NCLT admits SBI’s plea seeking insolvency proceedings against steelmaker Reform Ferro, Legal News, ET LegalWorld – Legal Firms

The bankruptcy court has allowed the State Bank of India's petition seeking to initiate insolvency proceedings against Kolkata-based steelmaker Reform Ferro Cast and appointed Arun Kumar Gupta as its interim resolution professional. State-owned lender SBI had approached the Kolkata bench of the National Company Law Tribunal (NCLT) against the steelmaker...

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...

SC grants four more weeks to CBI to file reply on Swamy’s plea for probe into role of RBI officials in bank scams, Legal News, ET LegalWorld – Legal Firms

The Supreme Court on Friday granted four-week extension to the Central Bureau of Investigation and Reserve Bank of India to file reply on a plea filed by BJP leader Subramanian Swamy seeking probe into the alleged role of the central bank officials in various banking scams. A bench of Justices...

NCLT admits SBI’s insolvency plea against Gayatri Projects, Legal News, ET LegalWorld – Legal Firms

The Hyderabad bench of the National Company Law Tribunal (NCLT) has admitted a petition by the State Bank of India (SBI) to start bankruptcy proceedings against Gayatri Projects as lenders increase pressure on the debt-laden engineering, procurement and construction (EPC) company to recover dues of over ₹6,000 crore.SBI's petition to...

NCLT disposes insolvency plea against Gannon Dunkerley citing settlement talk, Legal News, ET LegalWorld – Legal Firms

The Mumbai bench of the National Company Law Tribunal (NCLT) has disposed of an insolvency petition filed by Canara Bank against Gannon Dunkerley & Co, as lenders are considering a settlement proposal from the construction and engineering firm.The insolvency petition had been filed by Canara Bank, after Gannon Dunkerley defaulted...

SC order on authority’s dues will impact delivery of project in Noida, say developers, Legal News, ET LegalWorld – Legal Firms

The Supreme Court’s decision to recall its 2020 order that capped the interest rate at 8% for delays in payment of land costs by builders to the authorities will delay multiple projects in Noida and Greater Noida, according to developers and industry bodies.Developers currently have pending dues of about Rs...

NCLT admits insolvency plea against infrastructure firm Valecha Engineering, Legal News, ET LegalWorld – Legal Firms

A bankruptcy court in Mumbai has admitted listed infrastructure firm Valecha Engineering under the Corporate Insolvency Resolution Process (CIRP) and has appointed Anurag Kumar Sinha as the interim resolution professional of the company.The State Bank of India (SBI) had filed an application in the Mumbai bench of the National Company...

Vijay Mallya’s lawyer urges SC to relieve him from case, Legal News, ET LegalWorld – Legal Firms

NEW DELHI: A lawyer representing fugitive businessman Vijay Mallya on Thursday urged the Supreme Court to relieve him from representing Mallya, who is residing in the United Kingdom, as he is not receiving any communications from him.Advocate EC Agarwala told a bench of Justices DY Chandrachud and Hima Kohli that...

IDBI Bank declared former directors of Amtek Auto Ltd ‘fraud’, CBI to SC, Legal News, ET LegalWorld – Legal Firms

New Delhi, The CBI has told the Supreme Court that IDBI Bank has declared the former promoters/directors of Amtek Auto Ltd as "fraud" on September 26, and reported it to the RBI on October 4, and is in process of filing a complaint against them, but the company has not...