INSOLVENCY PLEA
Delhi High Court seeks SpiceJet's response on lessor's plea for attachment of assets
Delhi High Court seeks response from SpiceJet regarding attachment of assets to enforce UK court decrees for $13.82 million payment to a aircraft lessor. Court gives airline one week to respond.
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors
Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
Wipro asks NCLT to junk Ivalua's insolvency plea
Wipro disputes Ivalua's insolvency plea over $100,000 unpaid dues for unfulfilled cloud services, seeking dismissal at NCLT.
NCLT rejects housing society's plea to exclude land from HDIL's insolvency process
HDIL faces insolvency with liabilities exceeding Rs 8,138 crores, including debts to secured and unsecured financial creditors, and homeowners. The real estate sector contributes significantly to companies under CIRP, with about 15% witnessing revival post-resolution.
Kapil Wadhawan moves NCLAT to challenge insolvency proceedings against him
Erstwhile Dewan Housing Finance promoter Kapil Wadhawan challenged NCLT order for personal insolvency proceedings, moved NCLAT. NCLT's Mumbai bench had directed the initiation of proceedings over Union Bank plea. NCLAT adjourned the hearing to July 18 and appointed Devendra Mehta as resolution professional. Wadhawan, guarantor of DHFL loans, faced insolvency proceedings in November 2019. DHFL acquired by Piramal Capital for Rs 34,250 crore, creditors recover Rs 38,000 crore.
NCLAT directs NCLT to hear afresh insolvency plea by APL Apollo Tubes
NCLAT directs NCLT to rehear APL Apollo Tubes insolvency plea against Tanisha Scaffolding. Bench criticizes Bengaluru NCLT for rejecting claims on 'hypothetical interpretation' related to Purchase Order and Demand Notice. NCLAT emphasizes adherence to statute in tribunals. NCLAT orders expeditious proceedings.
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NCLT to hear insolvency plea filed by Engine Lease Finance against SpiceJet on August 2
The National Company Law Tribunal (NCLT) has sent a notice to SpiceJet following an insolvency plea initiated by Engine Lease Finance BV, an aircraft engine lessor involved with the financially troubled airline.
Reliance Cap resolution: NCLT to hear IIHL plea for deadline extension on June 20
The National Company Law Tribunal (NCLT) will hear a plea from Hinduja Group firm IIHL on June 20 for an extension of the deadline to complete Reliance Capital's resolution. IIHL, the successful bidder for Reliance Capital, seeks a 90-day extension beyond the May 27, 2024 deadline set by NCLT Mumbai for completing the Rs 9,650-crore resolution plan. Reliance Capital, the financial services arm of Anil Ambani Group, had its board superseded by the RBI in November 2021, and IIHL's resolution plan was approved by NCLT in February 2024.
NCLT admits personal insolvency resolution plea against Mahesh Shetty of MT Educare
The National Company Law Tribunal (NCLT) in Mumbai has accepted Prudent ARC's application to begin personal insolvency resolution proceedings against Mahesh R Shetty, promoter of MT Educare, for a default of Rs 16.64 crore. Shetty had provided a personal guarantee for these loans. The tribunal directed the resolution professional, Santanu T. Ray, to issue a public notice inviting claims from creditors.
NCLT gives fourth extension of 60 days to Go First to complete insolvency
NCLT grants Go First a 60-day extension for completing the Corporate Insolvency Resolution Process (CIRP), marking the fourth extension amid struggles to find a buyer.
Dispute with Raymach Tech settled: SpiceJet to NCLT
SpiceJet Ltd settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues at the National Company Law Tribunal.
NCLT dismisses developer’s intervention plea at pre-admission stage
The National Company Law Tribunal dismissed an intervention petition by Surya Landmark Developers regarding exclusion of its prime 0.5-acre land parcel in Mumbai's Lower Parel from insolvency proceedings initiated by ACRE.
NCLT admits personal insolvency plea against Rajkumar Dhoot of Videocon
The NCLT in Mumbai has admitted SBI's application against Rajkumar Dhoot of Videocon Group for a Rs 5,353-crore default by Videocon Industries, where Dhoot was a personal guarantor.
Bankruptcy court admits ICICI Bank's insolvency resolution plea against Jaiprakash Associates
Admission affects deal with Dalmia Bharat Group for Rs 5,666 crore. Case represented at NCLT.
Engine Lease Finance files fresh insolvency plea against SpiceJet
Engine Lease Finance is the latest of engine lessors that have approached courts accusing SpiceJet of defaulting on payments and seeking repossession of engines.
Engine Lease Finance moves insolvency plea against SpiceJet
SpiceJet, a low-budget airline, has filed an insolvency plea against its debt-ridden debtor, Engine Lease Finance BV, over non-payment of over USD 12 million. ELF has leased eight engines to SpiceJet and has claimed around USD 16 million in interest and rental. The matter was listed before the Delhi-based bench of the National Company Law Tribunal (NCLT), where SpiceJet was directed to file its response. ELF, the world's leading independent engine financing and leasing company, has previously approached the Delhi High Court after terminating a lease for two engines.
Jet Airways Insolvency: Tribunal junks JKC request to transfer Rs 200 crore
The Jalan Kalrock Consortium (JKC), the successful bidder for grounded Jet Airways, withdrew its plea to move Rs 200 crore paid to lenders to an escrow account after the National Company Law Appellate Tribunal (NCLAT) refused to provide relief. The NCLAT bench, headed by Justice Ashok Bhushan, stated the matter is already before the Supreme Court. The consortium chose to withdraw its plea, citing ongoing disagreements between lenders and consortiums.
NCLT admits Srei's insolvency plea against Supreme Infrastructure BOT
The National Company Law Tribunal (NCLT) has accepted Srei Infrastructure Finance's request to commence a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT due to its failure to repay a loan. Srei Infrastructure Finance had provided a term loan of Rs 150 crore to Supreme Infrastructure BOT for a duration of five years, earmarked for infrastructure projects.
NCLT rejects JM Financial Asset Reconstruction's plea in Arch Pharmalabs case...
The National Company Law Tribunal dismissed JM Financial Asset Reconstruction's application to intervene in an insolvency resolution application filed by Bank of Baroda against Arch Pharmalabs.
NCLT sets aside Syska LED Light insolvency process as company, lender settles matter
Syska LED Lights is part of the Pune-based SSK Group, an exclusive distributor of Samsung mobiles, accessories and tables for five states in Western India. In the past few years, the light-emitting diode (LED) lighting solutions provider and consumer electric company has expanded into personal care, home appliances, smart watches and audio categories.
GoFirst engine lessors to wait further; NCLT says it will study Delhi HC order
National Company Law Tribunal to decide on engine lessors for Go First after studying Delhi High Court order allowing lessors to repossess aircraft. Ministry of Corporate Affairs claims aircraft not under Insolvency and Bankruptcy Code. Tribunal grants 10 days for written arguments in land lease dispute with Mack Star Marketing Pvt Ltd.
Bankruptcy court admits insolvency plea against listed firm India Steel Works
The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional. India Steel Works plans to appeal at NCLAT for urgent relief. Tribunal prohibits legal actions against India Steel Works, restraining asset disposal. Stecol International approached NCLT after India Steel Works defaulted on dues of Rs 2.6 crore.
NCLT admits Aditya Birla ARC's insolvency plea
NCLT, Hyderabad, admitted Aditya Birla ARC's petition on guarantees by KSK Mahanadi Power promoters Sastry and Kishore for over Rs 4000 crore loans, including a tripartite agreement, in Chattisgarh.
NCLT admits insolvency plea against two Essel Group companies on Indiabulls Housing plea
The Mumbai bench of the National Company Law Tribunal (NCLT), in applications filed by Indiabulls Housing Finance Ltd, also appointed Ravi Prakash Ganti as interim resolution professional (IRP) for these companies.
Bankruptcy court admits Punjab National Bank’s insolvency resolution plea against Arshiya
Punjab National Bank's CIRP plea against Arshiya Ltd has been approved by Mumbai NCLT, with Nitin Vishwanath Panchal being appointed as RP. Officers have been asked to provide findings within a week.
NCLT notice to SpiceJet on 3 insolvency pleas filed by lessors for arrears worth Rs 77 crore
NCLT issued notice to SpiceJet over insolvency petitions by lessors AWAS 36698, AWAS 36694, AWAS 36695 for ₹77 crore arrears. Legal arguments ongoing with previous petitions dismissed.
Hinduja arm asks NCLT to junk BHEL insolvency plea
Hinduja National Power Corporation Ltd (HNPCL) has requested the dismissal of an insolvency petition filed by public sector undertaking Bharat Heavy Electricals Ltd (BHEL) due to the PSU's failure to complete the project as per the contract. The case has been dragging on for over four years, with BHEL claiming HNPCL failed to make a payment of ₹281 crore.
NCLT admits insolvency resolution plea against the erstwhile promoter of DHFL Kapil Wadhawan
The National Company Law Tribunal (NCLT) has admitted Union Bank of India’s insolvency application against Kapil Wadhawan, former promoter of DHFL, for a Rs 3,958-crore default. Devendra Mehta is appointed as the resolution professional. DHFL's creditors, including FD holders, had recovered Rs 38,000 crore from Piramal Capital's acquisition in September 2021.
Wilmington Trust approaches NCLAT, files Insolvency appeal against SpiceJet
Aircraft lessor Wilmington Trust SP Services has moved NCLAT, filing an appeal against an earlier order of NCLT, which had dismissed its insolvency plea against low-cost carrier SpiceJet. Wilmington Trust's petition has been listed for hearing on Thursday before a bench headed by the Chairperson Justice Ashok Bhushan of the National Company Law Appellate Tribunal (NCLAT).
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