Hc Junks Nclt Member’s Plea, Legal News, ET LegalWorld – Legal Firms

The Gujarat high court on Tuesday disposed of a petition filed by a former acting president of the National Company Law Tribunal (NCLT) for reappointment after her five-year term ended. Former judicial member of NCLT, Ahmedabad, Manorama Kumari, filed a petition in the high court seeking directions to the central...

Report, Legal News, ET LegalWorld – Legal Firms

The cumulative recovery rate under the insolvency resolution processes of debt-ridden companies declined to 30.18 per cent at the end of the September quarter, indicating that lenders took more haircut on their exposure, shows a study. The recovery rate has fallen steeply from a peak of 43 per cent in...

Insolvency proceedings begin in Ansal Properties and Infrastructure, Legal News, ET LegalWorld – Legal Firms

The National Company Law Tribunal (NCLT) has ordered the commencement of a corporate insolvency resolution process of Ansal Properties and Infrastructure.The creditors of Ansal Properties have been asked to submit their claims with proof by December 1 to the interim resolution professional.The classes of creditors ascertained by the interim resolution...

NCLT directs tax dept to vacate the line on Sai InfoSystem’s land parcel, Legal News, ET LegalWorld – Legal Firms

The bankruptcy court in Ahmedabad has directed the state revenue department to lift the attachment on a land parcel owned by Sai InfoSystem (India) Ltd., a company facing liquidation.The ruling will set a precedent for liquidators in other cases seeking to release properties from the encumbrance of government departments at...

Jalan-Kalrock Consortium not ruling out Supreme Court appeal, Legal News, ET LegalWorld – Legal Firms

A board member of the Jalan-Kalrock Consortium said it disagrees with Jet Airways' lenders over certain aspects of settlement of dues in the first public admission from the consortium of the tussle between the two parties.Ankit Jalan did not rule out legal options like approaching the Supreme Court to resolve...

NCLT orders urgent implementation of Reliance Infratel resolution plan, Legal News, ET LegalWorld – Legal Firms

The National Company Law Tribunal (NCLT) in Mumbai has directed that the insolvency resolution plan which will see an arm of Reliance Jio take over Reliance Communications’ bankrupt tower and fibre unit be implemented “as quickly as possible". As per the orders of the NCLT made public on Wednesday, the...

13 companies enter in final list of prospective buyers for FRL, Legal News, ET LegalWorld – Legal Firms

Reliance Retail, Adani Group's JV April Moon Retail and 11 other companies have made it to the final list of prospective bidders for acquiring debt-ridden Future Retail Ltd. These companies have been included in the final list of prospective resolution applicants after receiving no objections from stakeholders concerned to the...

No flight plan in sight, lenders may sell 11 aircrafts, Legal News, ET LegalWorld – Legal Firms

Lenders to Jet Airways are keeping open the option of selling 11 planes of the defunct carrier, effectively pushing the airline into liquidation, as they are increasingly frustrated with the delay in executing the resolution plan.Bankers say the Jalan-Kalrock consortium's failure to pay the required amount even one-and-a-half years after...

NCLAT stays insolvency proceedings against Bilcare, Legal News, ET LegalWorld – Legal Firms

In a relief to listed pharmaceutical firm Bilcare, the National Company Law Appellate Tribunal (NCLAT) has stayed the bankruptcy court's order of admitting the company under the corporate insolvency resolution process (CIRP). The company was admitted under the resolution process on a plea filed by Assets Reconstruction Company (India) after...

NCLAT allows Jindal Stainless to bid for Rathi Super Steel, Legal News, ET LegalWorld – Legal Firms

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the...