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NCLT allows RCap administrator's plea on implementation of resolution plan
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) has granted permission to Reliance Capital's administrator to seek directions for the completion of payment by IndusInd International Holdings Ltd, as per the approved resolution plan. This comes after concerns were raised about the implementation of the plan. The resolution plan by Hinduja Group's IndusInd International Holdings worth ₹9,650 crore was approved last month, but pending regulatory approvals have delayed the process. The NCLT's directive highlights the importance of adhering to approved timelines in insolvency and bankruptcy proceedings.
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RCap resolution: NCLAT seeks Hinduja’s reply on lenders’ plea to forfeit equity | Mint
Livemint
·
10m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has issued notice to IndusInd International Holdings Ltd (IIHL), a Hinduja Group company, regarding a plea filed by lenders of Reliance Capital seeking forfeiture of ₹2,750 crore of equity if IIHL fails to implement the resolution plan. The lenders are also seeking interest payment on the debt component of ₹7,300 crore. The matter will be heard on 30th September. The lenders have been at odds with Hinduja Group over the implementation of the plan, which involves IIHL taking over Reliance Capital for ₹9,861 crore.
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Lenders refuse to extend RCap resolution deadline as Hindujas delay repayment
Livemint
·
1y ago
Medial
Lenders have declined the Hinduja Group's request to extend the repayment deadline for Reliance Capital's dues. The lenders suspect a deliberate attempt to delay the resolution plan implementation. The deadline remains set for May 27th. The Hinduja Group cited regulatory and legal clearances as reasons behind the delay in making full payment for the acquisition. However, the lenders are not willing to extend the deadline and have expressed concerns about the group's intentions. The resolution plan implementation is subject to necessary approvals from statutory, regulatory, and judicial bodies.
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NCLAT upholds NCLT order approving Sarda Energy’s bid for SKS Power | Mint
Livemint
·
10m ago
Medial
- The National Company Law Appellate Tribunal upheld the resolution plan of Sarda Energy and Mining Ltd for bankrupt SKS Power Generation (Chhattisgarh). - Other resolution applicants, including Torrent Power, Jindal Power, and Vantage Point Asset Management, challenged the approved resolution plan but their plea was dismissed. - In October 2023, the NCLT had directed lenders of SKS Power Generation to reconsider SEML's resolution plan. - The plan faced subsequent challenges and was brought before the NCLAT, which overturned the earlier NCLT decision and granted SEML the ability to seek final approval. - On 13 August, the NCLAT ruled in favor of Sarda Energy, rejecting objections against the resolution plan. - The insolvency proceedings for SKS Power Generation began in April 2022 after lenders filed claims amounting to ₹1,890 crore.
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Implementation of RCap resolution plan by 31 March deadline untenable: IIHL
Livemint
·
1y ago
Medial
IndusInd International Holdings, part of the Hinduja Group, has stated that implementing the resolution plan for bankrupt Reliance Capital by 31 March is unrealistic and unimaginable. The National Company Law Tribunal had ordered IndusInd to execute the plan by the end of March and complete payment by 28 May. While affirming its commitment to adhering to the order, IndusInd urged stakeholders to collaborate promptly for remaining approvals. The plan, approved by lenders, requires implementation within 90 days of the order.
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Reliance Capital administrator seeksimplementation of IIHL's resolution plan
Livemint
·
1y ago
Medial
Reliance Capital's administrator has filed a petition with the National Company Law Tribunal (NCLT), requesting the tribunal to direct IndusInd International Holdings Ltd (IIHL) to implement its resolution plan by 10 August. IIHL's failure to comply with the 23 July order and its delay tactics prompted the administrator to take this action. The debt-ridden Reliance Capital was admitted into insolvency in December 2021, and the successful implementation of the resolution plan is crucial for both the lenders and the banking sector. The NCLT is expected to address the matter on Wednesday.
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Lenders move NCLT against 90-day extension for IIHL to complete RCap resolution
Livemint
·
1y ago
Medial
Lenders of bankrupt Reliance Capital have opposed the 90-day extension sought by IndusInd International Holdings (IIHL) to implement its resolution plan. The committee of creditors (CoC) cited concerns such as delays in implementation, lack of necessary regulatory approvals, and uncertainty over IIHL's ability to secure funds. IIHL's resolution plan worth INR 9,861 crore was approved in February and was to be implemented by 27 May. Lenders have asked the National Company Law Tribunal to not allow an extension unless IIHL reveals its tie-up of funds and places the proposed equity component in an escrow account.
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NCLT approves Sarda Energy’s resolution plan for SKS Power | Mint
Livemint
·
12m ago
Medial
The National Company Law Tribunal (NCLT) has approved Sarda Energy and Mining's (SEML) resolution plan for SKS Power Generation in Chhattisgarh. SEML's plan was initially remanded for reconsideration in October 2023 but was later challenged at the National Company Law Appellate Tribunal (NCLAT), which overturned the decision. The final approval allows SEML to proceed with the resolution plan, which will cover nearly all dues owed to the committee of creditors. SKS Power's insolvency proceedings began in April 2022 with claims totaling ₹1,890 crore.
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NCLAT stays insolvency proceedings against Dream11
Inshorts
·
1y ago
Medial
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed NCLT's order admitting an insolvency plea against Dream11-parent Sporta Technologies. It further directed the NCLT-appointed interim resolution professional to take no action till further order. The insolvency plea was filed against Sporta by an operational creditor over dues worth ₹7.61 crore.
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Go First insolvency: NCLT seeks suspended management’s view on liquidation plea | Mint
Livemint
·
11m ago
Medial
The National Company Law Tribunal (NCLT) has sought a response from the suspended management of Go First, the bankrupt airline, regarding a liquidation plea filed by the resolution professional. The NCLT has scheduled a hearing for 4 October and has questioned the resolution professional about the funds that would be obtained from an ongoing arbitration case against Pratt & Whitney (P&W) and how they would be distributed. The resolution professional mentioned that lenders have engaged a US-based litigation finance firm to finance the arbitration, which the NCLT expressed reservations about. Go First owes creditors approximately ₹6,200 crore.
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NCLT orders status quo on shareholding of Aakash Institute amid Byju's legal dispute
Business Today
·
4m ago
Medial
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.
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