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National Company Law Tribunal News
National Company Law Tribunal
IL&FS Transportation Networks delays Q2 results citing group co's NCLT proceedings
Thu, Nov 22, 2018
IL&FS Transportation Networks, part of the troubled IL&FS group, Thursday cited NCLT insolvency proceeding as the reason for delay in filing September quarter financial results with the stock exchanges and said it will declare quarterly numbers at the earliest.
How bank frauds, NPAs are hurting developers
Fri, Oct 12, 2018
SPML Infra is among the few construction companies in the country that has decades of expertise in social projects, especially water management apart from building roads and power projects for clients, including state public health departments, Delhi Jal Board, NTPC, Delhi Metro, among others.
NCLT Delays force 13 banks to auction off stressed corporate loans of Rs 33,949 cr to ARCs
Fri, Oct 12, 2018
Delays in resolutions at National Company Law Tribunals (NCLT) have forced 13 banks to auction off stressed corporate loans of Rs 33,949 crore to asset reconstruction companies or distressed funds with foreign funding.
Ramachandra Galla led Amara Raja to bring business under one entity
Mon, Aug 06, 2018
Promoters of Amara Raja Group, a major player in automobile batteries and power equipment headed by Ramachandra Galla, is consolidating the group holdings across the various companies under a newly formed holding entity, RN Galla Family Pvt Ltd.
NCLT allows Fortis to withdraw amalgamation scheme
Sat, Jun 16, 2018
Fortis Healthcare today said National Company Law Tribunal (NCLT) bench in Chandigarh has approved the withdrawal of the scheme of amalgamation between Fortis Malar Hospitals and SRL
NCLT approves Tata Steel's bid for Bhushan Steel
Tue, May 15, 2018
The National Company Law Tribunal (NCLT) has approved Tata Steel's bid submitted by the resolution professional for Bhushan Steel. NCLT has dismissed Bhushan Steel employees' plea opposing Tata Steel's bid. The tribunal has also imposed a fine of Rs 1 lakh on the company.
NCLT suggests IBBI review insolvency code regulations
Sun, May 06, 2018
The National Company Law Tribunal also said that the resolution professional (RP) should be competent and independent so that there are no interruptions in the process which lead to delays in disposal of insolvency cases. Besides, it has said the claims of operational creditors are neglected or ignored as the Committee of Creditors (CoC) has supremacy of the financial creditors (banks and financial institutions) who have control over the entire process
Binani Cement sale: UltraTech back in the race after hiccup
Thu, May 03, 2018
UltraTech’s revised bid needs to be submitted within three days to the resolution professional for consideration of the Committee of Creditors (CoC) and the whole process, which might involve getting fresh bid from Dalmia, has to be completed by June 24, about two months extension from the statutory 270-days deadline for insolvency resolution.
NuMetal, LNM back in fray for Essar Steel?
Fri, Apr 20, 2018
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday put the ball back in the committee of creditors’ (CoC) court by ordering it and the resolution professional (RP) of Essar Steel to re-examine the eligibility of the two bids submitted in the first round.
ICICI Bank share price plunges 6 pct on CBI probe talk
Tue, Apr 03, 2018
ICICI Bank Board met on Monday to take stock of various cases at National Company Law Tribunal (NCLT) involving the lender.
This is what will sway Sensex and Nifty over the week
Mon, Apr 02, 2018
An important event to watch out for is the monsoon. Experts said till we do not have a normal monsoon, Indian markets could remain volatile with a downward bias. Post monsoon, there could be some recovery if the government is able to pay farmers liberally and alleviate some of the farm distress seen in the rural side.
PNB fraud: MCA mulls legal options to stall Nirav Modi firm Firestar Diamond's bankruptcy proceedings in US
Sun, Mar 25, 2018
PNB fraud: The move comes close on the heels of the National Company Law Tribunal (NCLT) restraining more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets. A multi-agency probe, including by the Serious Fraud Investigation Office (SFIO), is progressing into the scam, whose kingpin is alleged to be Nirav Modi. The fraud, the biggest so far in the Indian banking industry, was perpetrated by way of issuance of fraudulent Letters of Undertaking ( LoUs )
Dalmia Bharat, UltraTech remain keen in Binani despite 'fraud'
Thu, Mar 22, 2018
Dalmia Bharat Group CEO Mahendra Singhi said the company too had found some suspicious transactions during their internal evaluation but declined to quantify the amount.
Debt-laden Aircel expects things to get even 'more difficult'
Thu, Feb 22, 2018
The telecom firm is likely to file for bankruptcy at the National Company Law Tribunal.
Debt-laden Aircel to file for bankruptcy at NCLT
Mon, Feb 19, 2018
Malaysian parent company Maxis, run by businessman Ananda Krishnan, had earlier proposed a cash infusion to support the debt-laden company.
SBI may begin insolvency proceedings against 12 defaulters
Tue, Jan 02, 2018
A total of 28 accounts were identified by the RBI as wilful defaulters of lenders, which are facing heavy stressed assets in their balance sheet.
China Development Bank says talks with indebted RCom underway
Fri, Dec 29, 2017
Last month, China Development Bank initiated insolvency proceedings at India`s National Company Law Tribunal, adding that a large amount of principal and interest from RCom was overdue.
Wilful defaulters in RBI's second list may face IBC proceedings
Wed, Dec 13, 2017
Axis Bank, which was the first to come out and reveal its exposure in these defaulters, stated in Q2FY18 result that it has exposure on 12 of the identified defaulters.
NCLT order disturbing, should have taken our leave, says SC in Unitech case
Tue, Dec 12, 2017
Government approached the NCLT to take over the Unitech management in a move to protect the interests of nearly 20,000 home buyers, and 51,000 depositors to whom the company owes Rs 723 crore.
SC to hear tomorrow appeal of Unitech against NCLT order
Mon, Dec 11, 2017
The NCLT has recently invoked the provisions of the Companies Act and allowed the central government to take over the Unitech Limited and appoint its nominee directors in the Board of the firm.