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NEW DELHI: Observing that functioning of National Company Law Tribunals (NCLT) has been impaired by numerous vacancies and inadequate infrastructure — leading to substantial delay in deciding cases, particularly those involving resolution plans under Insolvency and Bankruptcy Code (IBC) — Supreme Court has taken suo motu cognisance and decided to initiate remedial measures, reports Amit…
NEW DELHI: The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Videocon’s former chairman and MD Venugopal Dhoot for defaulting on loans of Rs 6,158 crore, as a personal guarantor of two group companies.Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has “committed defaults in repayment…
Business conglomerate Vedanta Group has approached the National Company Law Appellate Tribunal (NCLAT), challenging the NCLT’s approval to Adani Group‘s bid for acquiring Jaiprakash Associates Ltd for Rs 14,535 crore. Anil Agarwal-led Vedanta Group was in the race to acquire Jaiprakash Associates Ltd (JAL) through an insolvency process, but the lenders in November last year…
The National Company Law Tribunal (NCLT) on Tuesday approved Adani Enterprises Ltd’s Rs 14,535 crore bid to acquire Jaiprakash Associates Ltd through the insolvency process. In a regulatory filing, Jaiprakash Associates Ltd (JAL) informed that the NCLT, Allahabad bench, has “orally pronounced an order on March 17, 2026 “approving the resolution plan submitted by Adani…
NEW DELHI: In a rare decision, National Company Law Tribunal (NCLT) on Feb 3 withdrew its corporate resolution order awarding a bankrupt company — Alchemist Ltd, promoted by former Trinamool Congress MP KD Singh — to a company that turned out to be a related group entity. The bench observed the “insolvency proceedings were vitiated…
Mumbai: Flipkart has secured go ahead from the National Company Law Tribunal (NCLT) to shift its domicile to India from Singapore, taking the Walmart-controlled firm a step closer to IPO, said people aware of the matter. Flipkart did not respond to queries.In April this year, the company had started the process of shifting its base…
MUMBAI: Almost twelve- -and-a-half years after Indian securities markets had plunged into a major payment crisis, curtains are coming down on the National Spot Exchange (NSEL) fiasco. On Friday, NCLT Mumbai allowed a Rs 1,950-crore settlement scheme between NSEL along with its promoter 63 Moons, and the traders who had dues aggregating nearly Rs 4,300…
New Delhi: Chief executives of public sector banks have asked to personally monitor top 20 cases pending for admission and top 10 accounts pending for resolution at the NCLT. This was conveyed during a review meeting undertaken by the secretary, department of financial services (DFS), M Nagaraju. The meeting was attended by senior officials of…
The National Company Law Tribunal (NCLT) has approved the merger of Suzuki Motor Gujarat Pvt Ltd with its parent company, Maruti Suzuki India Ltd, marking a key consolidation move for the country’s largest carmaker.A two-member bench of the Principal Bench in New Delhi, comprising President Ramlingam Sudhakar and Member Ravindra Chaturvedi, sanctioned the scheme of…
Vedanta Ltd, led by Anil Agarwal, has postponed the completion of its demerger to March 31, 2026 due to pending approvals from the National Company Law Tribunal (NCLT) and government authorities.The company made the announcement in a filing this week.“Given that the conditions precedent in the Scheme, including approval of the National Company Law Tribunal,…
