOs of Axis, Standard Chartered Bank

Bankers, NCLT said, failed to appear in the case relating to the IL&FS fraud despite repeated notices from the ministry of corporate affairs

Be present in next IL&FS hearing or face arrest: NCLT to Axis, StanC CEOs

The Mumbai NCLT on Monday issued an ultimatum to the CEOs of Axis Bank and Standard Chartered Bank to be personally present at the next hearing, failing which it will direct the authorities to issue nonbailable warrants against them in a case relating to the IL&FS case. An NCLT bench headed by Bhaskara Pantula Mohan issued the ultimatum while hearing a contempt petition against Amitabh Chaudhry and Zarin Daruwala of Axis Bank and StanChart India, respectively, for not being personally attending the hearings so far. The tribunal has fixed the next date of hearing on December 16 and asked Chaudhry and Daruwala to be present. The bench noted that both these bankers never presented themselves before the bench since the issue surfaced last December. The case relates to these banks allowing ex-head of ILFS Financial Services Ramesh Chandra Bawa and his family withdraw money from their accounts with these banks and also accessing the lockers even after these accounts were ..

RBI to supersede DHFL board, approach NCLT for bankruptcy proceedings

The central bank said it had appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, the administrator for DHFL

Can empathy reduce the probability or impact of crisis?

Picking out the emerging risks, planning for a quick response and packing empathy in the response are the three must-dos to protect reputation

NCLT asks Kwality lenders to reconsider Haldiram's Rs 145-cr revised offer

On November 2, the CoC had rejected Haldiram Snacks' Rs 142 crore resolution plan

Bank moves NCLT to initiate insolvency proceedings against McLeod Russel

Sources said the hearing on this matter will come up next month

NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma

NCLT had approved Dhanuka's resolution plan on June 25, 2019

Jaypee Infratech lenders to meet on Nov 18, comply with SC direction

Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm

NCLAT quashes Apeejay Tea insolvency proceedings; board's powers reinstated

On October 18, 2019 the Kolkata bench of the NCLT had admitted an insolvency plea of an operational creditor of Apeejay Tea claiming dues

IL&FS gets creditors' nod to sell education business for paring debt

IL&FS Group on Tuesday said it has received approval from creditors for sale of education business to Career Point Publications Pvt Ltd (CPPPL). Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL. The Committee of Creditors (CoC) represents all the financial creditors to IL&FS Ltd, the holding company of the IL&FS Group. According to a release, CPPPL's financial bid was approved by more than 78 per cent of IL&FS's creditors, in terms of value, through an e-voting process that concluded on November 5. Sources said the outstanding debt for this business amounts to Rs 600-650 crore. The transaction marks the latest step towards overall resolution of debt totalling around Rs 94,000 crore. IL&FS Group holds 73.70 per cent stake in Schoolnet India Ltd (SIL). The latter has 80 per cent stake in IL&FS Skill Development Corporation (ISDC) and also has two subsidiaries -- IL&FS Cluster Development Initiative (ICDI)

Realty revival: IBC, Rera may need tweaking for booster shot to take effect

In September, Finance Minister Nirmala Sitharaman had announced the Special Window fund but projects in the NCLT or those dubbed NPAs had been kept out of its ambit

NCLT starts insolvency proceedings against Rolta India, appoints EY as RP

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against IT firm Rolta India Ltd. A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming a default of around Rs 1,060 crore. The NCLT has also appointed Shailendra Ajmera of the consultancy firm E&Y as the interim professional of the company to complete the Corporate Insolvency Resolution Process. "The debts and default of the corporate debtor (Rolta) have been established and the appliacation deserves to be admitted," said the NCLT. The tribunal has also declared moratorium, prohibiting the lenders of the company to recover any amount the period. Rolta India, the parent company of Rolta LLC and Rolta Americas LLC, had given corporate guarantee for these step down firm, who were the principal borrowers. However, the principal borrowers failed to meet their payment obligations, following .

Reviving housing

Investment will depend on how the AIF works

Housing projects under litigation not covered under Rs 25k cr fund: Govt

The Union Cabinet had on Wednesday approved the establishment of a 'special window' fund to provide priority debt financing for the completion of stalled housing projects.

A Rs 25,000 cr push: Here's how govt plans to revive the real estate sector

While the government will act as a sponsor with its Rs 10,000-crore initial contribution to the category-II AIF, SBI and LIC will provide an additional Rs 15,000 crore for the fund

Corporation Bank net profit up 26% to Rs 130 cr as asset quality improves

Net NPAs or bad loans fell substantially to 5.59 per cent (Rs 6,751.20 crore), against 11.65 per cent (Rs 13,534.01 crore) a year ago.

Karnataka HC stays NCLT order against Flipkart for defaulting payment

Flipkart had approached the Karnataka High Court after NCLT initiated insolvency proceedings for defaulting on Rs 18 crore payment to one of its suppliers

Yamuna Expressway authority asked to refund Rs 41.14 cr to Jaypee Infra

In the order, the tribunal also directed the YEIDA to ensure that the development work is not obstructed by the Noida development authority.

Consumer complaints should go to RERA before NCLT, say builders

About 450 real estate companies/projects across the country are facing insolvency proceedings under IBC because of default in the delivery of projects to homebuyers as well as repayment of bank loans

Haldiram, 2 others in race to buy out Lavasa for about Rs 2,046 cr

Promoted by HCC, Lavasa was set up as a picturesque hill station near Pune in Maharashtra in 2000. It defaulted on Rs 4,150 crore in loans to banks