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Wednesday, April 14, 2021

National Company Law Tribunal

NATIONAL COMPANY LAW TRIBUNAL NEWS

Over 750 lawyers seek continuation of virtual hearings at NCLT’s Mumbai bench

February 26, 2021 8:46 pm

The lawyers have written to the acting president of the NCLT, BSV Prakash Kumar, to exclude the Mumbai bench from initiating physical hearings in view of the current spike in Covid-19 cases in Mumbai and across Maharashtra.

NCLAT underlines IBC terms: can’t accept offer if it comes late

January 19, 2021 8:11 am

The issue of revised offers after the deadline for submission of bids has crossed has seen many prolonged legal battles, including in the recent case of Dewan Housing and Finance Limited (DHFL) and an earlier case involving Binani Cement.

Insolvency and Bankruptcy Code: Lack of permanent heads a concern, deluge awaits once moratorium ends

January 02, 2021 6:01 am

On January 5, 2020, only five days into the year, the first president of the National Company Law Tribunal (NCLT), Justice M M Kumar, retired from his post. The insolvency body has been without a full-time president ever since.

MCA gets NCLT nod to recast financial statements of CG Power

March 07, 2020 5:13 am

The MCA had submitted before the NCLT that the CG Power group had understated advances to related and unrelated parties of the firm by Rs 1,990 crore and Rs 2,807 crore, respectively, as of March 2018, based on disclosures by the firm’s board of directors.

Amid shortage of benches, over 19,700 cases pending at NCLT

December 04, 2019 5:06 am

In the current fiscal, about 1,037 cases of corporate insolvency have been admitted by various benches of National Company Law Tribunal (NCLT) across India until September 30 — an increase of 51.6 per cent over the year-ago period.

NCLT agrees to hear Air India case; seeks response from carrier by December 9

November 28, 2019 4:49 am

A two-member Bench of Justice Ina Malhotra and Justice LN Gupta, while agreeing to hear the case, sought AI’s response by December 9, when it will next hear the case.

Ahmedabad: NCLT orders to restore delisted Surat-based diamond firm

November 20, 2019 12:23 am

According to the appeal filed by Vinod Tarachand Agrawal, liquidator of JR Diamonds Pvt Ltd, the company came to know in October 2018 from the web portal of the Ministry of Corporate Affairs (MCA) that its name was struck off on August 6, 2018.

Lok Sabha nod to Companies Amendment Bill

July 27, 2019 1:34 am

Pinaki Misra of BJD described the Bill as “disastrous” and A Raja of the DMK said the Registrar of Companies had been given “excessive powers”.   

‘Going to court is like going to a graveyard’: A day in the life of an NCLT courtroom, Fort, Mumbai

July 14, 2019 2:35 am

Since January 2017, National Company Law Tribunal, the adjudicating authority for bankruptcy and corporate cases, has admitted 1,858 cases and managed closure in little over a half. No surprise then that ‘judicial members’ usually have one advice: settle

Centre orders probe into Jet Airways over alleged mismanagement of funds

July 04, 2019 10:28 pm

The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed by SBI on behalf of 26 lenders on June 20.