Tag: NCLT

SpiceJet Gets Notice From Law Tribunal Over Insolvency Plea From Operational Creditor

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SpiceJet Gets Notice From Law Tribunal Over Insolvency Plea From Operational Creditor

SpiceJet is already facing several insolvency petitions from creditors. New Delhi: The National Company Law Tribunal (NCLT) on Monday issued notice to debt-ridden air carrier SpiceJet over the plea filed by one of its operational creditors. A two-member NCLT bench, comprising Mahendra Khandelwal and Sanjeev Tanjan, has directed Spicejet to file a reply and list…

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NCLAT orders status quo on Coastal Energen insolvency resolution process

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NCLAT orders status quo on Coastal Energen insolvency resolution process

The National Company Law Appellate Tribunal (NCLAT), Chennai on Friday (September 6, 2024) ordered status quo to be maintained as on date in the matter of Corporate Insolvency Resolution Process of Coastal Energen Private Limited, based on an appeal filed against the approval of a ₹3,335.52 crore (excluding resolution process cost) resolution plan submitted by Dickey Alternative Investment Trust and…

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NCLT approves merger of Viacom 18, Star India

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NCLT approves merger of Viacom 18, Star India

The NCLT on Friday (August 30, 2024) approved the scheme of merger of Reliance Industries-owned Viacom 18 Media — the holding company of the group’s media and entertainment assets — with Star India. A two-member bench of the National Company Law Tribunal (NCLT) approved the composite Scheme of Arrangement among Viacom 18, Digital18 and Star…

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NCLT approves slice and North East Small Finance Bank’s Merger

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NCLT approves slice and North East Small Finance Bank’s Merger

Rajan Bajaj, Founder and CEO, slice | Photo Credit: The Hindu slice, India’s leading consumer payments and lending company has received approval from the National Company Law Tribunal (NCLT) for its merger with North East Small Finance Bank (NESFB). The NCLT, Guwahati bench, has sanctioned the Scheme of Arrangement and Amalgamation involving Garagepreneurs Internet Private…

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NCLT orders insolvency proceedings against Coffee Day Enterprises

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NCLT orders insolvency proceedings against Coffee Day Enterprises

The corporate dispute tribunal agency National Company Law Tribunal (NCLT) has ordered initiating insolvency proceedings against Coffee Day Enterprises Limited (CDEL), the parent company of Coffee Day Group which operates Cafe Coffee Day chain of coffee houses. The Bengaluru Bench of the NCLT on August 8 admitted the plea filed by IDBI Trusteeship Services Limited (IDBITSL)…

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Byju’s Faces Insolvency Proceedings For Failure To Pay BCCI Rs 158.9 Crore

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Byju’s Faces Insolvency Proceedings For Failure To Pay BCCI Rs 158.9 Crore

Byju’s had previously sponsored the Indian cricket team. Bengaluru/New Delhi: Edtech company Byju’s, which was once India’s most valuable start-up worth an estimated USD 22 billion, will face insolvency proceedings for failure to pay Rs 158.9 crore to cricket board BCCI. The Bengaluru bench of the National Company Law Tribunal (NCLT) on Tuesday allowed bankruptcy…

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NCLT rejects JAL’s claim of liquidity crunch due to delay in government approvals, litigations

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NCLT rejects JAL’s claim of liquidity crunch due to delay in government approvals, litigations

The NCLT, which on June 3 ordered initiation of insolvency proceedings against Jaiprakash Associates Ltd (JAL), rejected the company’s contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and change in government policies. It has been…

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ZEE withdraws from NCLT application to merge operations with Sony

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ZEE withdraws from NCLT application to merge operations with Sony

Zee Entertainment logo | Photo Credit: Reuters ZEE Entertainment Enterprises Ltd on Tuesday said it has withdrawn its application, seeking implementation of the merger with Sony, filed before the National Company Law Tribunal Mumbai bench. The company filed an application with the NCLT on January 24, 2024, seeking directions on the implementation of a composite…

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Law Tribunal Dismisses Insolvency Plea Against Wipro

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Law Tribunal Dismisses Insolvency Plea Against Wipro

New Delhi: The National Company Law Appellate Tribunal has dismissed an operational creditor’s petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not…

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