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Essel Group Takes Kotak AMC to NCLT Over Financial Dispute

StartupTalky

StartupTalky · 2m ago

Essel Group Takes Kotak AMC to NCLT Over Financial Dispute

Essel Group's subsidiary, Konti Infrapower and Multiventures, has filed a case against Kotak Asset Management Company (AMC) in the NCLT over a financial dispute involving unpaid debts of INR 12.99 crore. The claim arises from Kotak AMC's failure to repay an advance related to Non-Convertible Debentures (NCDs), as per their agreement. Essel Group alleges that Kotak AMC didn't fulfill contractual obligations post-SEBI inspection, prompting Konti Infrapower to seek corporate insolvency proceedings.

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Related News

NCLT admits Essel Group company Primat Infrapower into insolvency | Mint

Livemint

Livemint · 1y ago

NCLT admits Essel Group company Primat Infrapower into insolvency | Mint

The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted Axis Finance's plea to initiate insolvency proceedings against Primat Infrapower and Multiventures Pvt. Ltd, an Essel Group company. Axis Finance had filed an application under the Insolvency and Bankruptcy Code as the company defaulted on dues of INR 100 crore. Axis Finance had sanctioned a term loan of INR 100 crore to Primat in 2018. The NCLT appointed Devarajan Raman as the interim resolution professional to oversee the company's affairs. In a separate case, Axis Finance was also allowed to recover dues from another Essel Group company, Cyquator Media.

ED conducts search at Essel Group Continental Office in Mumbai

Livemint

Livemint · 1y ago

ED conducts search at Essel Group Continental Office in Mumbai

The Enforcement Directorate (ED) conducted a search at the Essel Group Continental Office in Mumbai. This comes as market regulator SEBI is already investigating Zee Entertainment and Essel group companies. The search has reportedly been ongoing since the afternoon. In related news, Zee Entertainment has approached the National Company Law Tribunal (NCLT) after Sony called off the proposed merger. Zee Entertainment has also taken legal action against Sony's $90 million termination fee claim. Sony terminated the merger deal with Zee two days ago.

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

IndianStartupNews

IndianStartupNews · 1y ago

Byju's Vs BCCI case: NCLT likely to pronounce the order on March 20

The National Company Law Tribunal (NCLT) in Bengaluru will soon decide on the insolvency plea filed by the BCCI against BYJU'S, the edtech giant. The dispute revolves around alleged outstanding dues of around Rs 160 crore from BYJU'S jersey sponsorship deal with the Indian cricket team. BYJU'S argued that the claim should go to arbitration and that the dispute is related to the period after the contract ended. The NCLT is expected to deliver its verdict on March 20. BYJU'S is facing financial challenges, including a dispute with investors over a rights issue and delayed salary payments.

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

Money Control

Money Control · 1y ago

BCCI objects to BYJU'S arbitration plea over ₹158 crore dues

BCCI has informed the National Company Law Tribunal (NCLT) that it would object to BYJU'S plea seeking arbitration in the dispute over sponsorship dues. Last year, BCCI claimed that the edtech startup defaulted on a payment of ₹158 crore. An application to refer the dispute to arbitration is not maintainable in insolvency proceedings, BCCI's counsel told NCLT.

NCLAT asks Axis Bank, Siti Network’s creditors to hold ₹143 crore in separate interest-bearing account | Company Business News

Livemint

Livemint · 10m ago

NCLAT asks Axis Bank, Siti Network’s creditors to hold ₹143 crore in separate interest-bearing account | Company Business News

The National Company Law Appellate Tribunal (NCLAT) has ordered Axis Bank and other creditors of bankrupt Siti Networks, a subsidiary of Essel Group, to keep ₹143 crore in a separate interest-bearing account. This decision was made in response to a challenge to an order from the National Company Law Tribunal (NCLT) requiring lenders to repay the amount to Siti Networks. NCLAT agreed to hear the lenders' challenge but stated the need to protect Siti Networks' interests by maintaining the funds in a separate account until a final decision is reached.

NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case

Economic Times

Economic Times · 6m ago

NCLT agrees to hear Glas Trust in Aakash minority shareholder rights case

The National Company Law Tribunal (NCLT) is set to hear Glas Trust, representing US lenders of Byju’s, in a case concerning Aakash Institute's minority shareholder rights. The dispute involves Think & Learn, Byju's parent company and a minority stakeholder in Aakash. Issues arose over attempts to alter shareholder rights favoring Manipal Education & Medical Group. Glas Trust argues this could affect Byju’s insolvency, while Aakash's minority shareholders, including Blackstone, contest these changes.

NCLT orders status quo on shareholding of Aakash Institute amid Byju's legal dispute

Business Today

Business Today · 5m ago

NCLT orders status quo on shareholding of Aakash Institute amid Byju's legal dispute

The National Company Law Tribunal (NCLT) has ordered a status quo on Aakash Institute's shareholding amid concerns by Byju’s Resolution Professional regarding stake dilution. The NCLT will hear Aakash’s plea on April 30. The legal dispute is significant for Byju's strategic moves and financial health, affecting its ability to integrate acquisitions. Investors and analysts keenly watch the proceedings for their broader impact on India's edtech sector.

Blackstone withdraws petition against Aakash Institute on changes in shareholder rights

Economic Times

Economic Times · 6m ago

Blackstone withdraws petition against Aakash Institute on changes in shareholder rights

The National Company Law Tribunal (NCLT) approved Blackstone's request to withdraw its petition against Aakash Institute, a move that ends a dispute over minority investors' rights. The petition, involving Blackstone and other minority shareholders, challenged changes to Aakash's articles of association favoring Manipal Education & Medical Group. The tribunal treated the petition as withdrawn despite Glas Trust's plea for an interim order to protect creditors’ rights, allowing Aakash to proceed with amendments affecting those rights.

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group

Entrackr

Entrackr · 5m ago

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group

Ola Electric subsidiary resolves insolvency dispute with Rosmerta Group The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. Ola Electric Mobility Limited has settled a legal issue involving its subsidiary, Ola Electric Technologies Private Limited, and its vehicle registration service provider, Rosmerta Digital Services Ltd. In a recent update to the National Stock Exchange (NSE) and BSE, Ola Electric said that all outstanding payments have been cleared. As part of the agreement, Rosmerta has asked the National Company Law Tribunal (NCLT) in Bengaluru to withdraw the case. Ola Electric also stated that there are no further disagreements between the two parties and reaffirmed its commitment to strong business partnerships and the timely resolution of any future issues. "With the receipt of INR 26,75,24,339/- which consists of the entire claim raised before NCLT, Rosmerta Group companies are withdrawing its petitions before the NCLT, Bengaluru," said a Rosmerta Digital spokesperson. "No further causes of action exist between Rosmerta Group and Ola Electric, whose relationship shall now be governed by the Settlement Agreement executed between them." The dispute began when the Rosmerta Group filed insolvency petitions on March 16 under Section 9 of the Insolvency and Bankruptcy Code. The petition was filed with the NCLT Bengaluru Bench, claiming that Ola Electric Technologies Pvt Ltd had not paid for services provided by the creditor. It requested the court to start insolvency proceedings against the company. Last month, Ola Electric said it sold over 25,000 electric two-wheelers in February 2025, maintaining its 28% market share in the segment. However, the sales numbers on Vahan — a government database managed by the Ministry of Road Transport and Highways — did not match the company’s claim. Ola Electric clarified that the mismatch was due to ongoing negotiations with its vehicle registration vendors. The company said the backlog caused by the data mismatch has been cleared, but the government has requested more information on the matter.

Byju’s seeks arbitration over NCLT trial in dispute with investors

Livemint

Livemint · 1y ago

Byju’s seeks arbitration over NCLT trial in dispute with investors

Edtech company Byju's has approached the National Company Law Tribunal (NCLT) in India, seeking arbitration to resolve its dispute with key investors, including General Atlantic and Prosus. Byju's argues that arbitration proceedings should take precedence over the ongoing NCLT proceedings. The investors have alleged that Byju's violated an earlier NCLT order by issuing shares without increasing its authorized share capital. Byju's denies these allegations and has been given 10 days to respond. The case is set to be heard on 23 April.

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