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….
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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…
New Delhi, Dec 27 (IANS) Punjab National Bank (PNB) has declared a Rs 2,434 crore alleged loan fraud by the former promoters of Srei Equipment Finance and Srei Infrastructure Finance.In a late evening exchange filing, the state-run PNB said that “Pursuant to the applicable provisions of SEBI (LODFR) Regulations, 2015 and the Bank’s Policy for determining materiality of events/information required to be reported to the Stock Exchanges, it is hereby informed that the bank has reported borrowal…