Government seeks more time to complete IL&FS resolution

The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Continue Reading

Tata Sons move SC challenging NCLAT decision

Tata Sons today moved the Supreme Court challenging the 18 December decision of the NCLAT restoring Cyrus Mistry as the executive chairman of the group. Continue Reading

NCLAT dismisses IT dept plea against Reliance Jio

The NCLAT has dismissed petitions filed by the Income Tax Department, which raised objection over the approval granted to Reliance Jio Infocomm scheme to hive off its fiber and tower business into two separate units. Continue Reading

NCLAT restores Cyrus Mistry as Tata Sons head

In a big win for Cyrus Mistry, the NCLAT today restored him as executive chairman of Tata Sons and ruled that appointment of N Chandrasekaran as the head of the holding company of salt-to-software conglomerate was illegal. Continue Reading

NCLAT to hear plea on Adani Power bid for Korba West Power Co

The Ahmedabad bench of the National Company Law Tribunal (NCLT) had on 26 June approved the resolution plan by Adani Power for Korba West Power Company, which operates 600 MW thermal power plant in Chhattisgarh’s Raigarh district. Continue Reading

Jaypee creditors to vote on NBCC’s revised bid

The creditors’ panel of debt-laden Jaypee Infratech has reportedly decided to vote on the revised offer of NBCC as more than 20,000 home buyers favoured the voting process for the State-run firm’s bid even as bankers dissented. Continue Reading

NCLAT accuses RCom lenders of brazen attitude

The National Company Law Appellate Tribunal (NCLAT) slammed the lenders of Reliance Communications (RCom), especially the State Bank of India, for painting a rosy picture of the Anil Ambani-owned telco’s asset sale plan. Continue Reading