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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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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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Supreme Court to hear Jet Airways lenders' plea against NCLAT order on Friday
Livemint
·
1y ago
Medial
The Supreme Court has postponed the hearing on Jet Airways' lenders' plea against the approval of the resolution plan proposed by the Jalan-Kalrock consortium. The lenders, led by the State Bank of India, argued that the decision of the National Company Law Appellate Tribunal (NCLAT) deviated from a previous Supreme Court ruling. The NCLAT allowed JKC to adjust a performance bank guarantee of ₹150 crore towards its obligation. The tribunal had directed the transfer of Jet Airways to JKC within 90 days. The outcome of the case remains uncertain as lenders seek to contest the resolution plan.
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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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NCLAT refuses to tinker with Finolex’s AGM vote that ousted Deepak Chhabria | Mint
Livemint
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11m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) refused to overturn the decision made at the annual general meeting (AGM) of Finolex Cables, where shareholders voted against the reappointment of former executive chairman Deepak Chhabria. The NCLAT also dismissed Chhabria's plea to invalidate the 2019 extraordinary general meeting (EGM) that had amended the Articles of Association (AoA) of Orbit Electricals, the holding company of Finolex Cables. The NCLAT directed the resolution of outstanding issues related to the company's shareholding and the contentious transfer of shares from Pralhad Chhabria to his son Prakash Chhabria.
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BYJU’S US Lenders Move SC Against NCLAT Order To Quash Insolvency Proceedings
Inc42
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12m ago
Medial
Glas Trust Company, a consortium of US-based lenders, has filed a plea in the Supreme Court challenging the NCLAT order that quashed insolvency proceedings against BYJU'S. The NCLAT had previously stated that BYJU'S had reached an agreement with the BCCI to pay off its dues. However, the US-based lenders opposed the agreement, claiming that funds allegedly syphoned from them would be used to pay the BCCI.
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RCap lenders move NCLAT for forfeiture of funds in escrow account | Mint
Livemint
·
11m ago
Medial
The Committee of Creditors (CoC) of Reliance Capital has filed an application seeking forfeiture of IndusInd International Holdings Ltd's equity component in case of default by the company. The lenders are seeking modification of the order that allowed IIHL to take over Reliance Capital. They have also requested payment of interest on the debt component from IIHL. IIHL was required to deposit funds in escrow accounts as part of the approved plan, but filed an application seeking modification of the order. The forfeiture of funds is aimed at protecting the lenders' interests.
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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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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 issues notice to Adani Power on plea contesting acquisition of Lanco Power | Company Business News
Livemint
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9m ago
Medial
The National Company Law Appellate Tribunal (NCLAT) has issued a notice to Adani Power Ltd in response to a plea challenging its approved resolution plan to acquire Lanco Amarkantak Power Limited (LAPL). The appeal was filed by Indian Bank's stressed asset management division, alleging that its claim was improperly rejected by the resolution professional. Despite the challenge, NCLAT declined to impose an interim stay on the plan and only sought responses from the parties involved. Adani Power aims to enhance its power generation capacity through the acquisition.
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At long last, Jet Airways revival in sight
Livemint
·
1y ago
Medial
Jet Airways has been given a lifeline as an appellate tribunal has directed its lenders to hand over the company to the Jalan-Kalrock consortium within 90 days. The National Company Law Appellate Tribunal (NCLAT) upheld the resolution plan for the grounded airline, which has been non-operational since 2019. The consortium will need to obtain an air operator's certificate to complete the handover process. The tribunal has also instructed the lenders to create security on three Dubai-based properties offered by the consortium. The lenders are expected to challenge the NCLAT order in the Supreme Court.
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