The National Company Law Tribunal (NCLT) on Monday admitted a corporate insolvency resolution process (CIRP) against a Bus Rapid Transport Service (BRTS) contractor, Khurana Engineering Limited, while acting on a petition filed by Power and Instrumentation (Gujarat) limited under the Insolvency and Bankruptcy Code, 2016, the Economic Times of India reported.
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The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea seeking insolvency proceedings against Ansal Hi-tech Township Ltd filed by its homebuyers of a project in Greater Noida, the Economic Times of India reported. The appellate tribunal has upheld the order passed by the Delhi-based bench of the National Company Law Tribunal (NCLT), which had in January 2023 set aside the plea of homebuyers, observing that the allottees belong to different projects and does not fulfil the required criteria to file an insolvency case.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has adjourned the hearing of an application in cable TV distribution company Siti Networks' insolvency resolution matter to April 3, ET reported. Siti Networks is a multi-system operator (MSO) promoted by the Essel Group and offers a variety of channels, including HD services, digital cable TV, and broadband services. The report states the bench observed that various applications were pending, highlighting irregularities in the process and the change in the date of the start of the resolution process.
The National Company Law Appellate Tribunal (NCLAT) has permitted John Energy, a debt-ridden firm facing insolvency proceedings before the NCLT, to deposit Rs 254 crore along with 12 per cent interest as per the One Time Settlement (OTS) with its lenders ICICI Bank and Axis Bank, the Economic Times of India reported. The tribunal also said that the bank's plea to initiate insolvency proceedings is still pending before NCLT, it would be for the lower court to take a call on the submissions and offer made by John Energy.
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Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet. Wilmington Trust's petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal (NCLAT), the Economic Times of India reported.
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The National Company Law Tribunal (NCLT) in Mumbai has admitted a corporate insolvency resolution process (CIRP) against over a century-old textile maker ShriVallabh Pittie (SVP) group’s affiliate Shrivallabh Pittie Industries Ltd in an application filed by the State Bank of India, the Economic Times of India reported. The lender had approached the tribunal after the company defaulted on its dues of about Rs 90 crore. The tribunal has also appointed Mukesh Verma as resolution professional.
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Indian tech firm Think & Learn Pvt must freeze $533 million in order to protect the money for disgruntled lenders who claim the cash should only be used to pay them, a U.S. judge said yesterday, Bloomberg News reported. The decision by US Bankruptcy Judge John Dorsey was a mixed victory for lenders. They earlier demanded the money be placed under the control of the federal court to prevent the cash from being spent by the Indian education-tech firm, which operates under the name Byju’s.
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A hedge-fund founder at the center of a $1.2 billion legal battle between Indian education-technology company Byju’s and its lenders is staying outside the U.S. despite a court order to return, saying he fears for his safety, WSJ Pro Bankruptcy reported. William Cameron Morton said in an interview that he left the U.S. rather than comply with a court order to divulge the whereabouts of nearly $540 million that Byju’s invested in his Florida-based hedge-fund firm, Camshaft Capital.
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The National Company Law Tribunal (NCLT) in Mumbai on Thursday admitted an insolvency resolution application against NCR Rail Infrastructure (previously Arshiya Rail Infrastructure), and appointed Bhuvan Madan as the resolution professional for the company, the Economic Times of India reported. NCR Rail Infrastructure is an affiliate of BSE-listed Arshiya Ltd, which operates free-trade warehousing zones. Edelweiss Asset Reconstruction Company had approached the tribunal seeking to initiate insolvency proceedings against the company over a default on payment of Rs 71 crore.
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The bankruptcy court in Ahmedabad has rejected Gujarat-based Express Group of Hotels’ revival plan for Neesa Leisure Ltd, which operates a luxury hotel chain under the brand Cambay, the Economic Times of India reported. The company has admitted liabilities of Rs 1,580 crore, whereas the resolution plan approved by the lenders proposed to give Rs 150 crore to them to acquire the company through the bankruptcy process. The successful resolution applicant had proposed Rs 250 crore towards capex and fresh funds, bringing the total value of the plan to Rs 400 crore.
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