‘CERSAI Registration Enough to Claim Secured Creditor Status Under IBC; RoC Non-Registration Not Fatal’: NCLAT [Read Order]

The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) held that CERSAI registration was enough to claim secured creditor status under IBC and noted that RoC non-registration was not fatal. In this case, Bizloan Private Limited appealed against the order passed by the National Company Law Tribunal, Mumbai bench, which classified the appellant…

Bhushan Steel and Power’s ex-promoters seek open court hearing on liquidation review plea; CJI to constitute a bench

The former promoters of Bhushan Steel and Power Ltd (BSPL) on Monday requested the Supreme Court to list their review petition against the company’s liquidation order for an open court hearing. The petition challenges the top court’s May 2 verdict that set aside JSW Steel’s resolution plan and ordered liquidation of BSPL under the Insolvency…

NCLT’s focus on insolvencies impacts corporate oppression responsibilities

Minority shareholders have to take a back seat as the National Company Law Tribunal’s focus has been on insolvencies, which has impacted its other duties, namely the oppression and mismanagement jurisdiction, write Aditya Vikram Bhat and Aadith Sridhar ON9 January 2009, the Blackberrys of corporate lawyers, accountants, law enforcement officers and corporate executives started buzzing…

The request could not be satisfied

ERROR: The request could not be satisfied The request could not be satisfied. Request blocked. We can’t connect to the server for this app or website at this time. There might be too much traffic or a configuration error. Try again later, or contact the app or website owner. If you provide content to customers…

Supreme Court Rejects BCCI & Riju Ravindran’s Appeals on CIRP Withdrawal Rules – Outlook Business

Vedanta’s spokesperson swiftly rebuffed the claims, stating, “All business activities of VSPL have been transparently disclosed and are in line with statutory norms. Loans between VSPL and Vedanta Ltd were executed in full compliance with applicable laws, corporate governance standards and both Vedanta Ltd and VSPL have consistently reported accurate loan terms, interest rates and…

Access Denied

Access Denied You don’t have permission to access “http://www.business-standard.com/companies/news/ex-promoters-seek-hearing-in-sc-against-verdict-on-liquidation-of-bspl-125072100501_1.html” on this server. Reference #18.d1672817.1753086153.5fd115d2 https://errors.edgesuite.net/18.d1672817.1753086153.5fd115d2 Read the original article here

Is it time to revisit the Insolvency and Bankruptcy Code?

On, August 2, 2017, the National Company Law Tribunal (NCLT) approved India’s first resolution plan, that of Synergies-Dooray Automotive Ltd, under the newly enacted Insolvency and Bankruptcy Code (IBC). The insolvency plea of the Hyderabad-registered automotive spare parts manufacturer, which made aluminium alloy wheels for global automakers, was admitted in the NCLT on January 23,…

Liquidator Can’t Direct Claimant To Approach NCLT Without Accepting Or Rejecting Claim, Amounts To Serious Procedural Lapse: NCLT Kochi

The National Company Law Tribunal (NCLT), Kochi Bench of Shri Vinay Goel (Judicial Member) and Smt. Madhu Sinha (Technical Member) has held that once claims are filed before the Liquidator, the Liquidator is obligated under Section 40 of the IBC to either accept or reject them. The Liquidator cannot direct the claimant to approach the…