New Delhi, May 4 (IANS) Adani Group’s resolution plan for Jaiprakash Associates Limited (JAL) has received approval from the National Company Law Appellate Tribunal (NCLAT), which dismissed Vedanta’s appeal challenging the process.A Bench comprising Chairperson Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra upheld the earlier order of the National Company Law Tribunal (NCLT), and said there were no grounds to interfere with the decision of the adjudicating authority.The tribuna…
Latest National Company Law Tribunal News & Updates
New Delhi, April 30 (IANS) The Centre has approved the appointment of Justice (Retd.) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court, as President of the National Company Law Tribunal (NCLT).According to an official notification issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet cleared the Ministry of Corporate Affairs’ proposal for Justice Grewal’s appointment to the top post in the NCLT.“The Appointments Commit…
New Delhi, April 30 (IANS) Renault Group India on Thursday said it has approached the National Company Law Tribunal (NCLT) to seek approval for a proposed restructuring of its India operations.The Duster-maker said in an official statement the plan aims to streamline its operating structure by separating powertrain manufacturing into a dedicated entity, while integrating vehicle manufacturing and sales under a single framework.The company said the move is intended to align with the distinct oper…
Mumbai, April 21 (IANS) JSW Energy Limited on Tuesday said its subsidiary, JSW Mahanadi Power Company Limited, has received a demand notice of Rs 1,447.34 crore from the Water Resources Division in Janjgir, Chhattisgarh, towards water charges, most of which relate to the period before the approval of its resolution plan under the Insolvency and Bankruptcy Code, 2016.The company stated that the National Company Law Tribunal (NCLT), Hyderabad, had approved the resolution plan on February 13, 2025,…
New Delhi, April 19 (IANS) The Insolvency and Bankruptcy Code (IBC) has fundamentally changed how business failures are handled in India by enabling timely resolution and restoring asset value, Sanjay Singhania, Vice President of PHD Chamber of Commerce and Industry (PHDCCI) said on Sunday.Speaking at “IBC Pulse: Trends, Transitions & Trajectories,” organised by PHDCCI at PHD House here, Singhania said that earlier, business failures were often delayed, leading to significant erosion of …
New Delhi, March 29 (IANS) The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by the BSE, ruling that insolvency courts have the authority to order the defreezing of Demat accounts of companies undergoing insolvency proceedings.In its order, a two-member bench of the appellate tribunal said the National Company Law Tribunal (NCLT) has clear jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to hear such matters and pass necessary directions….
Amaravati, March 20 (IANS) Former Andhra Pradesh Chief Minister late Y. S. Rajasekhara Reddy’s wife Y. S. Vijayalakshmi clarified that no formal division of family assets has ever taken place and said that her son Y.S. Jagan Mohan Reddy had been unfair to his sister Y.S. Sharmila and her children in matters related to asset distribution. Amid the ongoing dispute over family assets in the National Company Law Tribunal (NCLT), Vijayalakshmi, popularly known as Vijayamma, on Friday issued a notar…
New Delhi, Feb 5 (IANS) In a relief to the ED, the National Company Law Tribunal (NCLT), New Delhi, has recalled the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Alchemist Limited, holding that the insolvency proceedings were vitiated by fraud, collusion and malicious intent, a statement said on Thursday.The order was pronounced on Wednesday, with the Tribunal exercising its powers under Section 65 of the Insolvency and Bankruptcy Code (IBC), 2016.The NCLT categorically h…
Hyderabad, Feb 4 (IANS) Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao on Wednesday demanded an investigation into Telangana Chief Minister Revanth Reddy’s alleged ‘benami’ company. Addressing a press conference, KTR claimed that KLSR functions as a front entity for the Chief Minister and claimed to have evidence to support his claims.The BRS leader asserted that KLSR had been operating as a ‘benami’ company for Revanth Reddy from the very beginning.He said the Supreme Co…
New Delhi, Dec 29 (IANS) The proposed amendments to the Insolvency and Bankruptcy Code (IBC) such as introduction of group insolvency, cross-border insolvency and creditor-initiated insolvency are encouraging as they could boost recovery rates which been persistently low due to the lengthy resolution process, according to a report released on Monday.The strengthening of NCLT and NCLAT manpower along with other legal reforms are expected to reduce the burden on the judiciary, according to the ICR…