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BIZARRE: The national company law tribunal - What They Never Told You

NCLT clears 78 resolution plans involving Rs 5,518 cr in June quarter

The National Company Law Tribunal approved 78 resolution plans totaling Rs 5,517.66 crore. This marks the highest first quarter performance since the Insolvency and Bankruptcy Code's enactment. The tribunal has approved 1,628 plans involving over Rs 4.78 lakh crore to date. Currently, 349 applications for resolution plans remain pending before…

The Economic Times

Ola Electric confirms vendor lawsuits over dues, quality issues as shares fall 5%

In its response, the company acknowledged that Anevolve Mando E-Mobility and Sterling E-Mobility Solutions, vendors supplying key parts to the company, have moved the National Company Law Tribunal (NCLT) over unpaid dues, escalating a disagreement that began with quality complaints from Ola Electric's side.

The Economic Times

NCLT clears Bhutani Infra's Entertainment City stake buy over Unitech objections

The National Company Law Tribunal (NCLT) has ordered Entertainment City to register a 4.26% equity transfer to Bhutani Infra's Parmesh Construction Company. This decision overrides Unitech Holding's objections regarding a shareholder agreement violation. The tribunal ruled the transfer valid, stating that the initiation of a 100% disinvestment process effectively waived…

The Economic Times

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NCLT posts Byjus-Aakash hearing for July 16 as parties seek time for settlement

Aakash Educational Services and Think & Learn's resolution professional requested a delay in NCLT proceedings, citing advanced settlement talks for the Aakash shareholding dispute. The National Company Law Tribunal has adjourned the matter to July 16, expecting a resolution. This development follows reports of ongoing settlement discussions between Manipal Education…

The Economic Times

NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of money

The National Company Law Appellate Tribunal has cancelled insolvency proceedings against Ligare Aviation. The tribunal found the National Company Law Tribunal wrongly admitted a plea from Religare Enterprises. It stated the transactions were merely money laundering, not genuine financial dealings. This decision allows appeals from shareholder Daiichi Sankyo Company. The…

The Economic Times

Supreme Court refuses to entertain former NCLAT member's plea to practise before tribunal

The Supreme Court has rejected a plea from a former NCLAT technical member. The plea challenged a rule preventing ex-tribunal members from practicing before the National Company Law Tribunal and NCLAT. The court cited concerns about judicial independence. It noted that allowing former members to appear could create a poor…

The Economic Times

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

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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

Over 1 lakh pending cases: Noida burned after years of silence in labour courts

Ram Kishan left for work before his family woke up. It was November 3, 2017, and the Moser Baer plant in Greater Noida had been dark for two days – management had called it maintenance, told workers to come back on the third day. So Kishan showed up at the…

Newslaundry

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

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

The Hindu

SpiceJet shows interest in Go First

Budget carrier SpiceJet informed the BSE that it has expressed an interest in Go First which is undergoing insolvency resolution under the direction of the National Company Law Tribunal.

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