The bench held that the CoC failed to exercise its commercial wisdom while approving JSW’s resolution plan, which was in absolute contravention of the mandatory provisions of the IBC and CIRP regulations. The former promoters of Bhushan Steel and Power Ltd on Monday urged the Supreme Court to accord an open court hearing to their…
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…
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…
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…
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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…
SINGAPORE – After 13 years, Proof & Company Spirits – the Singapore-based distribution arm of independent spirits company Proof & Company – has entered provisional liquidation. It cited closures in the food and beverage scene as a reason for its decision to close. “The decision follows a period of mounting challenges for the F&B and…
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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,…
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…