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Ray of hope for home buyers in Jaypee case; NCLAT to hear all parties on NBCC bid on July 17
Tue, Jul 02, 2019
NBCC`s bid to acquire the company was rejected by the lenders, led by IDBI Bank, in the latest round of voting, even though the home buyers were in its favour.
Jaypee Infratech insolvency: NCLAT says banks can vote against NBCC proposal
Mon, Jun 10, 2019
"As the voting is going on, we are not inclined to pass any orders. We make it clear that if any financial creditor remains absent from voting, their voting percentage would not be counted," the Appellate Tribunal said.
Mission Samadhan has played an important role in reducing net NPA burden: Deenbandhu Mohapatra, Bank of India
Fri, May 17, 2019
Dinabandhu Mohapatra, MD & CEO Of Bank of India, speaks about quarter results and reasons for betterment, provisioning coverage ratio and slippages, NCLT accounts and 'Mission Samadhan' among others during a conversation with Anurag Shah, Zee Business. Excerpts:
Rs 2,500 crore in ArcelorMittal bid for Essar Steel is for working capital: CoC to NCLAT
Thu, May 16, 2019
Lenders of Essar Steel informed NCLAT that out of Rs 42,000-cr coming from the resolution plan of ArcelorMittal, Rs 2,500 crore has been marked as the working capital.
NCLAT allows banks to declare defaulting ILFS accounts as non-performing assets
Thu, May 02, 2019
Presently, Infrastructure Leasing & Financial Services (IL&FS) Group companies, with a collective debt of over Rs 90,000 crore, are going through resolution process.
NCLAT allows insolvency proceedings against Reliance Communication
Tue, Apr 30, 2019
RCom had moved the application to withdraw its challenge to the insolvency order after its board felt insolvency was the best course after failed attempts to revive the firm.
Essar Steel posts EBITDA of Rs 2K cr, may 'utilise funds' towards financial creditors' claims
Mon, Apr 29, 2019
Essar Steel, which is undergoing debt resolution process, has posted EBITDA of around Rs 2,000 crore during the insolvency period and the amount could be utilised by financial creditors against their outstanding dues, one of the operational creditors has claimed.
IL&FS should pay 80% dues of small creditors: NCLAT
Wed, Apr 17, 2019
Emphasising on the repayment of dues to small creditors including provident and pension funds, the National Company Law Appellate Tribunal (NCLAT) on Tuesday observed that IL&FS should distribute funds to small creditors.
NCLAT adjourns IL&FS case hearing to April 29
Tue, Apr 16, 2019
The National Company Law Appellate Tribunal (NCLAT) on Tuesday adjourned to April 29 the hearing on the matter of the debt-ridden Infrastructure Leasing and Financial Services (IL&FS).
NCLAT may ask ArcelorMittal to pay Rs 42k cr in separate account
Tue, Apr 09, 2019
The National Company Law Appellate Tribunal (NCLAT) on Tuesday said it may direct ArcelorMittal, in the next hearing on April 23, to deposit Rs 42,000 crore for acquisition of the insolvent Essar Steel in a separate account.
Cabinet okays creation of additional posts in NCLAT
Wed, Mar 27, 2019
The posts will be created in Level 17 (Rs 2,25,000 fixed per month) plus allowances as admissible.
NCLAT refuses stay on NCLT nod to ArcelorMittal's takeover bid for Essar Steel
Fri, Mar 15, 2019
NCLAT also asked State Bank of India-led CoC to bring a fresh distribution plan at the next date of hearing, saying "there cannot be any discrimination... All are equal".
IL&FS accounts not to be declared NPAs, rules NCLAT
Mon, Feb 25, 2019
The order comes after the NCLAT on February 11 said that subsidiaries of IL&FS would be divided into three categories -- Green (companies that can meet all debt obligations), Amber (firms that can meet some debt obligations) and Red (companies that can't meet any debt obligations).
Crisis hit IL&FS debt at Rs 91,000 crore; Now, relief granted to company
Tue, Oct 16, 2018
The NCLAT order came in response Ministry of Corporate Affairs (MCA) petition after the NCLT refused to give a moratorium last week. The moratorium comes into effect immediately, and the next hearing of the case before the NCLAT is on November 13.
NCLAT declines stay on Tata Sons' conversion to pvt co; says Mistry can't be forced to sell stake
Fri, Aug 24, 2018
While declining to pass any order on the conversion of Tata Sons into a private company from a public limited firm, NCLAT today asked Tata Sons not to force Cyrus Mistry to sell his shares in the company till his appeal is pending.
NCLAT dismisses cement manufacturers' plea against Rs 6,300 cr CCI penalty for cartelisation
Thu, Jul 26, 2018
In August 2016, CCI had slapped approximately Rs 6,700 crore penalty on 11 cement firms including UltraTech, ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers' Association (CMA) for indulging in cartelisation.
Crackdown in offing against Directors of Nirav Modi companies
Fri, Jul 13, 2018
Independent directors are rarely held liable in cases of corporate frauds. In one such case, the National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal by the former independent directors on the board of companies of billionaire jewellery designer Nirav Modi against freezing of assets by the government.
Reliance Communications insolvency proceedings: RCom plea in NCLAT today plea
Tue, May 29, 2018
The National Company Law Appellate Tribunal (NCLAT) will today hear the plea of Reliance Communications (RCom) challenging National Company Law Tribunal’s (NCLT) decision to start insolvency proceedings against it on a petition filed by Swedish telecom equipment major Ericsson.
IRP nod must for recovering money from defaulter's bank account
Sun, Nov 19, 2017
The NCLAT has said financial creditors cannot recover any amount from a defaulter's bank account without the nod of the Interim Resolution Professional (IRP) during the corporate insolvency resolution process.
Mistry firms seek to amend plea in Mumbai NCLT against Tatas
Fri, Nov 03, 2017
Cyrus Investments and Sterling Investments filed the amendment pleas, after the National Company Law Appellate Tribunal (NCLAT) on September 21 asked it to approach the Mumbai NCLT.