New Delhi, July 2 (IANS) The Supreme Court on Thursday set aside orders passed by the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) after finding that the NCLT had relied on Artificial Intelligence (AI)-generated “non-existent”, fake and hallucinated judicial precedents, declaring a policy of “zero tolerance” towards the use of such material in judicial decision-making.A Bench of Justices P.S. Narasimha and Alok Aradhe said that a decision based on …
Latest NCLT News & Updates
Mumbai, June 13 (IANS) The Enforcement Directorate (ED) has arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act (PMLA) in Mumbai, according to officials.The probe agency took transit remand of Satish Seth and Gautam Doshi, who previously served as directors of Reliance Telecom Ltd.The CBI had booked and raided the premises of the duo in March as part of its investigation into an alleged loan fraud worth Rs 114.98 crore at the State Bank o…
Bengaluru, June 12 (IANS) The National Company Law Tribunal (NCLT), Bengaluru Bench, has declared Congress MLC Naseer Ahmed bankrupt in connection with the default of loans amounting to Rs 1,454.71 crore owed by Bengaluru-based M/s Scotts Garments Limited, for which he had stood as a personal guarantor.The order has cast uncertainty over Ahmed’s continuation as a member of the Karnataka Legislative Council, with legal experts indicating that the bankruptcy declaration could attract disqualificat…
New Delhi, June 11 (IANS) The National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the State Bank of India (SBI) and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while admitting the SBI’s application filed …
Ahmedabad, May 21 (IANS) Adani Power on Thursday said it has entered into definitive agreements with Jaiprakash Associates Ltd (JAL) to acquire a 24 per cent stake in Jaiprakash Power Ventures Ltd (JPVL) and the 180 MW Churk thermal power plant in Uttar Pradesh, under the NCLT-approved resolution plan for JAL.In a stock exchange filing, the Adani Group company said it has executed a Share Purchase Agreement to acquire JAL’s 24 per cent holding in Jaiprakash Power Ventures Ltd for about Rs 2,99…
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…
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, 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….
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…