Jaypee Infratech promoters to pay creditors entire outstanding amount; says will complete pending projects in 3 years
5 years, 7 months ago

Jaypee Infratech promoters to pay creditors entire outstanding amount; says will complete pending projects in 3 years

Firstpost  

New Delhi: Promoters of debt-ridden Jaypee Infratech on Monday proposed before the NCLAT that they will pay creditors entire outstanding amount without any hair cut and complete pending projects within three years. The National Company Law Appellate Tribunal reserved its order over the exclusion of litigation period from the ongoing Corporate Insolvency Resolution Process of Jaypee Infratech. A two-member bench headed by Chairman Justice S J Mukhopadhaya asked the Jaiprakash Associates Ltd, the promoter of Jaypee Infratech, to file written submissions over the exclusion of time frame. Jaypee Infratech went into insolvency in August 2017 after the National Company Law Tribunal admitted an application filed by an IDBI Bank-led consortium.

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History of this topic

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT
1 week, 2 days ago

Penalties U/S 65 Of IBC Can Be Imposed Against Those Who Fraudulently Initiate Insolvency Process: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan and Barun Mitra and Arun Baroka disposed an appeal filed by a majority shareholder of the corporate debtor stating that the Section 7 application filed by financial creditors was fraudulently filed in collusion with the corporate debtors' promoters. NCLAT Judgement The National Company Law Appellate …

NCLAT dismisses plea against resolution plan approval for Duncans Ind
1 week, 6 days ago

NCLAT dismisses plea against resolution plan approval for Duncans Ind

Live Mint  

New Delhi, Mar 9 Appellate tribunal NCLAT has set aside petitions against the NCLT order that approved the resolution plan for Duncans Industries. The National Company Law Appellate Tribunal also clarified that while approving the resolution plan for Duncans Industries, the NCLT has not made any observations regarding the "grant or non-grant of renewal of leases" of tea gardens. The …

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT
1 week, 6 days ago

Approved Resolution Plan Cannot Be Reopened For Belatedly Agitated Claims: NCLAT

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Ashok Bhushan, Barun Mitra and Arun Baroka, dismissed a set of four appeals filed under Section 61 of Insolvency and Bankruptcy Code 2016 stating that the appellants had failed to exercise due diligence on protecting their rights with the prescribed timelines. NCLAT Judgement The National Company Law …

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited
3 weeks, 3 days ago

NCLT Mumbai Approves ACME Cleantech's Resolution Plan For Reliance Big Private Limited

Live Law  

The National Company Law Tribunal, Mumbai bench comprising Justice V. G. Bisht and Shri Prabhat Kumar has approved the Resolution Plan for Reliance Big Private Limited submitted by ACME Cleantech Solutions Private Limited. Brief Facts: Mr. Rohit Ramesh Mehra, Resolution Professional of Reliance Big Private Limited moved the application under Section 30 r/w Section 31 of the Insolvency and Bankruptcy …

IBC Weekly Round-Up [17th February-23rd February 2025]
3 weeks, 4 days ago

IBC Weekly Round-Up [17th February-23rd February 2025]

Live Law  

Nominal Index: BANK OF BARODA v. FAROOQ ALI KHAN & ORS., CIVIL APPEAL NO. Case Title: Edelweiss Asset Reconstruction Company Ltd. vs. Chirag Rejendrakumar Shah Case Number: Company Appeal No.242 of 2025 The National Company Law Appellate Tribunal New Delhi bench comprising Justice Ashok Bhushan, Barun Mitra and Arun Baroka have re-iterated that that liquidation of the Corporate Debtor should …

Creditors take 99% haircut in Reliance Big insolvency resolution case
1 month ago

Creditors take 99% haircut in Reliance Big insolvency resolution case

New Indian Express  

Financial creditors of Reliance Big Private Limited, formerly promoted by Anil Ambani, are set to face a 99% haircut as part of the approved resolution plan in its insolvency case. The National Company Law Tribunal, Mumbai Bench, has given its nod to the resolution plan submitted by Manoj Kumar Upadhyay through his affiliate firm, ACME Cleantech Solutions Private Limited, for …

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement
1 month ago

Byju’s insolvency: Brothers move court to keep creditors away from ₹158 cr settlement

Live Mint  

Riju Raveendran, a suspended director of embattled edtech firm Byju’s, has approached the bankruptcy appeals court to prevent its creditors from deciding on a ₹158 crore settlement with India’s cricket board. The Bengaluru bench of the National Company Law Tribunal had on 10 February directed BCCI to submit the ₹158 crore settlement plea to the CoC for approval to facilitate …

NCLT approves JSW Energy’s ₹16,000 crore bid to buy KSK Mahanadi Power
1 month, 1 week ago

NCLT approves JSW Energy’s ₹16,000 crore bid to buy KSK Mahanadi Power

The Hindu  

In a major development, National Company Law Tribunal, Hyderabad on Thursday approved JSW Energy Ltd’s ₹16,084.08 crore resolution plan to acquire bankrupt KSK Mahanadi Power Company Ltd. As per the approved plan, against the admitted claims of over ₹26,094 crore, the KSK Mahanadi’s creditors will get ₹16,084.08 crore. The plan provides for upfront cash payment of ₹15,985.08 crore to financial …

Reliance Capital acquisition: IIHL to acquire debt-ridden Anil Ambani company by February 26; NCLT accepts plea
1 month, 1 week ago

Reliance Capital acquisition: IIHL to acquire debt-ridden Anil Ambani company by February 26; NCLT accepts plea

Live Mint  

IndusInd International Holdings Limited is set to acquire Anil Ambani’s debt-laden company Reliance Capital by February 26, 2025, following the National Company Law Tribunal’s approval of the company’s request, according to a report. During a recent hearing, IIHL confirmed the submission of all definitive documents and the achievement of financial closure necessary for implementing the resolution plan for Reliance Capital, …

NCLT asks BCCI to seek creditors’ nod for ₹158 crore Byju’s settlement
1 month, 1 week ago

NCLT asks BCCI to seek creditors’ nod for ₹158 crore Byju’s settlement

Live Mint  

The Bengaluru insolvency court on Monday directed the Board of Control for Cricket in India to submit a ₹158 crore settlement plea before the Committee of Creditors to obtain approval for its settlement with bankrupt edtech firm Byju’s in order to facilitate the company’s exit from insolvency. Byju’s sought a settlement after its suspended management cleared the ₹158 crore dues—an …

NCLT terminates insolvency resolution process against Logix Infra
1 month, 1 week ago

NCLT terminates insolvency resolution process against Logix Infra

Hindustan Times  

NOIDA: The national company law tribunal has terminated the ongoing corporate insolvency resolution process against the realty firm - Logix Infrastructure private limited - that was facing the proceedings since 2023. The February 6 order also termed all decisions taken by resolution professional Pawan Kumar Goyal after his appointment as “null and void”. The NCLT order that came in response …

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court
Trending News
1 month, 2 weeks ago

Corporate Debtor Immune From Prosecution Under PMLA Post Approval Of Resolution Plan: Delhi High Court

Live Law  

The Delhi High Court bench of Justice Manmeet Pritam Singh Arora has held that in accordance with Section 32A of the Insolvency and Bankruptcy Code, 2016, a Corporate Debtor that has successfully undergone a resolution process under Section 31 of the IBC shall not be prosecuted for offences committed prior to the commencement of the CIRP. Arguments Dr. Abhishek Manu …

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”
1 month, 3 weeks ago

NCLT Holds Financial Lease With Transfer Of Ownership & Interest For Default As “Financial Debt”, Admits GDA's Claim As “Financial Creditor”

Live Law  

The NCLT, New Delhi, Principal bench comprising Justice Ramalingam Sudhakar and Avinash K. Srivastava has allowed the claim of Ghaziabad Development Authority as a financial creditor in the Red Mall case and directed its inclusion in the Committee of Creditors. The claim was rejected by the Resolution Professional who held GDA as an Operational creditor in view of the judgment …

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power
2 months, 1 week ago

NCLAT dismisses appeal to stay insolvency proceedings against Indrajit Power

Live Mint  

New Delhi, Jan 12 The National Company Law Appellate Tribunal has dismissed a plea to stay the insolvency proceedings against debt-ridden thermal power producer Indrajit Power. The appellate tribunal said "no error has been committed" by the National Company Law Tribunal, while admitting the plea to initiate insolvency proceedings against the Maharashtra-based company on February 1, 2024, filed by Yes …

Supertech's lender rejects settlement proposal, NCLAT to take final call
2 months, 1 week ago

Supertech's lender rejects settlement proposal, NCLAT to take final call

Hindustan Times  

Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. Outside view of a building belonging to Supertech in Noida Counsel representing Ram Kishore Arora, the suspended director of the realty firm informed NCLAT on Thursday about the …

Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency
2 months, 1 week ago

Supertech Township Projects lender rejects settlement proposal, NCLAT to decide on insolvency

Live Mint  

New Delhi, Jan 11 Punjab & Sind Bank, the lead lender of Supertech Township Projects, has rejected the settlement proposal and NCLAT will now take a final decision on the insolvency of the debt-ridden realty firm. A three-member bench of the National Company Law Appellate Tribunal said it will have to take a "final decision" in the matter as the …

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors
3 months ago

SC restores claims worth ₹10,952 cr of Reliance Infratel's 4 indirect creditors

Live Mint  

NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd. Reliance Infratel’s total debt exceeds ₹41,055 crore. The resolution and acquisition by RIL In 2022, Reliance Jio’s subsidiary, Reliance Projects and Property Management Services Ltd, completed the acquisition of a 100% stake in Reliance Infratel …

SBI-led committee to be set up to formulate new list of large stressed accounts with banks for resolution under IBC
3 months, 1 week ago

SBI-led committee to be set up to formulate new list of large stressed accounts with banks for resolution under IBC

Live Mint  

The government has decided to set up a committee under the State Bank of India chairman to examine and submit a fresh list of stressed accounts with banks for transfer to NCLT and bolster the resolution pipeline This would be in addition to the top 20 accounts identified by banks earlier for admission at the NCLT. During the meeting, Nagaraju …

IBC Weekly Round Up [2nd December To 8th December, 2024]
3 months, 1 week ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

Live Law  

Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

NCLT member crunch slows down bankruptcy resolution
3 months, 2 weeks ago

NCLT member crunch slows down bankruptcy resolution

Live Mint  

New Delhi: A 30% shortage of key members at India’s bankruptcy courts is slowing the process of debt resolution, according to official data. Twenty-two businesses have found debt resolution under the Insolvency and Bankruptcy Code in October-November period of this year, against 47 in the year-ago period, provisional public data from Insolvency and Bankruptcy Board of India showed. And in …

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case
3 months, 2 weeks ago

Byju’s insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

Live Mint  

New Delhi: Riju Raveendran, the largest shareholder of edtech company Byju’s and brother of founder Byju Raveendran, approached the insolvency tribunal on Monday, seeking to be included in the insolvency case deliberations involving the troubled firm, its lenders and the cricket board. They argued that the settlement was tainted as it involved stolen money and questioned how Riju Raveendran could …

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection
4 months ago

NCLAT Orders Refund Of Pre-CIRP Electricity Dues Paid By SRA Under Protest For Restoration Of Electricity Connection

Live Law  

The NCLAT bench comprising Justice Yogesh Khanna and Mr. Ajai Das Mehrotra has allowed the refund of pre-Corporate Insolvency Resolution Process electricity dues paid by the Successful Resolution Applicant. Thus the pre-CIRP dues by the appellant were paid under protest and under protection of the order of NCLT and thus it related to the revival of the Corporate Debtor in …

BCCI seeks withdrawal of insolvency proceedings against Byju’s
4 months, 1 week ago

BCCI seeks withdrawal of insolvency proceedings against Byju’s

Live Mint  

The Board of Control for Cricket in India on Tuesday sought an urgent hearing for its plea to withdraw an insolvency case against edtech firm Byju’s. The BCCI’s counsel requested that the NCLT in Bengaluru prioritize the withdrawal application, arguing that if the withdrawal is granted, it would render other pleas, such as those by US-based Glas Trust and Aditya …

IBC Shall Prevail Over TRAI Act, Any Penalty Imposed By TRAI To Be Recovered As Per Scheme Of IBC: NCLAT
4 months, 2 weeks ago

IBC Shall Prevail Over TRAI Act, Any Penalty Imposed By TRAI To Be Recovered As Per Scheme Of IBC: NCLAT

Live Law  

The NCLAT New Delhi Bench of Justices Ashok Bhushan, Barun Mitra and Arun Baroka held that the IBC being a special statute and having a non-obstante clause under section 238 of the IBC shall prevail over the TRAI Act therefore any penalty imposed by the TRAI on the corporate debtor would be recovered as per the scheme of the IBC. …

NCLAT grants two weeks time for Supertech township's settlement proposal
5 months, 3 weeks ago

NCLAT grants two weeks time for Supertech township's settlement proposal

Hindustan Times  

New Delhi, Sep 27 The Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore Arora to circulate the settlement proposal to both its lenders and home buyers. Insolvency appellate tribunal NCLAT has granted two weeks more time to debt-ridden realty firm Supertech Township Projects suspended director Ram Kishore …

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's
5 months, 3 weeks ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

New Indian Express  

NEW DELHI: The Supreme Court on Thursday reserved its verdict on a plea of a US firm against the NCLAT order stopping insolvency proceedings against ed-tech firm Byju's. While hearing the matter on Wednesday, the top court had questioned the verdict of insolvency appellate tribunal NCLAT, setting aside the insolvency proceedings against Byju's and approving its Rs 158.9 crore dues …

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024
7 months, 3 weeks ago

Weekly Digest Of IBC Cases: 22nd July 2024 To 28th July 2024

Live Law  

Supreme Court IBC | CIRP Of Holding Company Cannot Include Subsidiary's Assets: Supreme Court Case no. Insolvency Resolution Of Corporate Guarantor Won't Bar Creditor From Filing CIRP Against Corporate Debtor For Balance Debt : Supreme Court Case Title: BRS Ventures Investments Ltd. 313 of 2024 The National Company Law Appellate Tribunal, Delhi bench of Justice Ashok Bhushan and Mr Barun …

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai
7 months, 3 weeks ago

Directing Corporate Debtor To Civil Courts Or Arbitration For Admitted Dues Undermines IBC Objectives: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai bench of Kuldip Kumar Kareer and Anil Raj Chellan had held that directing Corporate Debtor to seek resolution through civil courts or arbitration for even admitted dues would undermine the objectives of the Insolvency and Bankruptcy Code. The Corporate Insolvency Resolution Process was initiated against the Corporate Debtor by the National Company Law Tribunal, …

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI
7 months, 3 weeks ago

NCLAT tells Byju Raveendran to file details of source of funds for settling dues to BCCI

The Hindu  

National Company Law Appellate Tribunal Chennai on Wednesday told Byju Raveendran to file details of the source of funds through which he is proposing to settle the dues to Board of Control for Cricket in India. Byju Raveendran, the suspended director, shareholder and promoter of the edtech company had moved an appeal against NCLAT, after the National Company Law Tribunal, …

Tribunal stays bankruptcy proceedings against Supertech Township project
7 months, 3 weeks ago

Tribunal stays bankruptcy proceedings against Supertech Township project

Hindustan Times  

The National Company Law Appellate Tribunal stayed the corporate insolvency resolution proceedings against Supertech Township Projects Limited after it proposed to settle its disputes with Punjab and Sind Bank, its principal financial creditor, within seven days. “In the meantime, in pursuance of the impugned order no further steps shall be taken except collation of claims which have already been invited,” …

Karnataka High Court Disposes Byju Raveendran's Plea After NCLAT Begins Hearing His Appeal Challenging Insolvency Proceedings
7 months, 3 weeks 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 begins insolvency resolution process against Supertech
8 months ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

NCLT admits insolvency proceedings against Byju’s
8 months ago

NCLT admits insolvency proceedings against Byju’s

New Indian Express  

BENGALURU: The National Company Law Tribunal, Bengaluru bench, on Tuesday admitted an insolvency petition filed by the Board of Control for Cricket in India against edtech firm Byju’s over a Rs 158 crore debt. Byju’s, reached its peak valuation of $22 billion in 2022, has to face insolvency proceedings. According to sources, Byju’s is planning to challenge the order at …

NCLT starts insolvency proceedings against Byju's
8 months 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 …

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm
8 months ago

Byju’s creditor Surfer Technologies settles insolvency case with edtech firm

Live Mint  

Gurugram-based Surfer Technologies told the Bengaluru bench of the National Company Law Tribunal on Wednesday that it has reached an amicable settlement with Byju’s and hinted that it would withdraw its insolvency application against the edtech firm. On 7 February, Surfer Technologies had filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, which allows an operational …

Half Yearly Digest Of IBC Cases : January To June,2024
8 months, 1 week ago

Half Yearly Digest Of IBC Cases : January To June,2024

Live Law  

Supreme Court IBC | Moratorium Under S 14 No Bar To Execute Decree Against Directors/Officers Of Corporate Debtor: Supreme Court Case Title: Ansal Crown Heights Flat Buyers Association vs. M/S. : Company Appeal No.231 of 2023 The National Company Law Appellate Tribunal, New Delhi, comprising Justice Ashok Bhushan and Mr. Barun Mitra, has held that the Corporate Debtor cannot be …

Banks reject Jaiprakash Associate Limited’s one-time offer to settle dues
8 months, 2 weeks ago

Banks reject Jaiprakash Associate Limited’s one-time offer to settle dues

Hindustan Times  

The banks have rejected the one-time settlement scheme that was proposed by debt-ridden Jaiprakash Associates Limited to resolve its financial issues. The development came during a hearing before the National Company Law Appellate Tribunal, which is adjudicating a challenge to the insolvency proceedings ordered by the National Company Law Tribunal During the hearing on Wednesday, counsel for the respondent banks …

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases
8 months, 3 weeks ago

NCLT Asks IBBI To Incorporate Provisions In CIRP Regulations For Treating Transferred Winding-Up Cases

Live Law  

The National Company Law Tribunal Principle Bench of Ramalingam Sudhakar and Avinash K. Srivastava has asked the Insolvency and Bankruptcy Board of India to amend the Corporate Insolvency Resolution Process regulations. This directive was issued by NCLT to address the handling of cases involving the winding up of companies that have been transferred to the NCLT under Section 433 of …

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution
8 months, 3 weeks ago

Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution

Live Mint  

Mumbai: Lenders to a bankrupt Reliance Capital have filed an affidavit before the National Company Law Tribunal opposing the 90-day extension sought by the Hinduja group-owned IndusInd International Holdings Ltd to implement its resolution plan. These included delay in implementation of the resolution plan; IIHL’s inability to get the necessary regulatory approvals; last-minute changes in transaction structures; and uncertainty over …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
9 months ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024
9 months, 1 week ago

Weekly Digest Of IBC Cases: 03rd June 2024 To 09th June 2024

Live Law  

HIGH COURTS Official Liquidator Must Adhere To Ethical Principles And Fairness To Discharge Their Duties Under IBC: Delhi High Court Case Title: Sundaresh Bhat vs Insolvency And Bankruptcy Board of India Case No. 105, 106, 990 of 2024 The National Company Law Appellate Tribunal Delhi, comprising Mr. Justice Rakesh Kumar Jain, Mr. Naresh Salecha, and Mr. Indevar Pandey held that …

After several delays, Suraksha takes over debt-ridden Jaypee
9 months, 2 weeks ago

After several delays, Suraksha takes over debt-ridden Jaypee

Hindustan Times  

After a six-year long court battle, Mumbai-based Suraksha Group on Tuesday took over debt-ridden Jaypee Infratech Limited and its office-bearers assured homebuyers that the work will soon restart at project sites. We will soon prepare a road map to revive construction at the site and start delivery of apartments,” said Aalok Dave, managing director and chief executive officer, Suraksha Group. …

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers
9 months, 2 weeks ago

Suraksha Group finally takes over Jaypee Infratech; constitutes 3-member board giving relief to more than 20,000 buyers

Hindustan Times  

Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. Mumbai-based Suraksha Group has finally taken over the embattled real estate firm Jaypee Infratech by constituting a three-member board giving relief to more …

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea
9 months, 2 weeks ago

NCLT initiates insolvency against Jaiprakash Associates, admits ICICI Bank plea

Hindustan Times  

New Delhi, June 3 The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank. The National Company Law Tribunal on June 3 directed to initiate insolvency proceedings against debt-ridden Jaiprakash Associates Ltd, admitting the plea filed by private lender ICICI Bank Jaiprakash Associates …

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA
9 months, 3 weeks ago

NCLAT Upholds Suraksha Realty's Resolution Plan For Jaypee Infratech, Directs Additional ₹1,334 Crore Payment To YEIDA

Live Law  

The National Company Law Appellate Tribunal confirmed the resolution plan proposed by Suraksha Realty Limited for Jaypee Infratech Limited as part of its Corporate Insolvency Resolution Process. The NCLAT's bench, comprising Chairperson Justice Ashok Bhushan and Technical Member Barun Mitra, held that Suraksha Realty must pay ₹1,334.31 crore to YEIDA over the next four years. Consequently, YEIDA was held to …

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation
9 months, 3 weeks ago

Jaypee takeover: NCLAT orders Suraksha to pay ₹1,335 cr as farmer compensation

Hindustan Times  

The National Company Law Appellate Tribunal on Friday upheld Mumbai-based Suraksha Group’s resolution plan for the debt-ridden Jaypee Infratech Limited that has failed to deliver around 20,000 apartments in its housing project “Wish Town” in sectors 128, 129, 130, 131 and 132 areas along Noida-Greater Noida Expressway. The Yamuna Expressway Industrial Development Authority had approached National Company Law Appellate Tribunal, …

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC
10 months ago

NCLAT Delhi: Absence Of GST Refund/ITC Claim In Demand Notice Or Form 5 By OC Can't Become Ground Of Default For CIRP U/S 9 Of IBC

Live Law  

The National Company Law Appellate Tribunal Delhi, comprising Justice Ashok Bhushan, Mr. Barun Mitra, and Mr. Arun Baroka held that if no Goods and Services Tax refund/ Input Tax Credit claim has been included in the Demand Notice under Section 8 of Insolvency and Bankruptcy Code, 2016 or in Form 5 by the Operational Creditor, the same cannot become a …

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
10 months ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

NCLT orders insolvency proceedings against Zee’s Subhash Chandra
10 months, 3 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 …

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea
11 months ago

NCLT admits Subhash Chandra into personal insolvency on Indiabulls plea

Live Mint  

The National Company Law Tribunal on Monday has admitted Zee Entertainment Enterprises Ltd. chairman emeritus Subhash Chandra into personal insolvency on the plea filed by Indiabulls Housing Finance over guarantees given to a company called Vivek Infracon. Indiabulls Housing Finance had filed a plea in 2022 to commence personal insolvency proceedings against Subhash Chandra after a loan of ₹170 crore …

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