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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 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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Torrent Power challenges NCLT nod to Sarda Energy’s resolution plan for SKS Power | Mint
Livemint
·
11m ago
Medial
Torrent Power has filed a petition with the National Company Law Appellate Tribunal (NCLAT) challenging the approval of Sarda Energy and Mining's (SEML) resolution plan for SKS Power Generation. The Mumbai bench of the National Company Law Tribunal (NCLT) had recently approved SEML's bid, rejecting objections raised by Torrent Power. Torrent Power claimed that the selection process was discriminatory and that it had proposed the highest upfront payment. The petition will be heard by a three-member bench of the NCLAT on August 20.
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Anil Dhirubhai Ventures moves NCLT in Reliance Capital case | Mint
Livemint
·
11m ago
Medial
Anil Dhirubhai Ambani Ventures Pvt. Ltd (ADAVL) has filed an application in the National Company Law Tribunal (NCLT) requesting them to direct IndusInd International Holdings Ltd (IIHL) to stop using the brand 'Reliance' after the resolution plan is executed. In February, IIHL's takeover of Reliance Capital was approved by the NCLT, allowing them to use the brand for three years. ADAVL argues that the brand agreement does not create any ownership rights for Reliance Capital and requests the immediate cessation of brand usage by IIHL. ADAVL also claims that they weren't involved in the resolution plan discussions. The matter will be heard by the NCLT on Tuesday.
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NCLT Mumbai approves sale of Reliance Communications' real estate assets, shares
Livemint
·
1y ago
Medial
The National Company Law Tribunal (NCLT) in Mumbai has approved the sale of certain real estate properties and shares owned by Reliance Communications (RCom). The resolution professional of RCom had sought the NCLT's endorsement for the sale of unencumbered assets. The assets include the Chennai Haddow Office, land parcels in Ambattur and Pune, an office space in Bhubaneswar, and investments in shares of Campion Properties and Reliance Realty. The proceeds from the sale will be distributed during the execution of the approved resolution plan or liquidation.
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NCLT approves Shailendra Ajmera as new resolution professional of Byju’s parent firm
Economic Times
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5m ago
Medial
The National Company Law Tribunal (NCLT) approved the appointment of Shailendra Ajmera as the new resolution professional for Think & Learn, the parent company of Byju's. This decision follows the company's creditors' committee resolution to replace Pankaj Srivastava amid allegations of lapses in his conduct. Additionally, the NCLT reinstated Glas Trust and Aditya Birla Finance to the creditors’ committee and will address the Board of Control for Cricket in India’s withdrawal application from insolvency proceedings.
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Hinduja’s IIHL says ready with ₹2,750 cr, seeks modification of order | Mint
Livemint
·
1y ago
Medial
IndusInd International Holdings Ltd (IIHL) has stated that it is ready with a ₹2,750-crore initial fund to acquire Reliance Capital. IIHL has requested an extension of the deadline given by the National Company Law Tribunal (NCLT) to comply with the acquisition order. The NCLT had previously given IIHL time till 10 August to implement its resolution plan for Reliance Capital. IIHL has sought modification of the order, stating that failure to do so would pose challenges in implementing the plan. Additionally, IIHL mentioned that certain details are required for fund remittances from banks in Mauritius.
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Hinduja Group’s IIHL faces contempt charges in Reliance Capital resolution case | Mint
Livemint
·
1y ago
Medial
The administrator of Reliance Capital has accused IndusInd International Holdings Ltd (IIHL) of contempt of court for allegedly failing to meet the terms of the resolution plan set by the National Company Law Tribunal (NCLT). The NCLT had directed IIHL to deposit ₹2,500 crore into a designated escrow account by 31 July, an order that has allegedly not been followed. IIHL filed an application seeking modification of the order, but the administrator has opposed granting any relief. The matter will be heard by the NCLT in the upcoming week.
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NCLAT sets aside plea filed against NCLT order approving sale of Reliance Broadcast Network
Livemint
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7m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals against the National Company Law Tribunal (NCLT) order approving bids of Sapphire Media for Reliance Broadcast Network Ltd. The NCLAT upheld the NCLT's approval of Sapphire Media's resolution plan for Reliance Broadcast, which operates FM radio business under the brand Big 92.7 FM. The unsuccessful resolution applicants had challenged the process adopted by the resolution professional but the NCLAT found no irregularities and dismissed the appeals. The resolution plan of Sapphire Media was approved by the Committee of Creditors and forwarded to the NCLT, which approved it.
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Hindustan National Glass: NCLAT decides against change of RP, directs NCLT to decide on bids
Economic Times
·
26d ago
Medial
The insolvency appellate tribunal, NCLAT, overturned the NCLT's decision to replace the resolution professional for Hindusthan National Glass Industries (HNG). NCLAT instructed NCLT to proceed with bid approvals per the Supreme Court's directions. The Supreme Court had set aside NCLT's previous orders, as AGI Greenpac's resolution plan lacked necessary CCI approval. The court required HNG's creditors to reevaluate resolutions, particularly considering Independent Sugar Corporation. NCLAT allowed NCLT to finalize Insolvency Resolution Process.
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NCLT directs RBI, DIPP to expedite approvals for Hinduja’s takeover of Reliance Capital | Mint
Livemint
·
12m ago
Medial
The National Company Law Tribunal (NCLT) has directed the Reserve Bank of India (RBI) and the Department of Industrial Policy and Promotion (DIPP) to expedite approvals for the acquisition of Reliance Capital by IndusInd International Holdings Ltd (IIHL), owned by Hinduja group. The NCLT emphasized the importance of these approvals for the release of funds as part of the resolution plan. The Hindujas had requested an extension to navigate the complexities of the plan's execution. Various approvals from regulatory bodies like Sebi and Irdai also require renewal. The next hearing is scheduled for 28 August.
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