Nclt

Demerger of Vedanta's key businesses likely to happen by end of FY25

The demerger of mining conglomerate Vedanta Ltd's key businesses, including aluminium, into separate listed companies is expected by the end of FY25, a top official of the company said on Wednesday. Vedanta Ltd has filed an application for its demerger scheme before the National Company Law Tribunal (NCLT) after receiving a nod from lenders. Asked when is the demerger happening, John Slaven, CEO of aluminium business of Vedanta, said, "it's not within our control. It's the NCLT process. They typically take, I don't know, four to six months, to run that process. So by end of this fiscal year, by the end of this fiscal year (I see it happening)." Slaven was speaking during the launch of Vedanta Aluminum's two new products for power sector. The first product offers superior electrical conductivity, making it ideal for remelting. The second product is the electrical conductor grade wire rod, designed for winding strip applications with a balance of strength, conductivity, workability,

NCLT extends Go First's resolution deadline, asks to file reply in 3 weeks

Corporate dispute tribunal NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks. A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October. The resolution professional of Go First had moved the application under section 33 (1) of the Insolvency & Bankruptcy Code for the liquidation of Go First after the lenders failed to find a reasonable buyer within the stipulated time frame. During the proceedings, counsel appearing for Go First informed the NCLT that the Committee of Creditors decided to liquidate the company with a majority vote. This was the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), as the airline has been struggling to find a buyer. In ..

NCLT approves merger of Reliance-owned Viacom18 Media with Star India

The NCLT on Friday approved the scheme of merger of Reliance Industries-owned Viacom 18 Media -- the holding company of the group's media and entertainment assets -- with Star India. A two-member bench of the National Company Law Tribunal (NCLT) approved the composite Scheme of Arrangement among Viacom 18, Digital18 and Star India, a unit of global media giant The Walt-Disney. The development comes two days after the Competition Commission of India approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country's largest media empire worth over Rs 70,000 crore. Approving it, the NCLT observed: "From the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy". The NCLT in its 22-page-long order also observed that the scheme "will be made effective, in terms of the Scheme, only upon the receipt of the approval of the Competition Commission of India". T

Peak XV-backed Kenko Health shuts down after running out of funds

Despite securing more than $13.7 million in funding from investors like Peak XV Partners, Orios Venture Partners, and Beenext, the health startups faced challenges securing key licences

SC refuses to halt operations of CoC in edtech major Byju's insolvency case

The matter will now be heard on August 27

Pine Labs secures NCLT approval to merge domestic, Singapore entities

The development comes as the Singapore-based digital payments company is shifting its domicile back to India. The cost of the reverse flipping could not be ascertained

Slice gets NCLT nod for its merger with North East Small Finance Bank

This paves way for official merger, combining Slice's digital prowess with North East Small Finance Bank's banking expertise to deliver a superior financial experience to Indian consumers, it said

NCLT gives nod to Sarda Energy's acquisition of SKS Power for Rs 2,200 cr

SKS owns a 600-MW power plant in Chhattisgarh, which is currently being run by NTPC

Coffee Day shares tumble 29% in 2 days: What's brewing at CCD operator?

Coffee Day NCLT proceedings: The Bengaluru Bench of NCLT had admitted IDBI Bank's plea to initiate insolvency proceedings against Coffee Day Enterprises for loans worth Rs 228 crore

NCLT passes Oberoi Realty's resolution plan for Nirmal Lifestyle Realty

Oberoi Realty on Monday said the National Company Law Tribunal has approved its resolution plan for Nirmal Lifestyle Realty, and it will pay Rs 230 crore to the creditors of the bankrupt firm. In a regulatory filing, Oberoi Realty said the NCLT Mumbai bench issued an order on August 9, 2024, approving the resolution plan submitted by the company in relation to the Corporate Insolvency Resolution Process (CIRP) of Nirmal Lifestyle Realty Pvt Ltd (NLRPL). The NLRPL holds development rights with respect to land measuring about 20,262.40 square metres at Mulund West, Mumbai. "The resolution plan provides for payment on the Effective Date (being a date not earlier than 90 days from the NCLT approval date) of an amount of Rs 273 crore to various creditors in the full and final settlement, and the CIRP Costs at actuals incurred up to the Effective Date)," the filing said. On the effective date, the company would also subscribe to 100 per cent equity share capital of NLRPL for Rs 1,00,000,

Sonata Finance to merge with BSS Microfinance: Kotak Mahindra Bank

As per the scheme of amalgamation approved on Monday, Sonata would merge with BSS Microfinance Ltd on a going concern basis, Kotak Mahindra Bank said in a regulatory filing

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

Hindustan Zinc clarifies on reports of Rs 6,000 crore special dividend

Hindustan Zinc Limited said it was 'unable to comment' on media speculations of declaring a special dividend amounting to Rs 6,000 crore

NCLT orders insolvency trial against Coffee Day Enterprises on IDBI claims

Corporate dispute tribunal NCLT has ordered initiating insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru bench of the NCLT (National Company Law Tribunal) on August 8 admitted the plea filed by IDBI Trusteeship Services Ltd (IDBITSL) claiming a default of Rs 228.45 crore and appointed an interim resolution professional to take care of the operation of the debt-ridden company. CDEL, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The financial creditor had subscribed 1,000 NCDs through private placement and paid Rs 100 crore towards the subscription in March 2019. For that CDEL executed and entered into an agreement with IDBITSL agreeing to appoint as the debenture trustee for the debenture

Hinduja group did not deposit funds for RCap acquisition: Administrator

No default by us, says IIHL

Resolutions under Insolvency and Bankruptcy Code highest in FY24: Crisil

Recovery for financial creditors, however, declined to 27% compared to 36% in FY23

Byju's insolvency order: NCLAT judge recuses from hearing appeal

Cites he had appeared for the BCCI as a lawyer and, therefore, did not think it appropriate to hear the matter

BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing

Byju's is currently dealing with claims exceeding Rs 200 crore from multiple creditors, including Rs 158 crore owed to BCCI

NCLT orders insolvency proceedings against Supertech Township Projects

The National Company Law Tribunal has directed to initiate insolvency proceedings against Supertech Township Projects on a plea filed by Punjab & Sind Bank over a default of Rs 216.92 crore. This is the third group firm of Ram Kishor Arora-led realty major Supertech to go through the Corporate Insolvency Resolution Process (CIRP). Earlier in June this year, the National Company Law Tribunal (NCLT) directed to initiate CIRP against Supertech Realtors, which is developing residential apartments, offices, retail and luxury hotels at its "Supernova" projects. In March 2022, CIRP was initiated against Supertech Ltd. On July 12, a Delhi-based NCLT bench admitted the plea against Supertech Township Projects filed by Punjab & Sind Bank and appointed Umesh Singhal as the Insolvency Resolution Professional. Supertech Township Projects is developing a Group Housing Project - Golf Country at Yamuna Expressway, Greater Noida, Uttar Pradesh. The cost of the project was estimated at around ..

Byju's knocks at NCLAT door against NCLT's insolvency order in BCCI case

Crisis-ridden Byju's has moved the National Company Law Appellate Tribunal (NCLAT) against the recent order of NCLT that allowed cricket board BCCI's petition for initiating insolvency proceedings against the once-famed edtech company, sources said. Sources privy to the development said that the company is seeking an urgent hearing on the matter. Byju's did not comment on the issue. According to sources, Byju's on Thursday moved the appellate tribunal, NCLAT, contesting the recent order of NCLT's Bengaluru bench that had admitted the cricket board's plea to start insolvency proceedings against the parent company Think and Learn, after the edtech firm failed to pay Rs 158.9 crore dues. Founder and CEO Byju Raveendran will report to the resolution professional. NCLT has appointed Pankaj Srivastava as the interim resolution professional. Byju's had previously sponsored the Indian cricket team. Earlier this week, Byju's had said it is hopeful of reaching "an amicable settlement" with