The National Company Law Appellate Tribunal (NCLAT) on Monday (Apr 7) dismissed an appeal filed by IDBI Bank challenging the order of the National Company Law Tribunal (NCLT) which dismissed an insolvency plea against Zee Entertainment Enterprises Limited (ZEEL). NCLAT is the appellate body for the decisions of the bankruptcy court NCLT. As per Bar and…
New Delhi, April 7: Billionaire Gautam Adani’s group and FMCG major Patanjali Ayurveda are among 26 companies that have shown interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings. Jaiprakash Associates, a key player in sectors like real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the…
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender’s plea to initiate insolvency proceedings…
In a relief for Zee Entertainment Enterprises Ltd, the National Company Law Appellate Tribunal (NCLAT) has dismissed the insolvency plea filed by IDBI Bank against the media company over unpaid dues of around ₹150 crore. The top insolvency court upheld an earlier order by the National Company Law Tribunal (NCLT), Mumbai, which ruled that IDBI…
The share of companies entering insolvency has risen sharply over the past couple of years to be at the top of the range observed in the 2010s, but on a cumulative basis remain slightly below their pre-pandemic trend. The rise has been due to challenging economic conditions and a catch-up effect from exceptionally…
New Delhi, Apr 7 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the plea of IDBI Bank which sought to initiate insolvency proceedings against Zee Entertainment. A two-member NCLAT bench upheld the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had earlier rejected the private lender’s…
Home Business IDBI Bank’s insolvency appeal against ZEEL dismissed by NCLAT The bench clarified, however, that IDBI Bank retains the liberty to file a fresh insolvency petition for defaults occurring outside the Section 10A protection window. The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by IDBI Bank challenging the National Company…
Insolvency Service investigation leads to High Court closure of fraudulent timeshare claims firm Timeshare claims Timeshare sales operations have earned an appalling reputation for customer manipulation, high pressure sales, criminal activity and disregard for consumer laws over the last two and a half decades. Spanish timeshare companies. Operated illegally Suing these companies in Spain proved…
In May 2023, NCLT Mumbai dismissed IDBI Bank’s insolvency petition against ZEEL, ruling that the alleged default fell within the protected period under Section 10A IBC). The tribunal held that IDBI Bank’s claim of ₹149.60 crore was unsustainable as ZEEL’s liability under the guarantee agreement was strictly limited to maintaining two quarters’ interest on the…
In a keenly contested corporate battle, as many as 26 companies, including Gautam Adani’s Adani Enterprises, Anil Agarwal’s Vedanta, and Baba Ramdev’s Patanjali Ayurveda, have shown expressions of interest (EoIs) to buy the embattled Jaiprakash Associates Ltd (JAL), whose debt piled up during its heyday under the Jaypee Group. The company, the flagship of…