A special five-member NCLT bench has issued notices to all parties in Subhash Chandra's personal insolvency case and directed the Essel Group Chairman not to alienate his properties, either directly or indirectly, following a split verdict on a repayment plan.
The National Company Law Tribunal (NCLT) has dismissed a plea by Jet Airways' liquidator seeking a Rs 500 crore refund from Boeing, ruling that the matter involves a complex contractual dispute requiring detailed adjudication and evidence beyond the tribunal's insolvency jurisdiction.
Zee founder Subhash Chandra has shifted his public statements from allegations against Mukesh Ambani to focusing on settling outstanding Essel Group debt, with borrowers reportedly agreeing to repay obligations.
Essel Group Chairman Subhash Chandra has challenged the National Company Law Tribunal's (NCLT) decision to form a five-member bench to hear his personal insolvency case, arguing that the tribunal lacks the power to constitute such a bench. This comes after a split verdict and a subsequent stay on an order allowing him to settle claims.
Essel Group founder Subhash Chandra has called for an independent audit to examine the group's borrowings, defaults, and repayments, stating that approximately 43,000 crore of its 45,000 crore total debt has been repaid.
Subhash Chandra hoped that the lenders would discuss the matter with the borrowers, reconcile the outstanding accounts, and get paid by the borrowers.
A growing conflict between India's insolvency law and tax rules is creating fresh uncertainty for companies undergoing resolution, with tax authorities increasingly denying the benefit of carrying forward past losses even after resolution plans have been approved by the National Company Law Tribunal (NCLT).
The National Company Law Tribunal (NCLT) has approved a repayment plan for media baron Subhash Chandra, allowing him to settle admitted creditor claims of approximately Rs 22,006.57 crore by paying just Rs 6.5 crore, resulting in a nearly 99.97 per cent haircut for lenders.
Sources clarify that the NCLT's approval of a repayment plan for Essel Group founder Subhash Chandra does not signify a 99.97 per cent write-off of Rs 22,000 crore in bank loans, as the figure represents claims against him as a personal guarantor, not debt personally borrowed.
Noel Tata, chairman of Tata Trusts, has presented a proposal for the Shapoorji Pallonji (SP) group to sell its 18.37 per cent stake in Tata Sons for approximately 25,000 crore, aiming to address the SP group's liquidity needs without a public listing of Tata Sons.
The creation of a National Company Law Tribunal may be further delayed, as a five-judge Constitution bench of the Supreme Court today held several provisions of the Company Law Amendment Act of 2002 as unconstitutional.
In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company. Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it.
'Resolution plan with this much haircut is totally unviable.'
Media baron Subhash Chandra has clarified that the total claim against him in personal insolvency proceedings is Rs 3,992 crore, not Rs 22,000 crore as claimed by dissenting creditors, asserting he was only a personal guarantor and not the borrower.
The National Company Law Tribunal (NCLT) in Mumbai has admitted a petition filed by State Bank of India (SBI) seeking to initiate personal insolvency proceedings against industrialist Anil Ambani. This action is related to Ambani's alleged personal guarantees for loans extended to Reliance Communications (RCom), from which SBI is attempting to recover over 1,200 crore.
The National Company Law Tribunal (NCLT) has approved media baron Subhash Chandra's personal insolvency resolution plan, which proposes to pay Rs 6.5 crore against admitted creditor claims of approximately Rs 22,006.57 crore, despite allegations from dissenting lenders that five family-linked entities controlled 61.78 per cent of the voting share.
The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal by MMTC, challenging the settlement scheme between National Spot Exchange Ltd (NSEL) and its traders, affirming the earlier approval by the NCLT and the Supreme Court.
The Supreme Court of India has issued a strong warning against the use of "non-existent, fake, and hallucinated" judgements generated by artificial intelligence (AI), likening it to "the release of methyl Isocyanate in the province of law and justice: invisible, insidious, and catastrophic." The court set aside an NCLT verdict that relied on such AI-generated precedents.
The Enforcement Directorate (ED) Director, Rahul Navin, has issued directives to intensify action against Insolvency and Bankruptcy Code (IBC) frauds involving "large haircuts" and to address delays in police registering FIRs based on ED's requests. The agency also aims to fast-track high-profile trials under the Prevention of Money Laundering Act (PMLA) and enhance internal coordination and efficiency.
The Supreme Court has dismissed an appeal by Byju Raveendran, upholding the NCLAT's decision to reinstate the original Committee of Creditors (CoC) in Think & Learn Private Ltd's insolvency proceedings, which includes Glass Trust Company LLC as a major lender.
Just in case the AGM, scheduled At the AGM, if it is held, a shareholders' vote on Chandra's renewal as a director on the Tata Sons board is unlikely but not ruled out.
After spending 31 months in Chennai's Puzhal prison, Ahmed Buhari is finally breathing free, as courts across the country quashed proceedings linked to his group company Coastal Energy.
The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Vishwajeet Jhawar, promoter of Marvel Group, following a petition by APRN Enterprises for outstanding debt.
Vedanta Ltd's aluminium plant in Jharsuguda, Odisha, is under regulatory scrutiny by the state's Water Resources department regarding its water sources and drawal history. This follows a complaint alleging unauthorised groundwater extraction and previous financial demands for illegal water use, with the National Green Tribunal also seeking responses on environmental concerns.
Think & Learn, which owns edtech brand Byju's, on Monday moved the National Company Law Appellate Tribunal against the NCLT order, which last week declined its plea to restrain Aakash Educational Services from convening its EGM for the rights issue.
In a major relief to Byju's, the NCLAT on Friday set aside insolvency proceedings against the troubled edtech major over a sponsorship deal and approved a Rs 158 crore settlement with the Board of Control for Cricket in India. The National Company Law Appellate Tribunal (NCLAT), however, passed the order with a caveat that any failure to make payments on the specific dates mentioned in the undertaking would automatically lead to a revival of the insolvency proceedings against Byju's.
The NCLAT has set aside a petition filed by the state tax department claiming dues from Reliance Communications (RCom) observing that it was based on the assessment made after the initiation of insolvency resolution process against the debt-ridden firm. A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the state tax department's second claim of Rs 6.10 crore. Corporate Insolvency Resolution Process (CIRP) against RCom was initiated on June 22, 2019. The state tax department had filed two claims.
Reliance Infrastructure (Reliance Infra) has submitted a representation to Sebi, NSE, and BSE, seeking a review of the Additional Surveillance Measure (ASM) framework and related trading restrictions on its shares, arguing they adversely impact its 700,000+ public shareholders and hinder fair price discovery.
The Delhi Gymkhana Club, a historic landmark in Lutyens' Delhi, is facing eviction as the government seeks to reclaim its land for defence infrastructure, raising concerns about the future of this elite institution.
Delhi Gymkhana Club members call takeover "illegal" and highlight heritage and social value.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.
The Centre had asked the Gymkhana Club in Lutyens' Delhi to hand over the premises, citing that the 27.3-acre plot was required for "strengthening and securing defence infrastructure".
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of NCLT directing bourses NSE and BSE to reconsider their approval for the Zee-Sony merger. A two-member NCLAT bench has asked NCLT to consider the merger of Zee Entertainment with Culver Max Entertainment (earlier known as Sony Pictures Networks India) afresh, after hearing all the parties. The appellate tribunal order came on hearing the appeal filed by Zee Entertainment Enterprises Limited (ZEEL) against the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 11, 2023.
Meta on Tuesday argued before appellate tribunal NCLAT that the CCI had provided no reasons for imposing a 5-year ban on the sharing of data between Meta and WhatsApp for advertisement purposes, as its counsel alleged "flawed approach" and "seven misses" by the fair trade regulator in its order.
Various stakeholders told the committee that there is a need for expanding judicial capacity or restructuring the adjudicatory process by increasing the number of benches and also enhancing financial allocation for improvement of infrastructure.
The National Company Law Tribunal (NCLT) on Wednesday admitted Bank of India's plea to initiate insolvency resolution proceedings against debt-ridden Future Retail Ltd (FRL). The tribunal rejected Amazon's objection to initiating insolvency proceedings against Future Retail. Admitting the lenders' plea, the NCLT appointed Vijay Kumar Iyar as the resolution professional for FRL.
The Securities and Exchange Board of India (Sebi) has identified around Rs 77,800 crore as "difficult-to-recover" or DTR dues in its annual report for 2024-25 (FY26), marking a nearly 2 per cent increase from the previous year. These dues remain unrecovered despite exhaustive recovery efforts.
The National Company Law Appellate Tribunal (NCLAT) on Monday upheld an NCLT order allowing crisis-hit Go First's voluntary insolvency resolution proceedings. A two-member NCLAT bench asked several aircraft lessors of Go First opposing insolvency, to approach National Company Law Tribunal (NCLT) for any remedy. "The order dated May 10, 2023 allowing insolvency is upheld," said the NCLAT bench headed by Chairperson Justice Ashok Bhushan.
