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IL&FS gets NCLAT approval for making over Rs 16,000 cr interim payout to creditors The National Company Law Appellate Tribunal (NCLAT) has directed the new board of Infrastructure Leasing & Financial Services (IL&FS) to make interim payout to creditors after prior approval of the new board, the tribunal said in an order. The interim distribution shall be confined only to the entities as reflected in "Annexure-6" except those excluded and for the amount of Rs 16,361 crores -- Rs 11,296 crore of cash and Rs 5,065 crore of InvIT units, the order said. &...
IL&FS gets NCLAT approval for making over Rs 16,000 cr interim payout to creditors
IL&FS gets NCLAT approval for making over Rs 16,000 cr interim payout to creditors
Source: IANS
3/06/2022 2:02:00 PM
Key News - JSW Steel Ltd, Hinduja Global Solutions Ltd, National Company Law Tribunal, JK Tyre and Industries Ltd, Indian Oil Corporation Ltd By ARETE Securities Key News Firms to submit bids for third round of discovered small fields on May 31 India is also set to see the curtains for yet another round of oil and gas auctions as companies are set to submit the bids for the third round of discovered small fields on May 31. These fields are spread over nine sedimentary basins covering over 13,000 square kilometers with in-place hydrocarbons estimated to be around 230 million metric tonne.   JSW Steel earmarks Rs 20,000 cr capex, hop...
Key News - JSW Steel Ltd, Hinduja Global Solutions Ltd, National Company Law Tribunal, JK Tyre and Industries Ltd, Indian Oil Corporation Ltd By ARETE Securities
Key News - JSW Steel Ltd, Hinduja Global Solutions Ltd, National Company Law Tribunal, JK Tyre and Industries Ltd, Indian Oil Corporation Ltd By ARETE Securities
Source: ARETE Securities Ltd
30/05/2022 9:44:26 AM
Supertech does not have sufficient funds to make refunds to home buyers, SC told The Supreme Court on Friday was informed that the embattled real estate firm Supertech Ltd. does not have sufficient funds to process refunds to home buyers who had purchased apartments in its 40-storey twin towers located in Noida and due to be demolished soon. In August last year, the top court had ordered demolition of twin towers and ordered refund to the home buyers, who had purchased apartments. Amicus curiae Gaurav Agarwal submitted before a bench headed by Justice D.Y. Chandrach...
Supertech does not have sufficient funds to make refunds to home buyers, SC told
Supertech does not have sufficient funds to make refunds to home buyers, SC told
Source: IANS
7/05/2022 9:23:10 AM
Entire industry not tainted, those in trouble 'bad apples': Anarock Chairman Every industry has its share of bad apples and that does not mean that the entire industry is tainted, Anuj Puri, Chairman of real estate consultant Anarock, told IANS on being queried how is it that the sector's performance has remained healthy, even as several major builders are entangled in issues ranging from financial troubles, corporate governance to bankruptcies. Recently on March 25, the National Company Law Tribunal (NCLT) declared Noida-headquartered realty major Supertech Lt...
Entire industry not tainted, those in trouble 'bad apples': Anarock Chairman
Entire industry not tainted, those in trouble 'bad apples': Anarock Chairman
Source: IANS
23/04/2022 2:33:04 PM
Supertech stares at insolvency amid heat of twin-tower demolition A couple of years ago, real estate firm Supertech Ltd was gaining steam with several thousand apartments in Delhi-NCR. It advertised extensively and the firm was among the top in the real estate sector. Then in 2020 came the Covid pandemic, which turned everything upside down and created an unprecedented crisis for the real estate industry. As things begin to normalise, it seems normalcy has reached beyond the reach of Supertech with the company receiving a twofold blow. First, in Au...
Supertech stares at insolvency amid heat of twin-tower demolition
Supertech stares at insolvency amid heat of twin-tower demolition
Source: IANS
23/04/2022 1:57:35 PM
Key News - NCLT , BharatPe , SpiceJet, Mahindra & Mahindra, Coca-Cola By ARETE Securities Key News NCLT approves Tata Steel Mining's resolution plan for Rohit Ferro-Tech Tata Steel on Thursday said the Kolkata bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by its whollyowned subsidiary Tata Steel Mining Limited, for the acquisition of debtladen Rohit Ferro-Tech Limited. On June 6, 2021, Tata Steel had informed that the Committee of Creditors (CoC) in terms of the Corporate Insolvency Resolution Process of the Insolvency an...
Key News - NCLT , BharatPe , SpiceJet, Mahindra & Mahindra, Coca-Cola By ARETE Securities
Key News - NCLT , BharatPe , SpiceJet, Mahindra & Mahindra, Coca-Cola By ARETE Securities
Source: ARETE Securities Ltd
8/04/2022 10:03:00 AM
Check how home buyers of bankrupt Supertech can now submit claims online Home buyers of Supertech projects in the National Capital Region can now submit their claims to insolvency resolution professional desk now as the realty developer was declared bankrupt by the National Company Law Tribunal recently. On March 25, the NCLT had declared Noida-headquartered realty major Supertech as insolvent while admitting a plea filed by the Union Bank of India over non-payment of its dues. All financial creditors, including real estate allottees, must submit their claim...
Check how home buyers of bankrupt Supertech can now submit claims online
Check how home buyers of bankrupt Supertech can now submit claims online
Source: IANS
2/04/2022 10:22:52 AM
IndusInd Bank moves NCLT against Zee Entertainment Lender IndusInd Bank has moved National Company Law Tribunal (NCLT) against Zee Entertainment over an alleged default of just over Rs 83 crore. According to a regulatory filing by Zee Entertainment, an application has been filed against the company under the Insolvency and Bankruptcy Code, 2016. "An application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules 2016, by IndusInd Ban...
IndusInd Bank moves NCLT against Zee Entertainment
IndusInd Bank moves NCLT against Zee Entertainment
Source: IANS
5/02/2022 11:38:22 AM
IL&FS gets NCLT approval for 'InvIT' Phase-I  Debt-ridden IL&FS on Saturday said that it has received approval for launching the first phase of the Infrastructure Investment Trust (InvIT) from National Company Law Tribunal (NCLT). Accordingly, with the approval, six road projects -- Barwa Adda Expressway Limited, Baleshwar Kharagpur Expressway Limited, Sikar Bikaner Highway Limited, East Hyderabad Expressway Limited, Moradabad Bareilly Expressway Limited, Jharkhand Road Projects Implementation Company Limited -- will be tran...
IL&FS gets NCLT approval for 'InvIT' Phase-I
IL&FS gets NCLT approval for 'InvIT' Phase-I
Source: IANS
30/10/2021 2:13:23 PM
Key News - Ultratech Cement Ltd, Reliance Retail, Larsen & Toubro Infotech Ltd, Sterlite Power transmission Ltd, Tata Coffee Ltd, Adani Ports and Special Economic Zone Ltd By ARETE Securities Key News UltraTech Q2 net profit flat at Rs 1,310 cr, revenue rises 16% Aditya Birla group firm UltraTech Cement Ltd on Monday reported a consolidated net profit of Rs 1,310.34 crore for the quarter ended in September 2021 against Rs 1,310.06 crore in the year-ago quarter on account of sharp rise in coal and pet coke prices. However, its revenue from operations was up 15.69 per cent to Rs 12,016.78 crore during the quarter under review as against Rs 10,387.14 crore in the corresponding...
Key News - Ultratech Cement Ltd, Reliance Retail, Larsen & Toubro Infotech Ltd, Sterlite Power transmission Ltd, Tata Coffee Ltd, Adani Ports and Special Economic Zone Ltd By ARETE Securities
Key News - Ultratech Cement Ltd, Reliance Retail, Larsen & Toubro Infotech Ltd, Sterlite Power transmission Ltd, Tata Coffee Ltd, Adani Ports and Special Economic Zone Ltd By ARETE Securities
Source: ARETE Securities Ltd
19/10/2021 9:18:51 AM
Key News - Vodafone Idea Ltd, National Company Law Tribunal, Persistent Systems Ltd, Emami Ltd, Max Healthcare Institute Ltd By ARETE Securities Key News Vodafone Idea reworking business plans after govt reforms' boost Vodafone Idea (Vi) is working on a fresh business plan that could alter its funding requirements. Addressing shareholder queries at the company's annual general meeting (AGM) on Wednesday, Vi Chairman Himanshu Kapania said the exact amount will be worked out upon submission of a new business plan. “The management is working on a new business plan and will come to the board with the funding requiremen...
Key News - Vodafone Idea Ltd, National Company Law Tribunal, Persistent Systems Ltd, Emami Ltd, Max Healthcare Institute Ltd By ARETE Securities
Key News - Vodafone Idea Ltd, National Company Law Tribunal, Persistent Systems Ltd, Emami Ltd, Max Healthcare Institute Ltd By ARETE Securities
Source: ARETE Securities Ltd
30/09/2021 9:16:15 AM
Resolution professionals can now verify tax returns of bankrupt companies The Ministry of Finance has amended the Income Tax Rules to allow resolution professionals appointed by the National Company Law Tribunal (NCLT) to verify the tax returns of companies undergoing bankruptcy. The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on Wednesday also made it the obligation of the resolution professional to follow the rules meant for tax return preparers of certain assessees. The new rules allow the resolution professional to furnish details of...
Resolution professionals can now verify tax returns of bankrupt companies
Resolution professionals can now verify tax returns of bankrupt companies
Source: IANS
19/08/2021 2:28:11 PM
NCLT orders liquidation of Siva Industries The National Company Law Tribunal (NCLT) Chennai has dismissed the C. Sivasankaran application and ordered the liquidation of Siva Industries. NCLT said that Sivasankaran application under section 12 (A) does not stand. NCLT has also dismissed the SBI application. Siva Industries and Holdings Limited (Siva Industries) will go into liquidation after the NCLT rejected the application. This is as per provisions of the Insolvency and Bankruptcy Code where 90 per cent of the lenders had n...
NCLT orders liquidation of Siva Industries
NCLT orders liquidation of Siva Industries
Source: IANS
12/08/2021 3:06:32 PM
Banks move NCLT to invoke personal guarantee of promoters Several banks have started moving the National Company Law Tribunal (NCLT) to invoke the personal guarantees given by promoters of defaulting companies. According to banking sources, leading banks, including State Bank of India (SBI), Bank of Baroda (BOB), and Union Bank of India (UBI) have approached different benches of NCLT to invoke the personal guarantee of 17 big defaulters including Atul Punj of Punj Lloyd (Rs 3,000 crore), Sanjay Singal of Bhushan Power and Steel (Rs 47,150 crore),...
Banks move NCLT to invoke personal guarantee of promoters
Banks move NCLT to invoke personal guarantee of promoters
Source: IANS
13/07/2021 1:36:25 PM
NCLT grills IDBI Bank over settlement with Siva Industries: Report The Chennai bench of the National Company Law Tribunal (NCLT) has grilled IDBI Bank again over one-time settlement (OTS) deal reached between the IDBI Bank-led bank consortium and Siva Industries and Holdings Ltd (SIHL), Zee Biz reported. The bench last week questioned the alacrity being shown by the lead lender IDBI Bank as CBI has charged C Sivsasankaran in a loan fraud case of IDBI Bank. The bench also asked the bank consortium in what capacity did the proposer give the settlement pl...
NCLT grills IDBI Bank over settlement with Siva Industries: Report
NCLT grills IDBI Bank over settlement with Siva Industries: Report
Source: IANS
29/06/2021 9:21:03 AM
NCLT approves Kalrock-Jalan resolution plan for Jet Airways  In a much-anticipated breakthrough in the Jet Airways resolution, the National Company Law Tribunal (NCLT) has approved the resolution of Kalrock-Jalan consortium for the bankrupt airline. The Mumbai-bench of the tribunal in its verdict on Tuesday gave 90 days to the aviation regulator DGCA and the Ministry of Civil Aviation to allot slots to Jet Airways. It said if the slot allotment is not completed within the stipulated timeline, then the tribunal may be approached for an exten...
NCLT approves Kalrock-Jalan resolution plan for Jet Airways
NCLT approves Kalrock-Jalan resolution plan for Jet Airways
Source: IANS
22/06/2021 4:08:09 PM
Total haircut of 95.85% to all the creditors in Videocon resolution plan: Report The Mumbai bench of the National Company Law Tribunal (NCLT) has questioned the haircut that creditors have to take in the Videocon Industries Limited (VIL) Ltds (VIL) resolution plan, a global news wire reported. The resolution applicant was paying close to the liquidation value to acquire the company, the tribunal noted in the order approving the resolution plan submitted by Anil Agarwal's Twin Star Technologies. Registered valuers have valued the assets of the 13 companies at a f...
Total haircut of 95.85% to all the creditors in Videocon resolution plan: Report
Total haircut of 95.85% to all the creditors in Videocon resolution plan: Report
Source: IANS
16/06/2021 1:48:05 PM
NCLT adjourns Rel Infratel matter to July 5 The National Company Law Tribunal (NCLT) on Thursday adjourned the much-awaited Reliance Infratel Ltd 'fraud tag' matter to July 5, asking the State Bank of India (SBI) to gather and produce more pleadings, submissions and evidences on that day. This comes after the SBI curiously chose to withdraw the fraud tag against RCom's tower and fibre company Reliance Infratel Ltd. Reliance Projects and Property Management Services, a part of Reliance Industries Group, was the success...
NCLT adjourns Rel Infratel matter to July 5
NCLT adjourns Rel Infratel matter to July 5
Source: IANS
11/06/2021 9:04:54 AM
63 moons to challenge NCLT order permitting Piramal to take over DHFL 63 moons technologies said on Tuesday that it will challenge the order of the National Company Law Tribunal (NCLT), permitting Piramal Group to take over DHFL under Insolvency and Bankruptcy Code and stated that the current resolution plan is contrary to law and against the interest of all DHFL's creditors, including NCD holders. The administrator of DHFL has filed applications for recovery of almost Rs 45,000 crore under Section 66 of the IBC against DHFL's promoters and other per...
63 moons to challenge NCLT order permitting Piramal to take over DHFL
63 moons to challenge NCLT order permitting Piramal to take over DHFL
Source: IANS
9/06/2021 9:02:25 AM
Devas Multimedia to go for liquidation The National Company Law Tribunal (NCLT) has ordered the liquidation of Devas Multimedia. The Bengaluru bench of the tribunal recently allowed the winding-up by allowing a petition filed by the Indian Space Research Organisation's commercial arm Antrix Corporation Ltd. The two-member bench observed that Devas was incorporated in a "fraudulent manner to carry out unlawful purposes" and its management resorted to "fraudulent activities" in terms of the commercial d...
Devas Multimedia to go for liquidation
Devas Multimedia to go for liquidation
Source: IANS
30/05/2021 5:35:40 PM
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer In a major turn of events in the resolution of DHFL, the National Company Law Tribunal (NCLT) has asked its lenders to consider the settlement offer of former promoter Kapil Wadhawan. The tribunal has given the committee of creditors a period of 10 days to consider his offer and come back to the court with its decision by May 31, sources said. Wadhawan had filed a petition at the NCLT and the order was reserved since January 15. Kapil Wadhawan's offered to repay 100 per cent prin...
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer
Source: IANS
19/05/2021 5:13:35 PM
NCR-based Three C Homes to move for liquidation Delhi-NCR based developer Three C Homes is set to be liquidated as the National Company Law Tribunal has rejected the resolution plan approved by the CoC to acquire the bankrupt company. The tribunal noted that the resolution plan approved by the Committee of Creditors provides for an amount of Rs 180.34 crore against the liquidation value of Rs 480.70 crore. Even against Rs 180.34 crore, the successful resolution applicant, Ace Infracity Developers Pvt Ltd, is obliged to bring in only ...
NCR-based Three C Homes to move for liquidation
NCR-based Three C Homes to move for liquidation
Source: IANS
13/02/2021 10:19:43 AM
NCLT approves sale of IL&FS education arm to LEHL The National Company Law Tribunal (NCLT) has approved the sale of IL&FS's education business, Schoolnet India Ltd, to Lexington Equity Holdings Ltd (LEHL). As per the deal, LEHL will service the entire debt of Schoolnet and will pay equity of around Rs 7.39 crore to IL&FS, the parent company. LEHL already holds a 26.13 per cent stake in Schoolnet India. "On hearing the Counsel for the applicant and upon going through the pleadings and the documents attached to the ap...
NCLT approves sale of IL&FS education arm to LEHL
NCLT approves sale of IL&FS education arm to LEHL
Source: IANS
3/09/2020 9:19:01 AM