NATIONAL COMPANY LAW TRIBUNAL
Consider Haldiram’s offer, NCLT tells lenders
The NCLT has directed lenders of debt-ridden dairy firm Kwality Ltd to reconsider the Rs 145-crore by Haldiram Snacks. Earlier the former had declined the Rs 142 crore bid of Haldiram Snacks which was the sole bidder for it.The NCLT has also extended the Corporate Insolvency Resolution period by another three weeks.
NCLAT asks Sebi to file reply on revised share delisting norms for cos under insolvency
The appellate tribunal has directed to list the matte...
Jet Airways plunged into deeper financial crisis, debts mount over Rs 14K cr
The grounded carrier plunged into a deeper financial crisis as t...
Builders want homebuyers' plaints to go to RERA first
With most cases in the National Company Law Tribunal pertaining to real estate, several projects have been stalled and developers and the industry body have called for changes in the law. According to the Confederation of Real Estate Developers Association of India, 65% of the cases in the NCLT are related to real estate projects.
CESC drops plans to separate distribution and generation biz
In the filing, CESC said that in continuation of its intimation dated 12 October 2018, informing shareholders that the scheme was made effective from 1 October 2017, except demerger of the generation undertaking of the company into Haldia Energy Ltd, a wholly-owned CESC subsidiary.
IL&FS gets creditors' approval for sale of education biz
Schoolnet India Ltd (erstwhile IL&FS Education & Technology Service Ltd) would be sold to CPPPL.
Sebi disposes of case against ABG Shipyard
ABG Shipyard is undergoing insolvency proceedings.
IBC proceeds formula may be reworked to avoid squabbles, legal delays
Distribution of resolution booty has been a key factor behind extended litigation, delaying major cases.
Jaypee Infratech insolvency: Lenders to meet on November 18 to comply with Supreme Court direction
Crisis-hit Jaypee group firm Jaypee Infratech went into insolvency in 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium seeking resolution of the firm.
NCLT extends time for Ind-Barath’s insolvency process
At the meeting of the committee of creditors (CoC) held on October 14, the lenders had decided to go ahead with the resolution plan submitted by the Sajjan Jindal-controlled JSW Group entity a week after Vedanta decided to pull out. On October 6, Vedanta had announced its decision to withdraw its resolution plan.
GSK consumer MD to head residual business post HUL deal completion
The unlisted entity has brands like Sensodyne toothpaste, Crocin analgesic and Iodex pain balm. The majority of GSK Consumer’s India portfolio, comprising the health drinks, comes under the listed entity and this will now move to Hindustan Unilever.
NCLT directs to initiate insolvency proceedings against AVP Buildtech
A two-member NCLT bench has appointed an interim resolution professional (IRP) to run the affairs of the company and also declared moratorium, prohibiting the lenders from recovering any amount during this period.
Homebuyers, developers cheer stress fund cabinet nod; reiterate timeline, execution crucial
“The fund will help nearly 1,600 stalled housing projects in the country, and it is positive that the aspect of NCLT/NPA will not be a stumbling block to prevent stalled and delayed projects from approaching the fund,” said Niranjan Hiranandani, the national president of Naredco, a developers’ body. “But the devil in the detail in this case will be quick implementation.”
Complete corporate insolvency resolution process of Jaypee Infra Ltd within 90 days: Supreme Court
The apex court directed completion of the corporate insolvency resolution process for Jaypee Infratech Ltd (JIL) within 90 days. The court further asserted that the pendency of any other application before the NCLT or NCLAT, including any interim direction, shall be no impediment for the IRP to receive and process the revised resolution plans from the two bidders.
Delhi-NCR realtors enter into joint ventures to tide over cash crunch
A JV or development management agreement puts a large developer in the driver’s seat as the new entrant gains control of the new entity. Additionally, the established developer’s track record and ability to maintain cash flows help bolster project execution and marketing.
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