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 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

Clear Rs 1.4L cr in dues before bidding for Essar: NCLAT tells ESAH

According to reports, the new order suggests the tribunal may consider letting the Ruias, founders of the Essar Group and the erstwhile promoters of Essar Steel, enter the race for the latter if ESAH can come up with about Rs 1.4 lakh crore. Continue Reading