NCLAT
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.
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.
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.
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.
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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.
The rupee’s swing: When currency becomes the deal maker or breaker
Rupee volatility has become central to India’s distressed deals, driving stress for firms with dollar debt despite stable operations. Elevated hedging costs and FX uncertainty are reshaping pricing, deal structures, and timelines, with investors favouring export-linked assets and natural hedges.
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.
BEML and DMRC to jointly bid for West Asia metro projects
BEML and DMRC are joining forces for metro projects in West Asia. This partnership will offer complete solutions, from rolling stock supply to project execution. The collaboration aims to leverage BEML's manufacturing strength and DMRC's metro system expertise. They will also explore developing indigenous Tunnel Boring Machines for future infrastructure needs.
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.
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.
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.
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.
Vedanta tells Supreme Court its revised Jaypee bid tops Adani offer
Vedanta Ltd has approached the Supreme Court challenging the rejection of its bid for Jaiprakash Associates Ltd. The mining giant claims its revised offer was financially superior to the Adani Group's accepted bid. Vedanta alleges lenders acted arbitrarily and questions the resolution professional's role. The National Company Law Tribunal had previously approved Adani's plan, a decision Vedanta is contesting.
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.
Vedanta moves Supreme Court seeking stay on Adani’s takeover of Jaiprakash Associates
Vedanta Group has approached the Supreme Court seeking a stay on Adani Group's takeover of Jaiprakash Associates Ltd (JAL). Vedanta claims it was initially declared the highest bidder for JAL, but the decision was later reversed. Lenders, however, defend their choice of Adani's bid, citing upfront cash and faster repayment, despite Vedanta's higher financial offer.
Anil Agarwal says Vedanta got written win for Jaypee Group asset bid, later reversed
Mining baron Anil Agarwal stated Vedanta was initially declared the highest bidder for a Jaypee Group asset. However, the decision was later reversed. Gautam Adani's group was the only other bidder. The National Company Law Tribunal approved Adani's bid, which Vedanta has challenged. The National Company Law Appellate Tribunal is hearing the case.
NCLAT dismisses BSE pleas challenging NCLT’s power to defreeze demat accounts in insolvency cases
NCLAT dismissed BSE’s appeals against NCLT orders to defreeze demat accounts of insolvent firms, ruling that NCLT has jurisdiction under the IBC. The tribunal said dues leading to account freezes qualify as debt, allowing resolution professionals to access shares and proceed with recovery during insolvency proceedings.
Builder declares insolvency, buyer pays the price: BJP MP Bajpai demands RERA overhaul in Rajya Sabha
Thousands of homebuyers are facing distress as builders declare insolvency, leaving projects incomplete. Uttar Pradesh BJP MP Laxmikant Bajpai has called for urgent amendments to RERA and insolvency laws. He stressed the need to attach builders' personal assets and ensure swift investigations. The aim is to provide justice to aggrieved buyers and prevent builders from escaping accountability.
Vedanta dividend alert: Last date to buy shares to be eligible for Rs 11 interim dividend
Vedanta has announced an interim dividend of Rs 11 per share, with March 28 set as the record date. Due to a market holiday and settlement timelines, March 25 is likely the last day to buy shares to qualify. The update comes alongside legal developments and recent stock price weakness.
NCLAT declines interim stay on Adani's Rs 14,535-cr bid for Jaiprakash Associates
The Insolvency Appellate Tribunal has not granted an interim stay on Vedanta's challenge to the NCLT's approval of Adani Group's bid for Jaiprakash Associates Ltd. The tribunal has sought a response from the Committee of Creditors within a week. The matter will be heard again on April 10.
NCLAT adjourns hearing on Vedanta petition to Tuesday, asks to implead Adani as party
The insolvency appellate tribunal NCLAT has ordered Vedanta Group to include Adani Group in its appeals. These appeals challenge the NCLT's approval of Adani's bid for Jaiprakash Associates Ltd. The tribunal cannot issue an ex-parte order. Adani Enterprises had previously outbid Vedanta for the acquisition. The case will be heard again soon.
Vedanta moves NCLAT, challenges NCLT nod to Adani's bid for acquiring Jaiprakash Associates
Vedanta Group has appealed to the NCLAT against the NCLT's decision to approve Adani Group's bid for Jaiprakash Associates Ltd. The NCLT had earlier sanctioned Adani Enterprises Ltd's Rs 14,535 crore offer. Lenders had approved Adani's plan in November last year. Vedanta was also a contender for the acquisition.
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