Nclt in a sentence

According to the NCLT website, two more petitions for insolvency resolution proceedings against SpiceJet are pending before it.

An Interim Resolution Professional (IRP) has been appointed by the NCLT to manage the affairs of Go First Airline under the Insolvency and Bankruptcy Code (IBC) but some lessors have challenged the tribunal’s ruling.

Canara Bank, a financial creditor, filed an application against Kranthi Edifice Pvt Ltd before NCLT, Hyderabad, under Section 7 of the IBC for defaults in repayment of an overdraft facility and bank guarantees.

On August 1, NCLT granted Swan a second extension of 45 days, which ended on September 14.

Once Hinduja Group’s resolution plan has been voted on and approved, CoC will seek the National Company Law Tribunal (NCLT)’s approval for the same, ahead of the deadline of July 15.

The sale notice has been issued by Santanu T Ray, who was appointed as a liquidator of Firestar Diamond International Private Limited by the Mumbai bench of the National Company Law Tribunal (NCLT) in February 2020.

The bench, comprising Chairperson Justice Ashok Bhushan and (Technical) Member, Barun Mitra, found no grounds to interfere with the NCLT's order dated May 6, 2024.

In its plea, Tata Sons has claimed that even Mistry had in his plea in the National Company Law Tribunal (NCLT) not sought reappointment to the top post at the group, since he was aware that his tenure had ended in March 2017.

Lavasa residents, however, are seeing these demands as a “political attempt” to add to the “troubles” of the already beleaguered hill city, whose promoters are facing insolvency and bankruptcy proceedings before National Company Law Tribunal (NCLT).

The NCLT had in March, 2018 admitted Aircel’s insolvency plea.

Earlier this year, the government moved NCLT seeking a ban on Deloitte Haskin and Sells and BSR for five years under Section 140 (5) of the Companies Act.

Employees and workman of Jet Airways have been directed to file their claims and salary dues to the interim resolution professional (IRP) before July 4, a day prior to the next insolvency hearing at the NCLT’s Mumbai Bench.

Even more bizarre, the NCLT has decided that there is no difference between secured creditors (banks, lending against mortgages) and unsecured ones (trade creditors etc) and the Committee of Creditors cannot decide on distribution of the sale proceeds.

Granting eight weeks’ time, the NCLT adjourned the matter to September 27. The Brookfield deal will benefit all the creditors, including JM Financials, which owns 26% in the hotel, Mr. Pyasi said.

However, the regulator has disposed of case against ABG on the ground that leave of NCLT (National Company Law Tribunal) has not been obtained for commencing the adjudication proceedings against the company, which is under liquidation.

It recently received an order from the National Company Law Tribunal (NCLT) approving the scheme, said Kumar Mangalam Birla, Century Textiles Chairman, at the company’s AGM on Tuesday.

Meanwhile, most of the developers for completion of these have already been taken to NCLT or are NPAs with the banks, and therefore do not qualify for the aid.

NCLT admitted the plea on April 7, 2017.

NCLT Mumbai also rejects plea by the two investment firm’s plea seeking waiver in the criteria of having at least 10 per cent ownership in a company for filing case of alleged oppression of minority shareholders.

Shailendra Ajmera, who is part of multinational consultancy firm EY, has been appointed as the resolution professional to conduct the insolvency proceedings, which started in December 2018 following an order of the National Company Law Tribunal (NCLT).