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The Latest Breaking News from NCLT

Vikram Solar shares fall 3% after NCLT admits insolvency petition against the company. Here's why

Vikram Solar shares declined after the NCLT admitted an insolvency petition filed by Isitva Steels over alleged dues linked to civil works for a solar EPC project. The company has disputed the claim, citing a prior settlement agreement, and plans to challenge the order before the NCLAT.

The Economic Times

Byju’s-Aakash settlement talks enter final stretch ahead of NCLT hearing

Settlement talks are underway between Manipal Education and Medical Group and GLAS Trust, representing Byju's US lenders, to resolve the Aakash Educational Services shareholding dispute. This crucial discussion aims to settle the division of Aakash's value, Byju's most significant asset, ahead of a key NCLT hearing.

The Economic Times

JAL shares delist from BSE and NSE today: Will its 6.5 lakh shareholders get anything?

Jaiprakash Associates shares were delisted from the BSE and NSE on Thursday, marking the closure of one of India's longest-running insolvency cases. The delisting follows the acquisition of the debt-laden company's assets by Adani Group. JAL said it had received final approval from both exchanges and thanked them for their…

The Economic Times

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BRND.ME converts into public company, eyes IPO in 12-18 months

BRND.ME, formerly Mensa Brands, has converted into a public company after shifting its corporate base to India. The consumer brands platform is preparing for a potential IPO within 12-18 months, backed by stronger governance, profitability and a streamlined corporate structure.

The Economic Times

NCLT rejects insolvency plea against Noida Metro Rail Corporation over pre-existing disputes

The National Company Law Tribunal has rejected an insolvency plea against Noida Metro Rail Corporation. The tribunal found genuine disputes existed regarding service quality and payment deductions. Empire Transport Services Ltd had claimed operational dues. However, the NCLT cited breaches of contractual obligations by the service provider. This ruling prevents…

The Economic Times

Delhi Gymkhana takeover: How the govt came to ‘clean up’ but left a bigger mess

On August 13, 2022, during Covid, a Tiranga rally for Independence Day was taken out from the Delhi Gymkhana Club situated across the road from the Prime Minister’s house – perhaps the most heavily guarded square kilometre in India.

Newslaundry

NCLAT quashes Ligare Aviation's insolvency; loan from Religare Enterprises round-tripping of money

The National Company Law Appellate Tribunal has cancelled insolvency proceedings against Ligare Aviation. The tribunal found the National Company Law Tribunal wrongly admitted a plea from Religare Enterprises. It stated the transactions were merely money laundering, not genuine financial dealings. This decision allows appeals from shareholder Daiichi Sankyo Company. The…

The Economic Times

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JP Power shares surge 28% in 2 days, Adani Power hits fresh 52-week high amid optimism around stake acquisition

Jaiprakash Power Ventures shares surged on Friday, extending their two-day rally to 28%, amid strong investor optimism surrounding Adani Power’s proposed stake acquisition in the company. JP Power stock climbed to Rs 24.50 and is up nearly 31% this week, with heavy trading activity as over 24 crore shares worth…

The Economic Times

Insolvency recoveries nearly halve in FY26 due to rising delays: Report

Recoveries under India's Insolvency and Bankruptcy Code (IBC) saw a sharp decline in FY 2025-26. Admitted claims yielded only 23 percent, a significant drop from the previous year. This downturn is attributed to increasing delays in resolution processes. The number of corporate insolvency cases admitted also decreased.

The Economic Times

IBC: Creditors realised Rs 4 lakh cr; cases involving Rs 14 lakh cr settled in pre-admission stage

India's Insolvency and Bankruptcy Code (IBC) has facilitated over Rs 4 lakh crore in creditor realisations from resolved cases. Additionally, nearly Rs 14 lakh crore in claims were settled pre-admission, showcasing a significant shift in debtor-creditor dynamics and promoting timely resolution of financial stress.

The Economic Times

JP Power shares soar 20% on optimism around Adani Power’s 24% stake purchase

Jaiprakash Power Ventures shares surged on Wednesday, extending gains for a fifth straight session and rising more than 25% during this period. Trading activity remained strong, with over 87 crore shares worth Rs 1,904 crore changing hands.

The Economic Times

Venugopal Dhoot moves SC against order upholding separate insolvency for Videocon Industries Ltd and VOVL

Videocon founder Venugopal Dhoot has approached the Supreme Court. He is challenging a recent appellate tribunal order. This order allows separate insolvency proceedings for Videocon Industries and Videocon Oil Ventures. Previously, a tribunal had directed clubbing of these cases. The appellate tribunal cited distinct business sectors. This makes a single…

The Economic Times

NCLAT says NCLT cannot directly order SFIO Probe; refers matter to Centre

The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) could not directly order an investigation by the Serious Fraud Investigation Office (SFIO) and clarified that such power rests with the Central Government under the Companies Act.

The Economic Times

Adani Power inks deals to buy Jaiprakash Power stake, Churk assets for over Rs 4,193 crore total

Adani Power is set to acquire a significant stake in Jaiprakash Power Ventures and a thermal power plant. This move is part of a resolution plan for Jaiprakash Associates. The acquisitions will boost Adani Power's generation capacity and expand its presence in the thermal power sector. The deal is expected…

The Economic Times

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The Economic Times

Adani Ports to acquire indirect control of Kanpur Fertilizers for Rs 1,500 crore under Jaiprakash Associates resolution plan

Adani Ports will acquire Jaypee Fertilizers & Industries for Rs 1,500 crore. This deal gives Adani Ports control of land in Kanpur. This land is suitable for a large logistics park. The acquisition will boost Adani Ports' inland logistics network in North India. It supports their plan to expand multimodal…

The Economic Times

NCLAT allows Lyka Labs appeal; asks Modi Lifecare to pay Rs 63 lakh or face insolvency proceedings

The NCLAT has ruled in favor of Lyka Labs. It overturned a previous NCLT decision. Modi Lifecare Industries must now pay Rs 63 lakh within 30 days. Failure to pay will lead to insolvency proceedings against the company. The tribunal found that Modi Lifecare acknowledged its debt. This ruling stems…

The Economic Times

NCLAT upholds separate insolvency processes for Videocon Industries and Videocon Oil Ventures

The NCLAT has upheld separate insolvency proceedings for Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL), overturning an NCLT order that had clubbed the two cases. The tribunal emphasized the distinct business sectors of VIL (consumer electronics) and VOVL (oil) and the creditors' intent for independent resolutions, a…

Newslaundry

From courtrooms to uncertainty: Inside UNI’s Rs 75-crore deal with Statesman

After nearly two years of courtroom battles and backstage negotiations, a resolution has finally emerged for the United News of India – a news agency that once challenged the PTI’s dominance in the media landscape.

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The Hindu

Kerala government to appeal NCLT order to hand over steel complex to Chhattisgarh company

The Hindu

New Tirupur Area Development Corporation and IL&FS spat reaches Registrar of Companies

Chennai dispute between NTADCL and IL&FS over debt repayment reaches RoC Coimbatore amid allegations and investigations.

The Hindu

De-register and allow export of all Go First aircraft: Delhi HC to DGCA

Delhi High Court orders DGCA to deregister Go First's fleet, facilitating export, amid ongoing insolvency resolution process.

The Hindu

Morning Digest | Supreme Court says EVMs are accurate unless they are maligned by human bias; X takes down four posts on EC order, and more

The Hindu Morning Digest gives a select list of stories to start the day. Read the top news today on April 17, 2024

The Hindu

NCLT admits insolvency petition against BGR Energy Systems

NCLT admits insolvency petition against BGR Energy Systems filed by RDC Concrete India Private Ltd for ₹7.20 crore default.

The Hindu

Majority of Byju's shareholders vote for removing CEO, family members; company calls vote invalid

Byju's shareholders vote to remove founder CEO over mismanagement, sparking legal battle and corporate turmoil.

Newslaundry

NCLT seeks Sony response to Zee plea seeking merger

Correction at 11.45 am on June 18: This report earlier carried a logo which belonged to Zee Media Corporation Limited (ZMCL) instead of Zee Entertainment Enterprises. ZMCL is not involved in the transaction between Zee Entertainment Enterprises Limited and Sony Pictures Networks India. The error is regretted.

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