Page 9 - Nclt

Can't have auto-restoration of slots to Jet Airways: Centre tells NCLT

The Kalrock - Jalan consortium, who are successful resolution applicants of Jet Airways, said they were under the impression that slots and traffic rights held by Jet will revert to it

Lenders terminate bankruptcy proceedings against Lavasa Corporation

Lenders who have run up Rs 7,700 cr bad loans will call for fresh bids

NCLAT stays NCLT order asking CoC to consider Kapil Wadhawan's offer

NCLAT clarified that such appeals should not come in the way of the NCLT deciding on the approval of the resolution plan given by the Piramal Group which has already been approved by the lenders.

DHFL lenders challenge NCLT order on considering Wadhawan's offer

The committee of creditors of DHFL has challenged the NCLT order directing the lenders to consider the offer by the debt-ridden mortgage firm's erstwhile promoter Kapil Wadhawan

Kapil Wadhawan's 2nd proposal must be tested on merit, put to vote: NCLT

Directs administrator to place proposal before the CoC and inform the outcome within 10 days

Best of BS Opinion: DHFL resolution, the collapse of Indian cinema & more

Here are the best of Business Standard's opinion pieces for Friday

DHFL resolution: Lenders weigh options after NCLT's surprise call

Tribunal gave direction to have a look at offer by Kapil Wadhawan

Unnecessary deviation

DHFL should not go back to its erstwhile promoter

RIL seeks NCLT nod for shareholder meeting to approve Future group deal

RIL has already extended the deadline of closure of the deal with Future in anticip­ation of procedural as well as delays res­ulting from the legal battle between Amazon and Future group

NCLT asks DHFL administrator to place Kapil Wadhawan's offer before CoC

The tribunal has asked CoC to convene within 10 days; DHFL's former promoter had earlier proposed to repay Rs 91,158 cr to lenders

Top headlines: Bitcoin plunges to $30,066; IOC returns to profit in Q4FY21

Business Standard brings you the top headlines this evening

Near-resolution assets may not go to bad bank amid Covid-19 pandemic

ARC expected to be functional next month

NCLT initiates insolvency proceedings against Ahluwalia Contracts

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor. The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution professional. Ahluwalia Contracts had engaged A2 Interiors Products for interior, furnishing and allied civil and electrical works at various project sites. It had supplied materials to Ahluwalia Contracts as part of various work orders issued for six projects at different locations in the country, according to the NCLT order. It had raised invoices against each work order, which were duly received by Ahluwalia Contracts, however, it failed to release the full payment. Later, in May 2019, A2 Interiors had issued a notice to Ahluwalia Contracts under the Insolvency & Bankruptcy Code (IBC) demanding Rs

Pre-packaged insolvency for small & medium firms

A notable feature of the ordinance is the pre-packaged process' two-step voting structure

IL&FS board revises debt recovery target upwards to Rs 61,000 crore

The board has already addressed debt of Rs 43,100 cr so far and is looking to address about Rs 8,000 cr in the next six months

On the verge of bankruptcy: How Cafe Coffee Day ground to a halt

After group company Sical Logistics was sent to NCLT, the listed company is next in queue

A comprehensive win for the Tatas

They stand vindicated in the Mistry saga, but what is legally sound may not conform to the best standards of governance

Covid-19 defaulters can use MSME pre-packaged insolvency scheme

The detailed rules of the scheme specifying the minimum threshold of default will be notified soon

Pre-pack problems

MSME Ordinance violates basic principle of IBC

Statsguru: IBC mechanism ready to take up cases after a year-long hiatus

As many as 1,942 cases are currently going on under the Code (as of Septem­ber 2020)