Page 21 - Nclt

Number of cases admitted under insolvency saw a rise in Sep quarter

The number of insolvency cases admitted by the bankruptcy court continued to stay elevated, with 369 companies alone admitted in the Sept quarter.

NCLAT sets aside Ambience insolvency proceedings; NCLT to decide afresh

The National Company Law Appellate Tribunal has set aside an NCLT order to initiate insolvency proceedings against real estate development company Ambience Ltd over the plea of Vistra ITCL India (formerly known as IL&FS Trust Company). A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya has remitted the matter back to the National Company Law Tribunal (NCLT), directing it to decide afresh as the order was passed by a single member only. Vistra ITCL India's plea to initiate insolvency was heard by a NCLT bench comprising -- Member (Judicial) and Member(Technical) -- and the order was reserved on April 22, 2019 for judgement. However, Member (Technical) retired on July 9, 2019 and the order to initiate insolvency proceeding was passed on August 27, 2019 by Member (Judicial) only. This was challenged by Ambience Director Raj Singh Gehlot before the NCLAT, contending that final order cannot be passed by Member (Judicial) alone as it was being heard by a bench of .

Tata MF moves NCLT to recover Rs 120 cr from DHFL, others may go legal too

The next hearing on the matter is expected to be held in the second week of November

Top 10 biz headlines: BSNL-MTNL merger, HCL Tech Q2 result, and more

From government announcing the merger of BSNL and MTNL to HCL Tech Q2 net income rising 4.4%, here are the top 10 business headlines on Thursday

Suzlon may escape NCLT route as lenders explore debt restructuring

The Centre's latest diktat to public sector banks (PSBs) to avoid the insolvency route would favour the company

NCLT allows MCA to appoint statutory auditors to IL&FS Financial Services

IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the company.

GuarantCo moves NCLT to declare Dalmia Bharat arm insolvent after default

Calcom Cement denies default, says financial creditor is using IBC only to put pressure

IBC and PMLA: Clarity needed in enforcing two overlapping laws in harmony

Seshagiri Rao, JSW Steel joint managing director and group chief financial officer, explained that the main issue is whether the PMLA has an overriding effect on the IBC

Central Bank withdraws insolvency application against Aban Offshore

Both parties say they are settling dispute; NCLT dismisses application, permits lender to approach it later

Overweight positions in banks, industrials helped HDFC: CIO Prashant Jain

Given this background, an outperformance of nearly 9 percentage points over the Nifty 100 benchmark is no small feat

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

Top 10 biz headlines: Modi lures investors, IRCTC's IPO, and more

From PM Modi urging investors to come to India and invest to LIC's stake in private sector dropping to 16-year-low, here are the top 10 business headlines on Thursday

SC sets aside insolvency of Jignesh Shah's firm La-Fin Financial Services

Apex court says petition moved by IL&FS Financial Services filed after three years, falls outside limitation period

Amalgamations Group wins 20 year old legal dispute with shareholder

Chennai, 23 SeptemberA 20-year dispute between one of the oldest corporate groups based in this city, Amalgamations Ltd, and one of its shareholders has come to an end with the National Company Law Tribunal (NCLT) here having ruled in favour of the former. The petition was from Shankar Sundaram, who owns 10 per cent in Amalgamations, alleging oppression and mismanagement in the group. He alleged that though the company has more than 40 subsidiaries, it is run like a single economic unit, impacting the functioning.Amalgamations Group was founded by S Anantharamakrishnan and Amalgamations Ltd is the holding company. The group is in diverse business activities -- manufacturing of automobile engines and generating sets under Simpson & Co, agricultural machinery and equipment manufacturing under TAFE, battery manufacturing under AMCO Batteries, making pistons and piston rings under India Pistons, industrial cutting tools under Addison & Co Ltd, to publication of books and ...

McLeod Russel moves NCLT to resume tea estate sale to help it repay dues

Tribunal had stayed the sale after a financial creditor moved Kolkata bench of NCLT to recover dues of Rs 100 cr; McLeod says sale is part of restructuring plan, will help revive company

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

Apollo Hospitals to seek shareholders' nod for hiving off pharmacy biz

Front end of the business to go to a separate firm, which will focus on achieving Rs 10,000 cr revenue and 30% ROCE within 5 years

Prashant Jhawar resigns as non-executive director of Usha Martin

Alleges several illegalities and non-compliance of the provisions of law by the directors and management in running the company

Moving NCLT against a builder gone bust may not always work for homebuyers

Homebuyers should keep IBC as the last resort; if the delayed project is without encumbrances, they should explore self-development

Recent CoC decisions raise hopes for the return of errant promoters

Two recent CoC decisions give hope to those who were pushed out of their company's management due to IBC provisions