INSOLVENCY PROCEEDINGS

The Delhi High Court dismissed Arvind Dham's plea to quash his arrest by the Enforcement Directorate in a Rs 2,700 crore bank fraud case. The court found substantial reasons for the arrest, including financial mismanagement and potential tampering o...

NCLAT supported NCLT's decision. The insolvency case against Amazon India was dismissed. Multiplier Brand Solutions claimed Amazon owed them money. Amazon disputed the amount. The courts agreed a dispute existed before the insolvency claim. The case...

The National Company Law Appellate Tribunal (NCLAT) has narrowed down insolvency proceedings against Raheja Developers to just its 'Raheja Shilas' project. The tribunal has also requested a detailed report from the Interim Resolution Professional (I...

Byju Raveendran has been trying to regain control of his capsizing education technology empire, which is under court supervision in both India and the US, where some of its valuable units are located.

Raheja Developers is facing insolvency proceedings initiated by flat buyers of its Gurugram-based Shilas project. The buyers allege a default of Rs 112.90 crore due to non-delivery of units. Raheja Developers, however, claims the delay was due to un...

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Raheja Developers following a petition by flat buyers in the Gurgaon-based Shilas project. The NCLT cited "debt due and default" by the company for its failure to ...

The Insolvency and Bankruptcy Board of India (IBBI) has proposed new rules that could expedite the resolution process for bankrupt real estate firms. The proposed changes would allow for the transfer of property ownership to buyers who have paid the...

IL&FS Group, grappling with debt, has successfully repaid Rs 38,082 crore to its creditors by September 30, 2024. The resolution process, involving asset monetization and debt restructuring, aims to resolve a total of Rs 61,000 crore, representing a...

The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Jaiprakash Associates Ltd's (JAL) appeal against the National Company Law Tribunal's (NCLT) order to admit the company into insolvency. JAL argues its debt was restructure...

The bankruptcy court in Mumbai has dismissed an insolvency plea by KBC Infrastructure against Shapoorji Pallonji & Co. The National Company Law Tribunal clarified that insolvency proceedings should not be misused as a debt recovery tool, especially ...

The National Company Law Tribunal has started insolvency proceedings against Spaze Towers after flat owners filed a plea. The company failed to complete a project in Gurugram on time. The tribunal appointed an interim resolution professional and sus...

A bench headed by Chief Justice of India DY Chandrachud said there were procedural lapses in the settlement process, which happened without the approval of insolvency resolution professional Pankaj Srivastava who was appointed by the National Compan...

The National Company Law Tribunal (NCLT) rejected REC Ltd's application against Global Metal & Energy Pvt Ltd. The tribunal ruled that the company's default occurred during the Covid-19 period, when insolvency proceedings were barred. This decision ...

The founder of the once-most-valued Indian startup said investors threw Byju’s under the bus at the first sign of crisis. While sounding optimistic about a turnaround, Raveendran said the edtech had taken the best decision in the world when it took ...

SpiceJet Ltd is facing new insolvency proceedings initiated by aircraft lessor Aviator ML 29641 Ltd over ?58 crore in unpaid dues. The low-cost airline has disputed the debt. The National Company Law Tribunal has listed the matter for further hearin...

The Supreme Court overturned the Telangana High Court’s order, allowing insolvency proceedings for Adani Power's Rs 27,000-crore bid for the 1,800 MW KSK Mahanadi project to proceed, stating the HC had no jurisdiction. This decision impacts a long-p...

The NCLT has initiated insolvency proceedings against Syska LED Lights after admitting a Rs 7.70 crore plea from Sunstar Industries. The tribunal appointed an interim resolution professional, rejecting claims of a pre-existing dispute and non-confor...

The National Company Law Tribunal has ordered the corporate insolvency resolution process for Jupiter Landscapes due to defaulting on non-convertible debentures worth Rs 573.98 crore. The default occurred in March 2023. Edelweiss Asset Reconstructio...

The state-owned NBCC has approached the Supreme Court to complete Supertech Limited's 17 stalled projects, affecting around 27,000 homebuyers. These projects, located in the National Capital Region, Dehradun, and Bengaluru, were halted due to financ...