The National Company Law Appellate Tribunal (NCLAT) has dismissed IDBI Bank’s plea challenging a National Company Law Tribunal (NCLT) order that rejected the private lender’s request for insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL). NCLAT is the the appellate body for the decisions of bankruptcy court NCLT.

The matter relates to an agreement signed on August 3, 2012, in which ZEEL was a corporate guarantor for a working loan facility provided by IDBI Bank to Siti Networks Ltd. Later, Siti Networks defaulted on the loan facility of Rs 150 crore, after which IDBI Bank filed an insolvency plea against ZEEL. In 2019, the main borrower Siti Networks’ account turned into a non-performing asset (NPA)….

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 Law Tribunal’s (NCLT) earlier decision to reject an insolvency petition against Zee Entertainment…

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.

Suing these companies in Spain proved to be difficult for individuals due to bureaucratic lethargy and complex, legal, red tape. Claims companies incorporated to manage the process, and from 2016 onwards have been enjoying unchecked success on behalf of their clients. To the point where nearly all of the worst offenders have been ordered to pay so much money to their victims that…

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 original sanctioned limit of ₹50 crore, not the entire outstanding amount.

It also held that the default occurred only when the bank issued its demand notice on March 5, 2021, which squarely fell within the COVID-19 moratorium period from March 25, 2020 to March 25, 2021, during which insolvency filings were barred.

The NCLT scrutinised the terms of the guarantee agreement and…

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 the erstwhile prospering Jaypee Group, is facing insolvency proceedings launched by the National Company Law Tribunal (NCLT), Allahabad Bench, under the Corporate Insolvency Resolution Process (CIRP).

The insolvency process was initiated following JAL’s default on loans worth an astonishing Rs 57,185 crore. The case was admitted by NCLT on June 3, 2024, and an orderly process to…

Up to 16,000 households in Shropshire may be getting into debt and struggling to pay their bills, the county’s Citizens Advice Bureau (CAB) has estimated.

It also said the recent government announcement regarding changes to benefits was a concern for many.

The charity’s chief officer Jackie Jeffrey said: “A lot of people that we support and help have a long term fitness or a disability, so it would be quite understandable that people are worried.”

She said support was available, but it was difficult to navigate and she said it could be “a really complex system”.

Ms Jeffrey said the biggest number of queries the Shropshire CAB had received concerned the Personal Independence Payment (PIP).

It is currently paid to more than 3.6 million people…

Another day has come to an end, and GPblog, as always, has more news from the F1 world to share! Christian Horner admits that he was frustrated with the Brazilian Grand Prix race director Niels Wittich after an ‘unsafe’ call, a key Mercedes supplier files for bankruptcy and Guenther Steiner tells a GPblog a story about former Haas driver Nikita Mazepin.

Horner was left frustrated by the race director:

Red Bull team principal Christian Horner believes that he was surprised the Grand Prix was not stopped earlier because of the weather. During the race, there were incidents, and as the weather situation got worse, the safety car was called out. At one point, in terms of rain, it got to a point where it was no longer possible to race, so the…

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.

This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

2. Choose “App Settings” from the menu

3. Turn on the option “Links Open Externally” (This will use…