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NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary | Mint

Livemint

Livemint · 11m ago

NCLAT halts insolvency proceedings against Essar’s oil & gas subsidiary | Mint

The National Company Law Appellate Tribunal (NCLAT) has put a stay on the insolvency proceedings against Essar Oil and Gas Exploration and Production Ltd., a subsidiary of Essar Group. This came after Greka Green Solutions (India) Ltd filed a petition claiming an unpaid amount of ₹24.38 crore. The NCLAT stayed the order of the NCLT's Ahmedabad bench and issued a notice to Greka Green. The case is set for the next hearing on 6 November. The NCLAT took into account the argument that a settlement agreement had been made prior to the insolvency petition.

Related News

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

Economic Times

Economic Times · 11m ago

SC reserves verdict on plea against NCLAT order stopping insolvency proceedings against Byju's

The Supreme Court reserved its verdict on a US firm's plea against the National Company Law Appellate Tribunal (NCLAT) order that halted insolvency proceedings against Byju's. The court asked the insolvency resolution professional to maintain status quo until the judgment is delivered. The NCLAT had earlier set aside the insolvency proceedings against Byju's and approved its dues settlement with the BCCI. The Supreme Court questioned the NCLAT's decision and hinted at sending the dispute for fresh adjudication. The court stayed the NCLAT verdict and issued notices to Byju's and others.

NCLAT Stays Initiation Of Insolvency Proceedings Against Yatra’s Subsidiary

Inc42 · 10m ago

NCLAT Stays Initiation Of Insolvency Proceedings Against Yatra’s Subsidiary

The NCLAT has stopped insolvency proceedings against TSI Yatra, a subsidiary of Yatra, after a petition by Ezeego Travels due to unpaid dues. This provides temporary relief for Yatra as TSI Yatra is a crucial part of its financials. These legal proceedings come at a time when Yatra is pursuing strategic business expansions, such as the acquisition of Globe Travels.

NCLAT stays insolvency proceedings against Coffee Day Enterprises | Mint

Livemint

Livemint · 1y ago

NCLAT stays insolvency proceedings against Coffee Day Enterprises | Mint

The National Company Law Appellate Tribunal (NCLAT) has temporarily halted the corporate insolvency resolution proceedings against Coffee Day Enterprises, parent company of the Cafe Coffee Day chain. The Chennai bench of the NCLAT granted the interim order in response to an appeal made by shareholder and director Malvika Hegde, challenging a previous order by the National Company Law Tribunal. The details of the order are still awaited. Earlier, IDBI Trusteeship and IndusInd Bank had filed insolvency applications against the company, but IndusInd later reached a settlement and withdrew its application.

NCLAT rejects tax claim against Reliance Communication dues after insolvency plea | Mint

Livemint

Livemint · 11m ago

NCLAT rejects tax claim against Reliance Communication dues after insolvency plea | Mint

The National Company Law Appellate Tribunal (NCLAT) has rejected a petition from the State Tax Department seeking to recover dues from Reliance Communications after the company entered into insolvency proceedings. The NCLAT deemed that claims based on assessments made after the initiation of the insolvency resolution process could not be accepted.

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Economic Times

Economic Times · 4m ago

Byju’s founder files FIR against former resolution professional, EY, Glas Trust

Byju Raveendran, founder of edtech company Byju's, has filed a police complaint against Pankaj Srivastava, former resolution professional of Think & Learn, Glas Trust, and EY employees, alleging a criminal conspiracy against the company. The allegations involve collusion and fraud related to Byju’s insolvency proceedings. The case is under review by NCLT and NCLAT. Byju's, amid insolvency proceedings, faces legal challenges following disputed resolutions and sponsorship deal settlements with BCCI.

Byju's insolvency: NCLAT sets aside BCCI and Riju Raveendran's plea for settlement

Economic Times

Economic Times · 4m ago

Byju's insolvency: NCLAT sets aside BCCI and Riju Raveendran's plea for settlement

The National Company Law Appellate Tribunal (NCLAT) dismissed appeals by BCCI and Riju Raveendran to withdraw insolvency proceedings against Byju's, favoring a settlement proposal. The court ruled that since the proposal was filed post-formation of the Committee of Creditors, approval is mandatory as per Section 12A of the Insolvency & Bankruptcy Code. Both appellants had argued their application was submitted before the CoC's formation, but NCLAT upheld the original tribunal's decision.

NCLAT dismisses insolvency plea against Wipro

Startup News FYI

Startup News FYI · 1y ago

NCLAT dismisses insolvency plea against Wipro

The National Company Law Appellate Tribunal (NCLAT) has rejected an operational creditor's petition to initiate insolvency proceedings against Wipro Ltd. The NCLAT upheld the National Company Law Tribunal's decision, stating that there was a pre-existing dispute between Wipro and the petitioner regarding payment. The NCLAT emphasized that the Insolvency and Bankruptcy Code is not meant to be a "mere recovery legislation for creditors." The dispute revolved around the supply of goods for a government project, with Wipro withholding 3% of the invoice amount, citing liquidated damages.

SC agrees to list plea related to insolvency proceedings against Byju's

Economic Times

Economic Times · 11m ago

SC agrees to list plea related to insolvency proceedings against Byju's

The Supreme Court has agreed to an early hearing of the appeal from US-based creditor Glas Trust Company LLC against the NCLAT's judgment. The NCLAT had stayed insolvency proceedings against BYJU's and approved its settlement of Rs 158.9 crore with the BCCI. Senior advocates urged the court to hear the case as soon as possible. The Supreme Court had previously refused to pass an interim order to halt the insolvency proceedings and listed the plea for a final hearing on August 27.

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

Livemint

Livemint · 10m ago

Setback for Byju’s as Supreme Court restores insolvency case, raps NCLAT for overreach

The Supreme Court has overturned a previous order by the National Company Law Appellate Tribunal (NCLAT) that had halted insolvency proceedings against Byju's, an edtech company in India. The court ruled that Byju's must follow the established protocols under the Insolvency and Bankruptcy Code (IBC) to address its debt owed to the Board of Control for Cricket in India (BCCI). The court also directed Byju's to deposit the settlement amount into an escrow account controlled by the Committee of Creditors (CoC). The Supreme Court criticized the NCLAT for misusing its powers and bypassing proper procedures in permitting the withdrawal of the insolvency application.

Byju Raveendran moves SC with caveat against Glas Trust Company

Inshorts · 1y ago

Byju Raveendran moves SC with caveat against Glas Trust Company

Edtech giant BYJU’S founder Byju Raveendran has filed a caveat before the Supreme Court against its US-based creditor Glas Trust Company LLC. This move follows an order from the National Company Law Appellate Tribunal (NCLAT) that restored the board of the company and set aside insolvency proceedings.

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