INSOLVENCY LAW
Omkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss
Omkara Asset Reconstruction Company and Oaktree Capital Management have acquired GTL Infrastructure's debt. The deal, valued at ₹1,200 crore, was a cash transaction. Edelweiss Asset Reconstruction Company exited the exposure. Investors anticipate improved recovery prospects for the telecom tower company. Omkara aims for an exit within two years through asset sales or settlement.
TVS Supply settles dispute with ZTE, withdraws insolvency plea in NCLAT
TVS Supply Chain Solutions has settled its debt dispute with ZTE Telecom India. The company withdrew its appeal against an order that rejected insolvency proceedings. The National Company Law Appellate Tribunal allowed the withdrawal. This development follows a previous dismissal of insolvency proceedings by the National Company Law Tribunal due to a pre-existing dispute.
Govt plans to rationalise filing framework under companies law
The Corporate Affairs Ministry is embarking on an initiative to streamline company law filings, merging various forms into a more user-friendly, data-centric system. This move is designed to lighten the compliance load for businesses, inviting stakeholder feedback until May 15. Moreover, the Ministry is also evaluating incorporation guidelines to make starting a company smoother and less cumbersome.
Vedanta was never declared highest bidder for Jaiprakash Associates: RP to NCLAT
Jaiprakash Associates insolvency proceedings see a dispute over Vedanta's claim as highest bidder. The resolution professional told the NCLAT that no formal declaration was made. An email only showed the highest financial value discovered. Vedanta's petition is argued to lack legal and factual basis.
Faster insolvency process proposed with creditor-led resolution framework
A new Creditor-initiated Insolvency Resolution Process (CIIRP) aims to expedite debt resolution, allowing financial creditors with 51% debt share to initiate proceedings. This bypasses the NCLT admission process, with the tribunal's role limited to moratorium and plan approval. The entire process is targeted for completion within 150 days, a significant reduction from the current 330 days.
India plans special NCLT bench for cross-border insolvency cases to speed up resolutions
India plans to set up a special NCLT bench with trained members to handle cross-border insolvency cases once new rules under the Insolvency and Bankruptcy Code are notified. The move, based on a modified UN model law, aims to speed up resolution and improve coordination with foreign courts.
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NCLT orders insolvency proceedings against Venugopal Dhoot as personal guarantor
Insolvency proceedings have begun against Venugopal Dhoot, former chairman of Videocon. The National Company Law Tribunal directed this action due to his default on loans totaling over Rs 6,157 crore. Dhoot acted as a personal guarantor for two Videocon group companies. The tribunal appointed a resolution professional to manage the process.
NCLAT adjourns hearing on Vedanta plea against selection of Adani's bid for JAL
The National Company Law Appellate Tribunal (NCLAT) on Monday adjourned the hearing on Vedanta Ltd’s petitions challenging Adani Enterprises’ ₹14,535-crore bid for Jaiprakash Associates Ltd due to a change in the bench.
Oberoi Realty & Nirmal Lifestyle get NCLT approval for merger
The National Company Law Tribunal has approved the merger of Nirmal Lifestyle Realty with Oberoi Realty. This move will simplify Oberoi Realty's group structure and enhance operational efficiencies. Nirmal Lifestyle Realty will be dissolved without winding up. The amalgamation aims to optimize resource utilization and provide a clearer strategic roadmap.
NCLAT upholds project-specific insolvency action for realty firms
Homebuyers' insolvency cases against real estate firms will now be limited to the specific project facing default. The National Company Law Appellate Tribunal has ruled that extending these proceedings to other projects of the company is not beneficial for homebuyers or other stakeholders. This decision ensures that unrelated projects are protected.
NCLAT reaffirms project-specific insolvency proceedings against realty firms
The National Company Law Appellate Tribunal has ruled that homebuyers' insolvency cases against real estate firms must focus only on the project with the default. This decision prevents unrelated projects from being affected. The tribunal emphasized that this approach protects the interests of homebuyers and stakeholders in other developments.
Vedanta questions metrics behind Adani’s winning bid for JAL
Vedanta Group is challenging the selection of Adani Enterprises' bid for Jaiprakash Associates Ltd. Vedanta claims its offer was significantly higher in value. The insolvency appellate tribunal is hearing the case. Lenders defended their decision, stating multiple factors were considered. Jaiprakash Associates has substantial assets across real estate, cement, and hospitality.
After 15-year wait, JAL homebuyers pin hopes on Adani plan for long-delayed homes
Homebuyers who booked properties 15 years ago with Jaiprakash Associates Limited (JAL) are anticipating possession following the Supreme Court's refusal to halt Adani Group's Rs 14,500 crore debt resolution plan. The approved plan offers buyers a choice of home delivery within two years or a refund, aiming to resolve one of India's largest bankruptcy cases.
NCLAT upholds NCLT order on distribution of funds from a resolution plan
The National Company Law Appellate Tribunal has rejected a plea from five banks. They challenged fund distribution to SBI and Punjab National Bank. The tribunal upheld the distribution mechanism. This mechanism was approved by the lenders' body and the NCLT. The case involves OCL Iron and Steel insolvency proceedings. Indrani Patnaik's resolution plan was approved.
Supreme Court refuses to stay Adani’s ₹14,500 cr JAL resolution plan
The Supreme Court has declined to halt Adani Group's ₹14,500-crore plan for Jaiprakash Associates. Vedanta's challenge to the resolution plan was noted. The court directed the National Company Law Appellate Tribunal to hear Vedanta's appeal on an expedited basis. Major policy decisions by the monitoring committee require NCLAT permission. The NCLAT had previously refused to stay the plan's implementation.
SC refuses to interfere with order allowing Adani to acquire Jaiprakash Associates in blow to Vedanta
The Supreme Court of India has refused to halt Adani Enterprises' acquisition of Jaiprakash Associates, a decision impacting Vedanta Group. Vedanta had sought a stay, citing a lack of transparency in the insolvency process. The court deferred to the NCLAT, which is scheduled to hear related appeals on April 10.
SC to hear Vedanta's stay plea against Adani's Jaiprakash Associates takeover
Vedanta, owned by Anil Agarwal, had outbid Adani Group in one of the largest and most keenly tracked insolvency cases in the country. The committee of creditors, though, opted for the resolution plan offered by the Adani Group because of higher upfront payments. Vedanta has told the Supreme Court that the insolvency process lacked transparency and failed to maximise value for creditors. It alleged that the process followed by JAL's committee of creditors in approving the plan of the Adani Group was "unfair, opaque, and inequitable".
Sadbhav Lenders turn down NARCL offer, settle it out of court
Sadbhav Engineering lenders have chosen an out-of-court debt restructuring. This decision bypasses an offer from NARCL. A consortium-led plan was approved by lenders. The company finalized a ₹1,517 crore restructuring package. This move aims to resolve stressed assets outside insolvency courts. The agreement involves convertible debentures and equity conversion. Lenders include PNB, Union Bank of India, and Axis Bank.
Insolvency process against Raheja Shilas project in Gurugram to continue, says NCLAT
The National Company Law Appellate Tribunal has rejected Raheja Developers' request to end insolvency proceedings for its Raheja Shilas project. The tribunal noted that issues with flat buyers remain unresolved. An application to withdraw the insolvency process can only be filed after all disputes are settled.
New creditor-led IBC framework to put in place safeguards for stressed firm's management
New creditor-led insolvency rules will impose strict financial transaction limits on stressed companies, requiring committee of creditors' approval. This aims to safeguard the rescue process and prevent misconduct. Management will continue operations under a resolution professional's supervision, with enhanced oversight and reporting obligations to ensure transparency and protect creditor interests.
DMRC not bound to revive terminated agreement for parking: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has delivered a decisive ruling that benefits the Delhi Metro Rail Corporation (DMRC), declaring that DMRC is under no obligation to restore its concession agreement with Pratibha Industries Ltd (PIL). This particular agreement concerning a multi-level parking facility was annulled in 2017.
Committee of creditors can invite land authorities in realty insolvency cases: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced amendments to insolvency regulations, allowing land authorities to join creditor meetings. This aims to speed up resolution for hundreds of real estate projects, benefiting thousands of homebuyers. The Insolvency and Bankruptcy Code (Amendment) Bill, 2025, also introduces stricter timelines for case admission and plan approval, emphasizing resolution over mere recovery.
NCLAT directs lower tribunal to hear Belgotex insolvency plea afresh
The National Company Law Appellate Tribunal has stepped in to challenge a lower court's ruling regarding Belgotex India, a key player in the carpet and vinyl flooring market. After rejecting Belgotex's plea for insolvency against Puneet India, the appellate tribunal uncovered critical mistakes concerning the timing of defaults and the exclusions allowed.
Mahagun Group raises Rs 225 crore from CSL Finance Limited
Mahagun Group has secured Rs 225 crore funding from CSL Finance Limited. This capital infusion will accelerate project execution and ensure timely delivery. The group also successfully repaid Rs 650 crore debt for its Mahagun Medalleo project. This development follows a recent settlement with IDBI Trusteeship Services Ltd, leading to the withdrawal of an insolvency petition.
Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill
The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, replacing the underutilized fast-track process with a new creditor-initiated insolvency framework. Finance Minister Nirmala Sitharaman highlighted that the IBC has facilitated the resolution of 1,376 companies, recovering Rs 4.11 lakh crore. The amendments aim to expedite insolvency applications and introduce provisions for group and cross-border insolvency.
IBC helped banks recover 52% bad loans: Nirmala Sitharaman
India's insolvency law has significantly boosted the banking sector. The Insolvency and Bankruptcy Code has helped rescue struggling companies and recover bad loans. A new amendment bill passed in the Lok Sabha introduces fresh resolution frameworks. This aims to speed up the rescue of stressed firms and improve loan recovery processes across the country.
Vedanta moves Supreme Court seeking stay on Adani's JAL resolution plan
Challenging the rejection of its revised bid, Vedanta told the apex court that the insolvency process lacked transparency and failed to maximise value for creditors. It alleged that the process followed by the JAL's committee of creditors in approving the plan of Adani Enterprises (AEL) was "unfair, opaque, and inequitable."
NCLAT reverses insolvency proceedings against Vatika Ltd
The National Company Law Appellate Tribunal has overturned a lower court's decision to start insolvency proceedings against real estate firm Vatika Ltd. The tribunal found that principal repayment was not yet due and some claims were overstated. It clarified that insolvency proceedings should only cover the specific project 'Aspirations'. This ruling allows Vatika to focus on its operations.
IBC reforms: Government moves to fix insolvency delays
ET looks at how the proposed amendments to the decade-old law, blamed by critics for causing inordinate delay in the rescue or liquidation of bankrupt firms, is going to shape the country’s insolvency ecosystem.
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