NCLT defers ruling on Glas Trust’s plea
4 months ago

NCLT defers ruling on Glas Trust’s plea

New Indian Express  

NEW DELHI: The Bengaluru bench of the National Company Law Tribunal has deferred its decision on a petition by US-based lender Glas Trust that seeks a stay on further meetings of the committee of creditors. Glas Trust has been removed from the CoC by Pankaj Srivastava, interim resolution professional. The steering committee of the ad-hoc group of term loan lenders under the $1.5 billion term loan guaranteed by Think & Learn Pvt Ltd, said in a statement, “Pankaj Srivastava’s actions are unprecedented and illegitimate.” The bench heard the petition filed by Glast Trust on Wednesday. Glast Trust recently moved the NCLT, Bengaluru, seeking removal of Pankaj Srivastava as the IRP.

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History of this topic

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order
3 months, 2 weeks ago

Byju’s insolvency case: Supreme Court reserves judgment on challenge to NCLAT’s stay order

The Hindu  

The Supreme Court on Thursday reserved its judgment on an appeal filed by of U.S.-based creditor Glas Trust Company LLC against a judgment of the National Company Law Appellate Tribunal allowing the ed-tech firm Byju’s to pay a settlement amount of ₹158 crore to the Board of Control for Cricket in India. During back-to-back hearing in the case, the apex …

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's
4 months ago

SC agrees to list plea related to insolvency proceedings against ed-tech firm Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm BYJU's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J …

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel
4 months, 1 week ago

Byju's US lenders vs interim resolution professional: Glas Trust not part of insolvency panel

New Indian Express  

BENGALURU: Byju's insolvency resolution professional Pankaj Srivastava has removed the edtech company's US-based lender Glas Trust from the committee of creditors. They said no interim resolution professional in the history of the Insolvency and Bankruptcy Code of India has ever attempted to unlawfully strip financial creditors of claims of this magnitude amounting to more than USD 1.35 billion without any …

SC refuses to stay CoC operations in Byju’s insolvency case
4 months, 2 weeks ago

SC refuses to stay CoC operations in Byju’s insolvency case

Hindustan Times  

The Supreme Court on Thursday declined to stay the operations of a recently formed Committee of Creditors overseeing the corporate insolvency resolution process initiated against the embattled ed-tech giant Byju’s, stating that the court would examine the merits of the case before issuing any further orders. By an order on August 14, the top court suspended the National Company Law …

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings
4 months, 3 weeks ago

Supreme Court Declines To Restrain Formation Of CoC In Byju's Insolvency Proceedings

Live Law  

The Supreme Court on Tuesday refused to pass orders to restrain the Resolution Professional from forming a Committee of Creditors for ed-tech company Byju's in the insolvency proceedings against it.Senior Advocate Dr Abhishek Manu Singvhi, representing Byju's, mentioned the matter today morning before Chief Justice of India DY Chandrachud, saying that the previous order of the. The Supreme Court on …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
5 months, 1 week ago

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings

Live Law  

The Karnataka High Court on Tuesday disposed of the petition filed by Byju Raveendran seeking to suspend the National Company Law Tribunal order, which admitted his parent company Think and Learn Private Limited, into the insolvency resolution process. A single judge bench of Justice S R Krishna Kumar disposed of the matter after it was informed that a special bench …

NCLT starts insolvency proceedings against Byju's
5 months, 3 weeks ago

NCLT starts insolvency proceedings against Byju's

The Hindu  

An Indian tribunal on July 16 started insolvency proceedings for EdTech firm Byju's after the country's cricket board complained about failure to recover $19 million in dues, dealing another blow to a company that was once India's biggest startup. Byju's has suffered numerous setbacks in the past few years, leading to a crisis of investor confidence, thousands of job cuts …

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
8 months, 2 weeks ago

NCLT orders insolvency proceedings against Zee’s Subhash Chandra

Hindustan Times  

The National Company Law Tribunal on Monday initiated insolvency proceedings against Subhash Chandra, founder and chairman emeritus of Zee Entertainment Enterprises Ltd., following a plea by Indiabulls Housing Finance Ltd. Chandra acted as a personal guarantor for a loan to Essel Group's Vivek Infracon Pvt, PTI Subhash Chandra launched Zee Entertainment, considered to be the pioneer of television entertainment industry …

COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi
2 years, 2 months ago

COC's Decision For Liquidation Is Open To Judicial Review By NCLT And NCLAT: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Mr. Barun Mitra, while adjudicating an appeal filed in Sreedhar Tripathy v Gujarat State Financial Corporation & Ors., has held that when the Committee of Creditors decides to liquidate the Corporate Debtor, the decision of liquidation is open to judicial review by the …

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai
2 years, 4 months ago

'Liquidation Last Resort', NCLT Directs COC To Re-Consider The Rejected Resolution Plan: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating a petition filed in Edelweiss Asset Reconstruction Co. Ltd. v Octaga Green Power and Sugar Company Ltd., has reiterated that liquidation of the Corporate Debtor is the last resort and has accordingly directed the Committee of Creditors to reasonably re-consider the …

On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad
2 years, 4 months ago

On A Request Made By CoC, NCLT Is Empowered To Remand Back Resolution Plan To CoC For Re-Consideration: NCLT Ahmedabad

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Dr. Deepti Mukesh and Shri Ajai Das Mehrotra, while adjudicating an application filed in Asset Reconstruction Company Limited v GPT Steel Industries Ltd., has held that Adjudicating Authority has right to send back the resolution plan for reconsideration to the CoC, on a request made by the CoC in its commercial …

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