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HISTORICAL FACTS: 2 | History Defined

NCLAT says NCLT cannot directly order SFIO Probe; refers matter to Centre

The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) could not directly order an investigation by the Serious Fraud Investigation Office (SFIO) and clarified that such power rests with the Central Government under the Companies Act.

The Economic Times

Adani Power inks deals to buy Jaiprakash Power stake, Churk assets for over Rs 4,193 crore total

Adani Power is set to acquire a significant stake in Jaiprakash Power Ventures and a thermal power plant. This move is part of a resolution plan for Jaiprakash Associates. The acquisitions will boost Adani Power's generation capacity and expand its presence in the thermal power sector. The deal is expected…

The Economic Times

Adani Ports to acquire indirect control of Kanpur Fertilizers for Rs 1,500 crore under Jaiprakash Associates resolution plan

Adani Ports will acquire Jaypee Fertilizers & Industries for Rs 1,500 crore. This deal gives Adani Ports control of land in Kanpur. This land is suitable for a large logistics park. The acquisition will boost Adani Ports' inland logistics network in North India. It supports their plan to expand multimodal…

The Economic Times

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NCLAT allows Lyka Labs appeal; asks Modi Lifecare to pay Rs 63 lakh or face insolvency proceedings

The NCLAT has ruled in favor of Lyka Labs. It overturned a previous NCLT decision. Modi Lifecare Industries must now pay Rs 63 lakh within 30 days. Failure to pay will lead to insolvency proceedings against the company. The tribunal found that Modi Lifecare acknowledged its debt. This ruling stems…

The Economic Times

NCLAT upholds separate insolvency processes for Videocon Industries and Videocon Oil Ventures

The NCLAT has upheld separate insolvency proceedings for Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL), overturning an NCLT order that had clubbed the two cases. The tribunal emphasized the distinct business sectors of VIL (consumer electronics) and VOVL (oil) and the creditors' intent for independent resolutions, a…

The Economic Times

From courtrooms to uncertainty: Inside UNI’s Rs 75-crore deal with Statesman

After nearly two years of courtroom battles and backstage negotiations, a resolution has finally emerged for the United News of India – a news agency that once challenged the PTI’s dominance in the media landscape.

Newslaundry

Kerala government to appeal NCLT order to hand over steel complex to Chhattisgarh company

The Hindu

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New Tirupur Area Development Corporation and IL&FS spat reaches Registrar of Companies

Chennai dispute between NTADCL and IL&FS over debt repayment reaches RoC Coimbatore amid allegations and investigations.

The Hindu

De-register and allow export of all Go First aircraft: Delhi HC to DGCA

Delhi High Court orders DGCA to deregister Go First's fleet, facilitating export, amid ongoing insolvency resolution process.

The Hindu

Morning Digest | Supreme Court says EVMs are accurate unless they are maligned by human bias; X takes down four posts on EC order, and more

The Hindu Morning Digest gives a select list of stories to start the day. Read the top news today on April 17, 2024

The Hindu

NCLT admits insolvency petition against BGR Energy Systems

NCLT admits insolvency petition against BGR Energy Systems filed by RDC Concrete India Private Ltd for ₹7.20 crore default.

The Hindu

Majority of Byju's shareholders vote for removing CEO, family members; company calls vote invalid

Byju's shareholders vote to remove founder CEO over mismanagement, sparking legal battle and corporate turmoil.

The Hindu

NCLT seeks Sony response to Zee plea seeking merger

Correction at 11.45 am on June 18: This report earlier carried a logo which belonged to Zee Media Corporation Limited (ZMCL) instead of Zee Entertainment Enterprises. ZMCL is not involved in the transaction between Zee Entertainment Enterprises Limited and Sony Pictures Networks India. The error is regretted.

Newslaundry

‘Disappointed’: Sony after Singapore centre allows Zee to move India tribunal

The Sony group, or Culver Max Entertainment Pvt Ltd, has reportedly expressed disappointment after the Singapore International Arbitration Centre denied its petition to restrain Zee Entertainment Enterprises Ltd from approaching NCLT to enforce the merger that was called off.

Newslaundry

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The Hindu

Sony's plea seeking to restrain Zee over merger denied

Zee Entertainment denies Sony's plea to restrain them from enforcing a merger called off by Sony.

Top News

Zee urges Sony to fulfill merger commitments, seeks tribunal intervention

Zee Entertainment requests Sony to fulfill merger commitments and takes the matter to tribunal for resolution. A detailed overview of the situation.

The Hindu

Dispute between IL&FS and New Tirupur Area Development Corporation over debt repayment

Dispute over debt repayment between NTADCL and IL&FS, leading to legal action and complications for IL&FS's stake in NTADCL.

The Hindu

Morning Digest | PM Modi says government working to make cooperatives strong part of rural life; Supreme Court forms panel to prepare SOP for adjournments, and more

The Hindu Morning Digest gives a select list of stories to start the day. Read the top news today on December 28, 2023

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The Hindu

Appu Hotels out of insolvency process

NCLT approves Appu Hotels Ltd.'s settlement proposal to creditors, allowing them to resume hospitality business in Chennai & Coimbatore.

The Hindu

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 Times of India

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 Hindu

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.

Newslaundry

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.

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