Page 27 - Nclt

NCLT admits ICICI Bank's insolvency petition against ABG Shipyard

Appoints Sundaresh Bhat of BDO India as interim resolution professional

NCLT order may help revive NORL's refinery project in TN, say sources

The recent order of National Company Law Tribunal (NCLT), Chennai to appoint an Insolvency Resolution Professional (IRP) under the IBC 2016 is expected to help the refinery project of Nagarjuna Oil Corporation Ltd (NOCL) to get new investors and to restart the project, according to internal sources. The Nagarjuna Oil Refinery and Tata Group companies backed NOCL, has been looking for a strategic partner for long to complete the project.The 6-million tonne refinery on the East Coast of Tamil Nadu was supposed to be commissioned in 2012 at a cost of about Rs 3,500 crore, but the cyclone Thane stalled the project. Around 60 per cent of the work in the refinery was completed and did not suffer any damage. Since 2012, NOCL has been looking for a strategic investor to pump in fresh equity and revive the project.Meanwhile, last week the NCLT, Chennai, has appointed an Insolvency Resolution Professional (IRP) for NOCL. Sources said that this would help the company to acclerate the phase to ...

Pledged assets can be auctioned by insolvency professionals: NCLT

NCLT Mumbai Bench said the promoters cannot be granted any relaxation under the IBC

NCLT to hear SBI's insolvency plea against Electrosteel Steels today

The Kolkata bench of the National Law Company Tribunal today heard the State Bank of India plea for insolvency proceedings against Electrosteel Steels. Sources close to the development said, the order to admit the plea was awaited. "They have heard the case." Last month, lenders led by SBI had sent Electrosteel Steels to the NCLT for further action under the Insolvency and Bankruptcy Code (IBC).Electrosteel Steels was among the 12 cases identified by the Reserve Bank of India, initially, to be referred to the NCLT under the IBC, 2016. A resolution plan for Electrosteel Steels was already being discussed with lenders. The plan was to bring in fresh equity into the company from Abhishek Dalmia of the Renaissance group and infusion of another Rs 1,500 crore as loan from Edelweiss. The proposal would be discussed at the NCLT and any other proposal that might come up during the course of resolution. Electrosteel's debt in FY16 stood at Rs 10,274 crore. To resolve the debt issue, lenders .

Govt to strengthen NCLT for speedy resolution of stressed assets

Nearly 100 new staff members are being added to the system

Energy sees some big-ticket filings under new insolvency law

In the first six months after notification of the Insolvency and Bankruptcy Code, a number of big-size filings were made from the infrastructure sector at the National Company Law Tribunal (NCLT). Last month saw insolvency filings worth Rs 10,000 crore from the sector. One of these being Kolkata-based steel company Ramsarup Industries, which has a principal debt of Rs 2,000 crore.Others in the segment that have gone the insolvency route are Uttam Galva Steel, Gujarat NRE Coke, Marmagoa Steel and Facor Steel. Gujarat NRE Coke, listed on the National Stock Exchange, owes Rs 3,880 crore.Bio-diesel maker Gujarat Oleo Chemical has a debt of almost Rs 5,000 crore and has filed for insolvency at the Ahmedabad bench of NCLT.Overall filings from the steel sector are a little more than Rs 20,000 crore, some by creditors and others by the corporate debtor itself.As for filings from the power sector, senior officials from a company that has filed for insolvency blame the government's erstwhile ...

NCLT orders on disputed debt create ambiguity for insolvency professionals

Two different verdicts left ambiguity on how the term 'dispute' was to be interpreted

NCLT accepts Synergies Dooray's application for insolvency

Exim and Edelweiss have been restrained from taking any further action in the matter

New insolvency framework marches with army of 600 IPs

Agencies under ICAI, ICSI see brisk registration in the first month