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Jan 20, 2020, 06.14 AM IST

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CBI arrests insolvency resolution professional appointed by NCLT

In what is likely to be the first corruption case by the CBI against an NCLT-appointed IRP, the agency has taken into custody Arun Mohan, the IRP, and his friend Paresh Kumar, CEO of New Delhi-based Multimax Asset Reconstruction Pvt Ltd for allegedly receiving a bribe of Rs 3.5 lakh against a demand of Rs 5 lakh.

Creditors raise objections, block resolution of 5 IL&FS road assets

An affidavit by the board said that “of the five ITNL sale SPVs, voting h...

Bondholders drag Reliance Home Finance to NCLT

IDBI Trusteeship wants the tribunal to seize the assets of Reliance Home Finance and Reliance ...

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  • Proposed changes have been drawn from the report of the Company Law Committee (CLC), headed by corporate affairs secretary Injeti Srinivas. “Proposals to decriminalise about 44 of the compoundable offences under the Companies Act will be taken up by the cabinet,” said a senior official.

    The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party.

    Among banks, corporate lenders will be in the limelight on the back of strong recovery.

    An alternative investment firm owned by Kotak Mahindra Bank is seeking the court’s intervention to have overturned the National Company Law Tribunal’s (NCLT) order, arguing that the resolution process was flawed.

    The National Company Law Tribunal (NCLT) also directed Indian Overseas Bank, which filed applications at the tribunal for exemption from payment as they are under Prompt Corrective Action (PCA) restriction to approach the government authorities concerned in this regard.

    Debt investors of RHFL are planning legal action that may include a request for recovery proceedings.

    Rajive Kaul and daughter Pallavi Priyadarshini have been Nicco Corp’s nominee directors at Nicco Parks & Resorts. The bankruptcy court’s Kolkata bench in a December 18 order told the two, who were promoters of Nicco Corp, to leave the positions. Pallavi got a stay on the part of the order concerning her.

    Last month, NBCC won the bid to acquire Jaypee Infratech after financial creditors, including lenders and homebuyers, approved its resolution plan. NBCC's resolution plan was approved by the committee of creditors (CoC) with 97.36 per cent votes in favour.

    The company had approached the Ahmedabad bench of NCLT for an approval to transfer investment undertakings from Sun Pharma to its Netherlands-based wholly-owned subsidiary. Sun Pharma now has the option to challenge the NCLT ruling in higher courts. The decision was approved by the Sun Pharma board in May 2018.

    Brothers Dhruv and Manish with their mother Neera Agarwal approached the Hyderabad bench of the NCLT seeking tribunal’s intervention in the affairs of the company. They filed two separate petitions for Gati and TCI Finance, where Mahendra Agarwal is the promoter.

    Thapar lost control of his flagship business to a private equity investor and his mortgaged home in Delhi to a private bank. “From day one, I have maintained that I am not a beneficiary to any of the transactions,” he said, denying the allegations of funds being siphoned out of CG Power.

    With creditors unable to agree on buyers or the restructuring mechanism, it is taking several weeks to arrive at any consensus in many cases. The last date of signing ICA was January 7 for loans exceeding Rs 2,000 crore. Banks had asked the regulator to extend the deadline by three months so that cases close to resolution were not referred to the NCLT.

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