[ad_1] 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...
NCLT initiates insolvency against Ansal Properties & Infrastructures, Legal News, ET LegalWorld – Legal Firms
[ad_1] The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects. A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa...
Jalan-Kalrock, Legal News, ET LegalWorld – Legal Firms
[ad_1] The Jalan-Kalrock consortium, winning bidder of Jet Airways, has moved the National Company Law Appellate Tribunal (NCLAT), saying provident fund and gratuity dues of Jet employees should be paid from the airline's existing cash balance and the rest from the lenders' share.On October 21, the appellate tribunal had directed...
LTI-Mindtree merger receives NCLT approval, Legal News, ET LegalWorld – Legal Firms
[ad_1] Larsen & Toubro Infotech (LTI) and Mindtree said that they have got clearances to operate as a single company from November 14, marking the closure of an over six-month merger process that is creating India’s fifth largest software company.In a statement, the boards of the two companies said they...
NCLT approves Sterling Biotech’s acquisition by US-based Perfect Day, Legal News, ET LegalWorld – Legal Firms
[ad_1] India’s bankruptcy court has approved US-based food technology startup Perfect Day’s acquisition of Sterling Biotech under the Insolvency & Bankruptcy Code (IBC).In April, the California-based company emerged successful with a bid of Rs 638 crore against the reserve price of Rs 548.46 crore for the debt-ridden company, which owes...
AM Mining India completes acquisition of Uttam Galva Steels, Legal News, ET LegalWorld – Legal Firms
[ad_1] New Delhi, AM Mining India on Thursday said it has completed the acquisition of debt-laden Uttam Galva Steels Limited through the insolvency process. The acquisition follows the recent approval of AM Mining India's resolution plan for Uttam Galva Steels Ltd by the National Company Law Tribunal (NCLT) Mumbai. In...
NCLT disposes insolvency plea against Gannon Dunkerley citing settlement talk, Legal News, ET LegalWorld – Legal Firms
[ad_1] 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...
Govt appoints 15 judicial, technical members at NCLT, Legal News, ET LegalWorld – Legal Firms
[ad_1] New Delhi, Nov 8 (PTI) The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges. The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law. As many...
Jio moves NCLT for early resolution of Reliance Infratel bankruptcy process, Legal News, ET LegalWorld – Legal Firms
[ad_1] Kolkata: The Reliance Infratel (RTIL) bankruptcy resolution may be finally headed for a close after two years. A Reliance Jio Infocomm arm has recently moved a fresh application in the National Company Law Tribunal (NCLT) Mumbai, offering to deposit the total resolution sum of Rs 3,500 crore in a...
NCLT admits insolvency plea against infrastructure firm Valecha Engineering, Legal News, ET LegalWorld – Legal Firms
[ad_1] 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...