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The Mumbai bench of the National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by State Bank of India (SBI) seeking initiation of personal insolvency proceedings against Reliance Group Chairman Anil Ambani over dues of about Rs 1,200 crore linked to guarantees extended for loans to Reliance Communications (RCom) and Reliance Infratel, The Financial Express reported.
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The principal bench of National Company Law Tribunal (NCLT) has admitted an insolvency petition filed by 176 homebuyers of Raheja Developers’ Revanta project in Sector 78 after finding a prima facie case of default in handing over possession despite substantial payments made by allottees, the Times of India reported. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Surinder Aggarwal and 175 other allottees holding 99 units in the luxury residential project.
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Aksh Optifibre Limited has filed an appeal before the National Company Law Appellate Tribunal (NCLAT) challenging an order that deemed an insolvency application against it maintainable, ScanX.Trade reported. The application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed by Shantanu Investments Private Limited. The Company stated that the order suffers from errors on facts and law and that it is pursuing all available legal remedies to safeguard stakeholder interests. The matter was initially heard by a Division Bench of the NCLT, Jaipur Bench.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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