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RARE PHOTOS: 2 | Vintage Vibes

Andhra Pradesh Directorate of Revenue Intelligence imposes penalties of ₹34 crore on firms involved in ‘FiberNet scam’

APSDRI imposes ₹34cr penalty on companies involved in A.P. Fibernet scam for tax evasion. Funds of ₹10.81cr diverted to related firms. Viplav Kumar Valluri, MD of M/s Fastlane, stated that they had not paid taxes as APSFL had not paid invoice amounts. NCLT admitted application and M/s Fastlane is now…

The Hindu

Moratorium under IBC to exempt aircraft and engines, govt. notifies

In a big relief for aircraft lessors, the government has amended the Insolvency and Bankruptcy Code 2016 to state that protections granted under a moratorium to a corporate debtor from recovery of dues will not cover aircraft, helicopters and engines.

The Hindu

Bombay HC issues notice to art director Nitin Desai's widow in quashing pleas in suicide abetment case

MUMBAI: Bombay high court on Friday issued notice to the state and the widow of art director Nitin Desai on quashing petitions filed by five persons accused of abetting his August 2 suicide.

The Times of India

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GoFirst can fly leased aircraft, says NCLT

NCLT rejects pleas from 6 aircraft lessors to bar GoFirst from using their aircraft and appoint an inspector. Court maintained that an order refraining the resolution professional from using the aircraft would amount to “corporate death” and that it was the duty of the interim resolution professional to ensure the…

The Hindu

HDFC Bank completes merger formalities, rebrands HDFC Ltd. offices, branches

Housing finance major HDFC merged with its subsidiary HDFC Bank on July 1 as their respective boards had cleared the proposal on June 30.

The Hindu

UNI’s insolvency proceedings: End of the road or will investors ride to the rescue?

A news agency formed to take on PTI’s monopoly six decades ago, United News of India’s slump over the past 10 years recently culminated in the initiation of the insolvency proceedings against it.

Newslaundry

Aviation leasing watchdog puts India on watchlist after NCLT’s GoFirst order, assigns negative country ‘negative’ outlook

India has been placed on global aviation leasing watchdog’s watchlist, assigning it “negative” outlook following the National Company Law Tribunal’s (NCLT) order restricting bankrupt airline Go First’s lessors from repossessing planes while it is undergoing insolvency process.

The Hindu

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Go First must raise funds to keep it a going concern, IRP Lal tells airline’s staff

‘Promoters remain interested in the business’

The Hindu

NCLT admits Go First’s insolvency plea, grants moratorium

go first insolvency plea admitted

The Hindu

‘Fair and Remunerative Price’ fixed by Centre for sugarcane is not a fair market price at all, says Madras High Court

In a judgement that has come as a shot in the arm for sugarcane farmers, the Madras High Court has said the Fair and Remunerative Price (FRP) fixed by the Centre for their produce was in reality not the fair market price at all, and that small and marginal farmers…

The Hindu

Morning Digest | Jaishankar discusses LAC stand-off with Chinese Foreign Minister; many killed in Manipur riots on second day of curfew, and more

The Hindu’s Morning Digest brings readers a select list of stories to start the day

The Hindu

Go First moves NCLT, says total dues to creditors at over ₹11k crore

Go First approached the NCLT on May 3, 2023 and sought the admission of its insolvency plea. It owes creditors ₹11,463 crore, the airline said in its insolvency filing.

The Hindu

NCLAT upheld Adani Power bid for Korba West Power; asks Shapoorji Pallonji & Co to pursue arbitration for claims

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji Co to pursue arbitration proceedings for pending claims.

The Times of India

From an industry leader to a defaulter: Rise and fall of Venugopal Dhoot

NEW DELHI: Starting with a family, which had a dealership of Bajaj Auto's scooters, to becoming the owner of a household name in consumer appliances who could afford to have Bollywood superstar Shah Rukh Khan as the brand ambassador, Venugopal Dhoot's is a story of an aggressive small town businessman's…

The Times of India

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Dynamite News

Nine Judicial, Technical Members Join NCLT After Taking Oath

Nine judicial and technical members of the NCLT on Friday took oath at a swearing ceremony held at the premises of the insolvency tribunal here. Read on for details:

The Hindu

KCCI urges Centre to amend Insolvency and Bankruptcy Code in the interest of MSMEs

President of KCCI M. Ganesh Kamath writes letter to Union Minister for Finance Nirmala Sitaraman seeking amendment

The Hindu

NCLT rejects M.K. Rajagopalan’s plea against ASG Hospital’s bid for Vasan Health Care

MD of MGM Healthcare alleged the approved resolution plan of ASG was in violation of Insolvency and Bankruptcy Code regulation; NCLT, however, ruled his plea was rejected as not tenable in law or on facts

The Hindu

Andhra Pradesh: NCLT cancels auction of Lepakshi Knowledge Hub land

It orders reassessment of the land value and start process of corporate insolvency resolution again

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The Hindu

South India Corporation willing to settle payment disputes with Tangedco

CHENNAI

The Times of India

National Company Law Appellate Tribunal to hear Peerless case on September 21

KOLKATA: The National Company Law Appellate Tribunal (NCLAT) will hear the Peerless case between the Roy Family and Parasmal Lodha on September 21. Last week, NCLAT stayed the July 18 order of NCLT till further hearing which had inter alia directed cancellation of 30,000 shares allotted by Peerless General Finance…

Newslaundry

Delhi’s Gymkhana Club is new battleground against ‘family fiefdoms’

The central government’s crusade against “family fiefdoms” seems to have reached the doorsteps of the elite Delhi Gymkhana Club, with the union ministry of corporate affairs alleging a violation of norms to fast-track membership claims of relatives of a “select coterie”, and concerns among members about alleged attempts to trace…

The Hindu

NCLT seeks sources of funding for ASG Hospital’s bid for Vasan Health Care

It also asks for the unconditional letter of commitments from parties willing to fund the acquisition

The Hindu

NCLT gives nod to resolution plan of Landmark Housing promoters

Tribunal rejects objections to the plan citing Supreme Court rulings

The Hindu

NCLT allows IDBI Bank’s plea to replace liquidator of Jeypore Sugar

‘The liquidator does not possess valid authorisation’

The Hindu

Over 97% of lenders voted in favour of ASG Hospital’s bid for Vasan Health Care, NCLT told

The tribunal wants to hear the resolution plan in detail and has posted the case for hearing on July 8

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