Tag: National Company Law Appellate Tribunal

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SREI Finance Withdraws Plea on Nirmal Lifestyle’s Revival Plan

The heavily indebted realty firm, Nirmal Lifestyle (Mulund) Pvt Ltd, has seen one of its secured creditors, SREI Equipment Finance Ltd, withdraw its appeal to the National Company Law Appellate Tribunal (NCLAT). This withdrawal follows the resolution applicant’s clarification that the contested mortgaged property is not part of the approved plan. In April, the Mumbai bench of the National Company Law Tribunal approved the acquisition of Nirmal Lifestyle (Mulund) by Pune-based developer, Mantra Properties and Developers Pvt Ltd. The company carries liabilities totaling Rs 1,491 crore, while the bidder proposed Rs 215 crore under the resolution plan to reinstate the…

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Vedanta questions metrics for Adani’s JAL bid selection

NEW DELHI: The Vedanta Group has raised concerns regarding the evaluation criteria used by the creditors of Jaiprakash Associates Ltd (JAL), which opted for a lower bid of ₹3,400 crore from Adani Enterprises for the financially troubled company. During a session at the National Company Law Appellate Tribunal (NCLAT), Vedanta’s counsel remarked that the “valuation process has compromised the commercial judgment” exercised by the committee of creditors (CoC). Senior advocate Abhijeet Sinha questioned whether the CoC’s evaluation matrix aimed at value maximization or served some other agenda. Sinha argued that the evaluation matrix, along with the resolution plan request (RFRP)…

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Lok Sabha Approves Insolvency Law Amendments to Boost Stakeholder Value

NEW DELHI: The Lok Sabha has passed a bill amending the insolvency law to introduce strict timelines, an out-of-court settlement option, and a framework for cross-border insolvency processes. Presenting the bill, Finance and Corporate Affairs Minister Nirmala Sitharaman stated that the amendments to the Insolvency and Bankruptcy Code (IBC), which took effect in 2016, aim to maximize stakeholder value and enhance the governing process. The amendments are intended to bolster the existing insolvency framework while tackling practical challenges and integrating global best practices, which, according to the minister, have significantly improved the health of the banking sector. The Lower House…