Page 26 - Nclt

Kolkata's NCLT bench pulls up Binani Cement's resolution professional

Ultratech increased its bid by Rs 7 billion to Rs 69 billion but there was no response from the resolution professional

9,000 cases under consideration of NCLT, including 2,500 insolvency cases

The Company Law Board was dissolved following the setting up of the NCLT under the Companies Act, 2013

NCLT adjourns insolvency case against Reliance Naval by IFCI to Jan 18

The Ahmedabad bench of National Company Law Tribunal (NCLT) on Tuesday adjourned an insolvency case against Anil Ambani-led Reliance Naval and Engineering Ltd. to January 18, 2018.The case had been earlier adjourned on grounds of Reliance Naval and Engineering Ltd. seeking time to approach the apex National Company Law Appellate Tribunal (NCLAT). However, with a NCLAT hearing yet to happen, the ongoing case at the Ahmedabad bench of NCLT was adjourned till January 18.Reliance Marine & Offshore Ltd., a subsidiary of Reliance Naval and Engineering Ltd. and its guarantor, failed to serve a Rs 60 crore loan extended by IFCI, following which the lender approached the NCLT against both in mid November.IFCI had filed separate petitions in mid-November in NCLT under section 7 of the Insolvency and Bankruptcy Code (IBC) 2016 against defaulter Reliance Marine and Offshore Ltd. and its guarantor Reliance Naval and Engineering Ltd. According to sources, IFCI seeks to in all recover dues worth

Smaller PSBs beat giants in dash to NCLT, Bank of Baroda tops with 55 cases

Smaller banks have been more agile in the initial days of the Insolvency framework by moving more cases to the National Company Law Tribunal (NCLT). While among the large banks Bank of Baroda led the list, Uco Bank, Bank of Maharashtra, Dena bank have initiated more NCLT proceedings than their larger rivals such as State Bank of India and Punjab National Bank. SBI, however, led the list in terms of value having initiated 18 cases with Rs 340.97 billion at stake, as of September 30. In all total amount assets under these proceedings as of September 30, stood at Rs 1.07 trillion. The total number of cases stood at 330. there could be many common cases, where more than one lender is involved. Business Standard compiled these details from responses obtained through Right to information (RTI). While seventeen banks shared the details under RTI, Indian Overseas Bank and IDBI refused to share the details citing commercially sensitive nature of the information. The Reserve Bank of India said .

IBC's objective not to emphasise on liquidation: NCLT

Stating that there are jobs and livelihood at stake, Kumar said the idea is not to lay stress on liquidation of the companies facing insolvency proceedings

NCLT likely to appoint insolvency resolution petition for IVRCL on Jan 8

BS ReporterHyderabad, 2 January: Hyderabad bench of National Company Law Tribunal(NCLT) is likely to admit the insolvency resolution petition against Hyderabad-based infrastructure company IVRCL on January 8. The State Bank of India(SBI), one of the corporate creditors of the debt-laden firm, had moved NCLT for initiation of insolvency resolution process against IVRCL to recover its loans under Section 7 of the Insolvency and Bankruptcy Code(IBC) on December 11,2017.The NCLT bench has posted the matter for January 8 while asking the petitioner to come back with the name of an interim resolution professional(IRP) for the initiation of resolution process that starts with the appointment of an IRP. The bank had extended a total loan of Rs 8.99 billion to the company under various facilities, including working capital loan, out of which the corporate debtor defaulted on payment of Rs 6.04 billion to the lender, as per the claims made by SBI in its insolvency application.The bench ...

BSE moves NCLT against defaulting companies

Seven companies have defaulted in fee payment

Empower NCLT to waive interest on stressed assets: Assocham to Jaitley

The NCLT, the chamber suggested, should be authorised to grant relief on such waiver or writeback of outstanding liabilities under normal as well as MAT provisions

NCLT Bench quashes 75% vote requirement

Indian Overseas Bank, Central Bank of India and Bank of Maharashtra resisted resolution plan citing the 75% vote share clause

Trimming the role of tribunals

Instead of nibbling at the powers of high courts, their constitutional role should be fully restored

Companies under NCLT watch concerned over liquidation, raw bidders

Kolkata bench of the NCLT ordered liquidation proceedings against Nicco Corporation after its lenders voted against the corporate resolution plans

NCLT withdraws insolvency procedure aganst VA Tech Wabag

The petition was withdrawn following an agreement between both the parties: CCCL and VA Tech Wabag

NCLT reserves order on Cyrus Mistry's plea to transfer case

Seeks transfer of his petitions challenging the ouster to the New Delhi bench from the Mumbai one

NCLT allows Bank of Baroda's recovery plea against Amrapali Silicon City

It has only one project in sector 76 Noida; nearly 1,000 flat buyers would be affected by the order

NCLT reserves orders over Bakshi's contempt pleas against McDonald's

Bakshi had filed contempt plea before NCLT against termination of franchise license of 169 outlets

Over 655 cases decided under insolvency law, says NCLT President

12 cases of NPAs identified by the RBI to be resolved under the Code were referred to the NCLT

NCLT orders initiating insolvency proceedings against Orchid Pharma

Orchid Pharma may appeal against the insolvency proceedings initiated against it

Treat flat owners at par with banks under insolvency law: Assocham to NCLT

An Ordinance, if needed, should be brought to amend the Insolvency and Bankruptcy Code, it adds

NCLT rejects Usha Martin ex-chief's plea

To stay Usha Martin board meet over fresh equity infusion

Lenders take stock of progress in NCLT cases

Focus on plugging gaps, improving coordination, keeping timelines