NCLT division bench to hear Reliance Capital case on January 16
1 year, 11 months ago

NCLT division bench to hear Reliance Capital case on January 16

The Hindu  

The division bench of National Company Law Tribunal on January 16 is set to decide Reliance Capital’s proposed reauction challenged by Ahmedabad-based Torrent Investments, which was the highest bidder in the first round of bidding conducted on December 21st. In its next meeting on January 6, the CoC appears to have belatedly found that the outcome of the challenge mechanism undertaken earlier on December 21 was sub optimal and not satisfactory following the NCLT’s stay on considering the revised bid of one of the bidders. The CoC in the meeting on January 6 decided to conduct an extended challenge mechanism through another electronic auction or what’s been reported in the media as reauction or second round of auction. According to lawyers involved in the NCLT cases, it will be interesting to see whether the division bench upholds adherence to process, which bars any acceptance of revised bid after the deadline or commercial wisdom, a view taken by the CoC to seek higher revenue for the lenders by conducting another round of bidding.

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History of this topic

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
1 day, 5 hours ago

NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network

Live Mint  

New Delhi, Dec 23 The NCLAT on Monday set aside a batch of appeals filed against the NCLT order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The National Company Law Appellate Tribunal upheld the order of the Mumbai Bench of the NCLT, which had on May 6, 2024 approved the resolution plan of Sapphire Media for Reliance …

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital
4 months, 1 week ago

NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital

Live Mint  

The National Company Law Tribunal on Monday instructed the Reserve Bank of India and the Department of Industrial Policy and Promotion to expedite approvals necessary for Hinduja-owned IndusInd International Holdings Ltd to complete its acquisition of the insolvent Reliance Capital. This directive followed a petition by the Hindujas seeking an extension of the timeline set by the tribunal in its …

Karnataka HC sets aside NCLT order on rights issue, sends the matter back to tribunal
5 months, 3 weeks ago

Karnataka HC sets aside NCLT order on rights issue, sends the matter back to tribunal

New Indian Express  

BENGALURU: The Karnataka High Court on Tuesday set aside the National Company Law Tribunal order that had restrained Byju’s from launching a second rights issue. The high court also declined the request of the investors’ counsel to suspend the present order by the high court which sets NCLT’S order. Earlier, four investors including Peak XV Partners and General Atlantic Singapore …

Monthly Digest Of IBC Cases: May 2024
6 months, 2 weeks ago

Monthly Digest Of IBC Cases: May 2024

Live Law  

SUPREME COURT Can Homebuyer's Claim For Apartment Be Rejected For Not Filing Claim During Insolvency Process Against Builder? 1398 of 2023 The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that documentary evidence including postal receipt mentioning the registered address of the Corporate Debtor confirms the issuance of a Demand …

Byju’s seeks arbitration over NCLT trial in dispute with investors
8 months, 2 weeks ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Live Mint  

Embattled edtech firm Byju's on Thursday filed a plea with the National Company Law Tribunal seeking arbitration in its dispute with some of its key investors. A clutch of investors including General Atlantic, Prosus and Peak XV have alleged that the edtech firm violated the tribunal’s 27 February order, which had directed debt-laden Byju's to not allot shares to investors …

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
8 months, 3 weeks ago

NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC

Live Law  

The National Company Law Appellate Tribunal New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors. The NCLT Mumbai, in its order dated 06.10.2023, dismissed the application filed by the appellant and approved …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 1 week ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital
9 months, 1 week ago

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice V.G. 9,661 crore resolution plan submitted by IndusInd International Holdings Ltd for Reliance Capital under Section 31 of the Insolvency and Bankruptcy Code, 2016. Background Facts: On 06.12.2021, NCLT Mumbai admitted the Corporate Insolvency Resolution Process application and appointed Mr. Nageswara Rao Y as the Administrator of Reliance Capital Limited. Case Title: …

Weekly Digest Of IBC Cases: 8th To 14th January 2024
11 months ago

Weekly Digest Of IBC Cases: 8th To 14th January 2024

Live Law  

NCLAT Case title: Partha Sarathy Sarkar v Specified Undertaking of Unit Trust of India Ltd & Ors. 1340 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that when the Committee of Creditors passes a resolution to replace the Resolution Professional, then it is not open for …

Monthly Digest Of IBC Cases: November 2023
1 year ago

Monthly Digest Of IBC Cases: November 2023

Live Law  

Supreme Court IBC Resolution Plan Can't Ignore Government Dues: Supreme Court Dismisses Review Petitions Against 'Rainbow Papers' Case title: Sanjay Agarwal v. State Tax Officer Citation: 2023 LiveLaw 939 The Supreme Court has dismissed a batch of review petitions filed against a 2022 judgment which held that the definition of a secured creditor under the Insolvency and Bankruptcy Code, 2016 …

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties
1 year, 1 month ago

NCLAT Chennai: Shareholders Cannot Take Decisions For The Company’s Business Or Hold Negotiations With Parties

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla has dismissed an appeal filed by Jitendra Virmani against Mro-Tek Realty Limited. The Appellate Tribunal held that the Board of Directors has the onus to take decisions for the Company’s business or negotiations with the parties concerned and not the shareholders of the company. …

Monthly Digest Of IBC Cases: September 2023
1 year, 2 months ago

Monthly Digest Of IBC Cases: September 2023

Live Law  

Supreme Court Case Title: Eva Agro Feeds Private Limited V. Punjab National Bank & Anr., Civil Appeal No. 971, 972 & 973 of 2023 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, has held that IBC provisions do not indicate that all information collected by the Resolution Professional is required …

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists
1 year, 2 months ago

NCLAT Chennai: Not Open To NCLT To Reject Withdrawl Application U/S 12A, Where 90% Voting Share Of CoC Exists

Live Law  

The National Company Law Appellate Tribunal, Chennai Bench comprising of Justice M. Venugopal and Shreesha Merla dismissed the appeal filed in Mayuras Industrial Services vs. S R Shriraam Shekher & Anr. Background Facts: The RP had filed an application seeking an order of withdrawal of the Corporate Insolvency Resolution Process resting upon the Resolution passed by the Committee of Creditors …

Weekly Digest Of IBC Cases: 18 To 23 July 2023
1 year, 5 months ago

Weekly Digest Of IBC Cases: 18 To 23 July 2023

Live Law  

Supreme Court Case Title: Paschimanchal Vidyut Vitran Nigam Ltd vs Raman Ispat Private Limited Citation: 2023 LiveLaw 534 | 2023 INSC 625 The Supreme Court Bench comprising of Justices S. Ravindra Bhat and Dipankar Datta, has observed that Section 238 of the Insolvency and Bankruptcy Code, 2016 overrides the provisions of the Electricity Act, 2003. High Court Jharkhand High Court …

Indiabulls Real Estate to challenge NCLT order withholding merger with Embassy
1 year, 7 months ago

Indiabulls Real Estate to challenge NCLT order withholding merger with Embassy

Live Mint  

Indiabulls Real Estate will move National Company Law Appellate Tribunal to challenge the NCLT Chandigarh bench order withholding its merger with NAM Estates and Embassy One Commercial Property Developments. The Chandigarh bench of the National Company Law Tribunal had earlier this month withheld the merger of Embassy Group's certain residential and commercial projects with Indiabulls Real Estate. May 17, 2023, …

Reliance Capital resolution process completion deadline extended to July 16
1 year, 8 months ago

Reliance Capital resolution process completion deadline extended to July 16

India TV News  

Reliance Capital News: The Mumbai-bench of National Company Law Tribunal has extended the deadline for completing the resolution process of Reliance Capital by three months to July 16 as lenders have agreed to hold a second round of auction to maximise their recovery. The 90 days deadline extension was necessitated as the lenders decided to hold a second round of …

Weekly Digest Of IBC Cases: 27 February To 6 March 2023
1 year, 9 months ago

Weekly Digest Of IBC Cases: 27 February To 6 March 2023

Live Law  

NCLAT Case Title: Greymatter Entertainment Pvt. 1043 of 2021 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’ or ‘No amount due’ through its Reply to Section 9 application and supporting documents, even if it failed …

NCLT approves Suraksha group’s plan to take over Jaypee Infratech
1 year, 9 months ago

NCLT approves Suraksha group’s plan to take over Jaypee Infratech

Hindustan Times  

The National Company Law Tribunal on Tuesday approved the resolution plan and bid by Mumbai based Suraksha Realty Limited and Lakshdeep Investments to take over debt-ridden realty company Jaypee Infratech Limited, thereby reigniting the hopes of thousands of aggrieved homebuyers of getting their dream homes soon. Since 2017, the Supreme Court monitored NCLT has been hearing the corporate insolvency resolution …

Weekly Digest Of IBC Cases: 13 February To 19 February 2023
1 year, 10 months ago

Weekly Digest Of IBC Cases: 13 February To 19 February 2023

Live Law  

NCLAT Partial Payment Of PF & Gratuity Dues Violative Of Section 30 Of IBC: NCLAT Chennai Reiterates Case Title: Mrs. C.G. 924 of 2022 The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, has held that an application under Section 9 of IBC is not a suit and hence, the bar under …

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order
1 year, 10 months ago

NCLAT Rejects Reliance Capital’s Creditor Plea To Vacate Status Quo Order

Live Law  

National Company Law Appellate Tribunal bench comprising of Justice Ashok Bhushan and Mr. Barun Mitra disposed off the appeal filed by the Reliance Capital Creditor namely Vistra ITCL against the NCLT Mumbai order dated 23.01.2023. Senior Advocate Darius Khambata along with Senior Advocate Ramji Srinivasan & Arun Kathpalia appeared for Torrent Investment and apposed the plea of Vistara ITCL on …

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap
1 year, 11 months ago

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap

The Hindu  

The National Company Law Tribunal Mumbai is set to hear on Thursday a crucial petition of the Gujarat-based Torrent Group, which has approached the tribunal challenging the Committee of Creditors’ move to conduct second round of e-Auction of the Reliance Capital, which is under the Insolvency and Bankruptcy Code procedure. On December 21, Torrent Investments had emerged the highest bidder …

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment
2 years ago

Gujarat High Court Refuses Former NCLT Member's Plea For Re-Appointment

Live Law  

The Gujarat High Court Bench comprising of Justice N.V. Anjaria and Justice Sandeep N. Bhatt, while adjudicating a petition filed in Manorama Kumari v Union of India, has rejected the plea of a former NCLT Member for re-appointment as a Judicial Member of NCLT, after having served a term of 5 years and being retired. The Petitioner held office for …

IBC Cases Weekly Round-Up: 27 June To 3 July 2022
2 years, 5 months ago

IBC Cases Weekly Round-Up: 27 June To 3 July 2022

Live Law  

NCLT NCLT Kolkata Initiates Insolvency Process Against The Personal Guarantor Of Gontermann-Pipers Ltd. Case Title: UCO Bank v Vinod Kumar Mittal Case No. : C.P./242021 The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, has initiated Insolvency Resolution Process against Mr. Vinod Kumar Mittal, who is the Personal Guarantor to the loan …

Approach HC to go ahead with NCLT proceedings: SC to FRL
2 years, 10 months ago

Approach HC to go ahead with NCLT proceedings: SC to FRL

Hindustan Times  

The Supreme Court on Tuesday asked Future Group to approach the Delhi high court with its plea seeking continuation of proceedings before the National Company Law Tribunal to get final approval for the proposed $3.4 billion sale of its retail assets to Reliance. The top court refrained from examining the rival contentions of Future and Amazon on the aspect of …

Gujarat High Court Issues Notice To Centre On PIL Seeking Establishment Of NCLAT Bench At Ahmedabad
2 years, 11 months ago

Gujarat High Court Issues Notice To Centre On PIL Seeking Establishment Of NCLAT Bench At Ahmedabad

Live Law  

The Gujarat High Court on Wednesday issued a notice to the Central Government on a Public Interest Litigation plea filed seeking the establishment of a circuit/regional bench National Company Law Appellate Tribunal at Ahmedabad as per the Supreme Court's order.The Bench of Chief Justice Aravind Kumar and Justice Ashutosh J. Shastri was hearing the plea filed by the. The Gujarat …

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal
3 years, 2 months ago

Reliance Gets NCLT Permission to Seek Creditors’ Nod for Proposed Future-Retail Deal

News 18  

The Mumbai Bench of the National Company Law Tribunal on October 18 allowed Reliance to go ahead with seeking creditors’ nod, CNBC-TV18 reported. Reliance Retail, the retail arm of oil-to-telecom conglomerate Reliance Industries, had moved the NCLT and sought permission to proceed with seeking creditors’ nod for reorganising companies in lieu of the proposed Future-Retail Deal. Last month, on September …

Zee approaches NCLAT, seeks more time to respond
3 years, 2 months ago

Zee approaches NCLAT, seeks more time to respond

Hindustan Times  

Zee Entertainment Enterprises Ltd on Wednesday approached an appellate tribunal in a fresh turn in the ongoing tussle with two of its institutional investors even as the company proceeds with a planned merger with Sony Group Corp. The unfolding corporate battle at Zee began after Invesco approached NCLT to direct the company’s board to hold an extraordinary general meeting to …

NCLAT Asks NCLT To Constitute A Two Member Bench To Dispose Matter In Conformity With SC Directions [Read Order]
4 years, 3 months ago

NCLAT Asks NCLT To Constitute A Two Member Bench To Dispose Matter In Conformity With SC Directions [Read Order]

Live Law  

The National Company Law Appellate Tribunal has ordered the National Company Law Tribunal to constitute a bench comprising of a Judicial Member and a Technical Member for disposal of a matter. The bench comprising of Justice Bansi Lal Bhatt, Justice Jarat Kumar Jain and Justice Ashok Kumar Mishra noted that the matter was identical to the case of SonuCargo Movers …

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