NATIONAL COMPANY LAW TRIBUNAL
NCLT admits insolvency plea against Genesis Resorts
The division bench of judicial member Bhaskara Pantula Mohan and technical member Rajesh Sharma restrained the company and its promoters from transferring, encumbering, alienating or disposing of the company’s assets. The moratorium shall be effective until completion of the insolvency resolution process or until the bench approves the resolution plan.
Family feud at Gati may hinder share sale to Allcargo Logistics
On December 5, Allcargo bought 10.38 million, or 8.51%, shares in Gati for Rs...
NCLT again seeks clarity on Jet slots from DGCA, ministry
After Jet Airways went bust in mid-April, government temporarily allotted the hundr...
SFIO begins probe against CG Power and Industrial Solutions, 15 group firms
The company had in August said that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors".
Parliamentary panel flags staff shortage at SFIO, Competition Commission
The SFIO and the CCI are among the institutions under the ministry that are well short of their respective sanctioned strength. In a report tabled in Parliament on Tuesday, the Standing Committee on Finance noted that the ministry's various regulatory entities are critically important for a smooth-functioning economy.
Suraksha Realty hopeful of getting favourable vote of lenders, home buyers on Jaypee bid
A Committee of Creditors (CoC) on Saturday decided that home buyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.
MCA plea to reopen CG Power books likely
According to a person in the know, the MCA’s probe has indicated a suspicious diversion of more than Rs. 2,000 crore by certain erstwhile directors and key managerial executives.
Simultaneous voting for Jaypee Infratech starts from December 10
In a meeting with lenders, it has been decided to start the voting on Dec 10 and it will go on till Dec 16. Since there was dispute among lenders over whether NBCC or Suraksha realty should be put to vote first, the CoC has decided for simultaneous voting, two persons aware of the matter said.
JSW’s plea upheld against order on Vardhman Industries
“The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.
Speed up execution of relief measures: Realtors
The real estate sector is seeking emergency lifeline from the government that has announced several measures, but the actual implementation of these steps is yet to gather pace.
JSW Infra lends support to Suraksha Realty in turnaround of Jaypee Infratech
JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe. Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process.
Essar Steel: Mittals seek immunity from probes
Worries stem from BPSL case, where ED attached assets of the company after it was taken over by JSW Steel.
NCLT orders liquidation for Lanco Babandh
The bankruptcy court removed the resolution professional for the Lanco group company, and appointed a liquidator from AAA Insolvency Professionals to sell off the assets
Jaypee Infra insolvency: NBCC, Suraksha Realty place final bids
NBCC has advanced the completion date to 42 months from 48 earlier and has also increased the land offered to lenders by 100 acres to 1,526 acres. It has also proposed to increase the concession agreement of Yamuna Expressway by 10 years. The final voting of the committee of creditors (CoC) is likely to take place on December 11.
10,860 cases under IBC pending before NCLT at the end of September: Govt
"As per the data provided by National Company Law Tribunal (NCLT), total 19,771 cases were pending with NCLT benches on 30.09.2019, which include 10,860 cases under Insolvency and Bankruptcy Code (IBC), 2016," Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to the Rajya Sabha.
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