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National Company Law Tribunal News

23 Nov 2023

Grounded Go First Airline Receives 90-Day Extension From NCLT For Resolution

Go First Airlines remains inactive, receiving a 90-day moratorium extension from NCLT for insolvency resolution. Failure may lead to liquidation by Feb 4, 2024.

Ananda Divine Developers

07 Apr 2022

Another real estate firm on verge of bankruptcy? Insolvency process initiated

A two-member Delhi-based Principal bench of the NCLT had on March 25 admitted a plea filed by ICICI Prudential Venture. The insolvency tribunal has appointed Harish Taneja as the Interim Resolution Professional to take over the management of the company. The tribunal has also suspended the board of Ananda Divine Developers.

02 Apr 2022

Realty association writes to Yogi, seeks help to save builders from bankruptcy

The NCLT last month ordered initiating insolvency proceedings against Supertech. Jaypee Infratech is also facing insolvency proceedings. Naredco-UP also demanded release of sub-lease/registry permission by authorities.

National Company Law Tribunal

25 Mar 2022

Supertech declared insolvent; 25,000 homebuyers in tizzy

The NCLT order will not impact the construction at all ongoing projects or operation of the company. The debt of Supertech Ltd is around Rs 1,200 crore. The debt includes nearly Rs 150 crore loans from Union Bank of India.

01 Dec 2021

NCLAT rejects Kotak's plea to set aside insolvency proceedings against MSEL

The NCLT order was challenged by Kotak Mahindra Bank. Kotak Mahindra Bank had contended that four other banks -- ICICI Bank, DBS, IDBI and SBI -- had also advanced loans to MSEL. However, ICICI Bank opposed both the petitions.

National Company Law Tribunal

15 Sep 2021

Supreme Court slams govt for 'cherry-picking' in tribunal appointments

The SC gave the last opportunity to the government to make good appointments within two weeks and give reasons for rejecting recommended names It also observed that it is distressing that names recommended by a selection panel, comprising two SC judges and two secretaries are being treated with disdain

25 Mar 2021

Murari Lal Jalan-Gupta brothers link revealed in Jet Airways resolution plan?

Gupta brothers are backing Murari Lal Jalan in Jet Airways deal There are family and business links between the two families Murari Lal Jalan has mentioned Atul Gupta's son in Jet Airways resolution plan

18 Mar 2021

Can Jalan buy Jet Airways? Security clearance in doubt as DGCA steps in

Security clearance of Jet Airways deal in doubt Jalan-Gupta brothers in fix as DGCA steps in Jet Airways need security Air operator Certificate

Delhi Gymkhana Club

15 Feb 2021

NCLT suspends Delhi Gymkhana Club's board, asks MCA to appoint administrator

NCLT suspends Delhi Gymkhana Club's board NCLT orders inistry of Corporate Affairs to appoint administrator

13 May 2020

Jet Airways crisis: Fresh expressions of interest invited for defunct airline

In March this year, the National Company Law Tribunal (NCLT) had allowed 90 days' extension for the corporate insolvency resolution process of the airline.

06 May 2020

Jet Airways lenders panel holds meeting to assist grounded airline

The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with public sector lenders having significant exposure.

09 Sep 2019

Ruchi Soya stock hits upper circuit after NCLT order

The order stated that, Patanjali will "infuse the amount of Rs 4,350 crore in the SPV (special purpose vehicle) -- 'Patanjali Consortium Adhigrahan'-- which will be later amalgamated with Ruchi Soya.

14 Aug 2019

IL&FS cuts nearly 50% staff since October for cost cutting

In its fifth progress report on the group`s resolution process and the way forward, submitted to the Mumbai-bench of the National Company Law Tribunal (NCLT), the company said that the measure has helped reduce its wage bill by nearly 47 per cent.

20 Jun 2019

NCLT admits Jet for bankruptcy, sets 90 days for resolution

The National Company Law Tribunal (NCLT) Thursday admitted the insolvency petition filed by the lenders' consortium led by State Bank against Jet Airways.

National Company Law Tribunal

13 Jun 2019

NCLT adjourns hearing on Jet Airways to June 20

Jet Airways owes more than Rs 8,000 crore to a consortium of banks led by the State Bank of India, which now run the airline, while it has a much larger debt pile by way of accumulated losses to the tune of Rs 13,000 crore and vendor dues of over Rs 10,000 crore and salary dues of over Rs 3,000 crore.

National Company Law Appellate Tribunal

28 Mar 2019

Cabinet clears creation of 6 additional posts in NCLAT

NCLAT is a quasi-judicial body that hears appeals against rulings of the National Company Law Tribunal.

Reliance Communications Ltd

04 Feb 2019

RCom plunges to record low after approaching bankruptcy court

The stock plunged as much as 54.3 percent to 5.3 rupees apiece on Monday.

Jaypee Infratech

24 Jan 2019

Jaypee Infratech lenders extend deadline till February 15 for resolution plans

Jaypee Infratech, a subsidiary of Jaypee Group's flagship firm Jaiprakash Associates, is developing about 32,000 flats, of which it has delivered 9,500 units.

Vodafone Idea Limited

18 Sep 2018

Vodafone Idea to merge Aditya Birla Telecom

The scheme is subject to approval of the National Company Law Tribunal, Ahmedabad.

11 Sep 2018

ICICI Banks files insolvency plea against Jaiprakash Associates

If NCLT allows the plea of the ICICI bank, then this will be the second company of the crisis hit Jaypee group facing insolvency.

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