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The Principal Bench of the National Company Law Appellate Tribunal (NCLAT), Delhi, has restrained Raheja Developers from creating third-party rights by selling units or land, the Economic Times of India reported. “It is clarified that, insolvency having commenced, we have no doubt that the management of the corporate debtor shall not create any third-party rights in the immovable properties,” the NCLAT said in its order. Earlier, the homebuyers had raised concerns that the assets of the company were being sold and transferred without the instructions of the IRP.
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The Bengaluru bench of the National Company Law Tribunal (NCLT) dismissed Byju’s parent Think and Learn’s plea for an interim stay aimed at stopping Aakash Educational Services from holding its extraordinary general meeting (EGM) to approve a rights issue on October 29, the Economic Times of India reported. Counsel for Think & Learn argued that the proposed rights issue would reduce its stake in the coaching centre operator from 25.75% to around 5%, since the company, currently under insolvency, cannot participate in the issuance of new shares.
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The National Company Law Tribunal (NCLT) has directed for initiation of insolvency proceedings against Bhilai Jaypee Cement, a subsidiary of debt-ridden group Jaiprakash Associates Limited, for a default of Rs 45 crore, the Economic Times of India reported. The direction of Cuttack bench of NCLT came after it admitted a plea filed by the company's operational creditor Sidhgiri Holdings Pvt Ltd, to which Bhilai Jaypee Cement owed Rs 45 crore against supply of coal.
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The National Company Law Tribunal (NCLT) has admitted an insolvency case against Blu-Smart Mobility Tech, the debt-ridden company which was providing all-electric ride-hailing services and building a network of EV charging infrastructure in India, the Economic Times of India reported. The Ahmedabad bench of NCLT has admitted the insolvency plea filed by Lepton Software Export and Research against Blu-Smart Mobility over an unpaid amount of Rs 5.84 crore, and appointed Pawan Kumar Goyal as the interim resolution professional, suspending the board of the company.
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The National Company Law Appellate Tribunal (NCLAT) has dismissed an insolvency appeal against Amrit Polychem filed by Korea Trade Insurance Corporation, TheWeek.in reported. The appellate tribunal has upheld the order passed by the Mumbai Bench of the National Company Law Tribunal (NCLT), observing a preexisting dispute between the parties. The NCLAT said that the Korea Trade Insurance Corporation (Ksure) was well aware of the fact that there was a preexisting dispute before stepping into the shoes of the JT Corporation (JTC).
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The Competition Commission of India has approved Vedanta Limited's acquisition of Jaiprakash Associates Limited following a corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, LiveMint.com reported. “The Proposed Combination envisages acquisition of Jaiprakash Associates Limited (JAL) by Vedanta Limited (Acquirer) pursuant to a corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC),” the Commission said in a release on Tuesday, October 14.
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Vijay Mallya, wanted in India to face trial on fraud and money laundering charges, has discontinued an application to annul a UK bankruptcy order ahead of a planned hearing in London on Monday, IndiaToday.com reported. It means the "Trustee in Bankruptcy" can continue to pursue assets to help a consortium of banks led by the State Bank of India (SBI) realise the repayment of an estimated judgment debt of around 1.05 billion pounds owed by the 69-year-old's now-defunct Kingfisher Airlines.
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