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The NCLAT New Delhi bench of Justice Ashok Bhushan, Mr. Barun Mitra and Mr. Arun Baroka has held that the pendency of proceedings before the NCLT for approval of the scheme of arrangement does not preclude the Financial Creditor to proceed with Section 7 application. That the very fact that the Corporate Debtor during pendency of Section 7 application has …

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PC Jeweller board approves issue of 5.17 cr shares to lenders for settling debt

New Delhi, Dec 12 PC Jeweller Ltd's board has approved issuance of over 5.17 crore equity shares to a consortium of lenders, including SBI, to settle part of its outstanding debt. In a regulatory filing on Wednesday, the company informed that the board has approved "issuance of 5,17,11,462 equity shares to the Consortium Lenders for settling part of their outstanding …

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 …

OTS Proposal Is An 'Acknowledgement Of Debt' Under Section 18 Of Limitation Act: NCLAT Delhi

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla, while adjudicating an appeal filed in Tejas Khandhar v Bank of Baroda, has held that a One Time Settlement proposal falls within the definition of 'acknowledgement of debt' under Section 18 of the Limitation Act, 1963. Further, the acknowledgment must be …

In Case Of Breach Of Terms Of One Time Settlement, Bank Becomes Free To Recover Debt Irrespective Of OTS: Punjab & Haryana High Court