Tag: National Company Law Tribunal

Latest StoriesRegulatory

SC Aims to Provide Homes to 22,000 Unitech Buyers

NEW DELHI: The Supreme Court clarified on Wednesday that its aim is to ensure that 22,000 homebuyers of the distressed Unitech Ltd receive their homes. The court urged the newly appointed board by the Centre, along with banks and financial institutions, to propose solutions for resolving this long-lasting dispute. A bench, including Justices JB Pardiwala and KV Viswanathan, requested both counsel for homebuyers and land-owning agencies to submit a brief two-page note with suggestions within a week. Around 22,000 homebuyers have been waiting for their homes purchased from Unitech for several years. The management of the firm is now under…

IndustryLatest Stories

India to Establish NCLT Bench for Faster Cross-Border Insolvency

NEW DELHI: India is set to establish a dedicated bench within the National Company Law Tribunal (NCLT) that will focus on cross-border insolvency cases, aiming to expedite legal proceedings following the notification of new bankruptcy regulations, according to sources familiar with the development. The cross-border framework, which received approval last month as part of amendments to the Insolvency and Bankruptcy Code (IBC), will draw from a UN model law but will be tailored to better fit India’s requirements. This initiative is designed to simplify access for creditors to the foreign assets of distressed companies and facilitate India’s collaboration with international…

Latest StoriesResidential

After 15 Years, JAL Homebuyers Rely on Adani’s Housing Plan

Homebuyers waiting for possession of properties booked with Jaiprakash Associates Limited (JAL) 15 years ago are hopeful for a swift resolution. This comes after the Supreme Court declined to stay the implementation of the Adani Group’s debt resolution plan of ₹14,500 crore. The homebuyers’ association expressed concern over the prolonged legal proceedings and urged the Adani Group to complete the projects as promised in the resolution plan. Mateen Wani, a retired government employee from Jammu & Kashmir who booked a plot in Jaypee Sports City years ago, stated, “Many buyers have been paying both EMI and rent for years with…

IndustryLatest Stories

Creditors’ Committee Can Engage Land Authorities in Realty Insolvency

File Photo NEW DELHI: On Wednesday, Finance Minister Nirmala Sitharaman announced that the committee of creditors (CoC) will now be able to invite land authorities to its meetings for discussions regarding regulatory and land-related issues under the insolvency regulations. This move aims to expedite the resolution of bankruptcy cases involving numerous real estate projects. While addressing the Rajya Sabha on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, Sitharaman stated that the amendments narrow the scope of adjudication for case admissions and set stricter timelines to accelerate resolution and enhance the value of stressed assets. The Rajya Sabha has passed…

IndustryLatest Stories

UltraTech Cement Resolves JAL Dispute, Redeems ₹1,000 Crore Shares

UltraTech Cement has reached a resolution with Jaiprakash Associates (JAL) regarding a long-standing arbitration issue, agreeing to redeem ₹1,000 crore in preference shares associated with the Dalla Super cement facility, according to sources familiar with the matter. This agreement paves the way for monetizing Jaypee assets following a bankruptcy court’s recent approval for the Adani Group to take control of JAL. The Adani Group has proposed to pay ₹14,535 crore to acquire the bankrupt JAL in the insolvency process, although the group has not yet completed payments to creditors. The settlement with UltraTech’s flagship cement division is expected to lessen…

Latest StoriesRegulatory

SC Upholds Insolvency Cases for Greater Noida Real Estate Firms

NEW DELHI: The Supreme Court has reaffirmed the commencement of corporate insolvency proceedings against Bhasin Infotech and Infrastructure Private Limited, as well as Grand Venezia Commercial Towers Private Limited, emphasizing the protection of homebuyers and commercial allottees. A bench led by Justices Sanjay Kumar and K. Vinod Chandran dismissed appeals from the former directors, including Satinder Singh Bhasin. The court found that the developers had failed to deliver functional units and had misled the court regarding project completion. The justices rejected the appellants’ claims that construction was fully complete and that possession was granted to some allottees, stating that such…

IndustryLatest Stories

Ambuja Neotia to Revive Usshar Project in Batanagar, Kolkata

NEW DELHI: Ambuja Housing & Urban Infrastructure Company (AHUICL), a subsidiary of Ambuja Neotia Group, has secured approval from the National Company Law Tribunal (NCLT) to acquire the Usshar Project in Batanagar as part of a parcel-wise resolution for the corporate debtor Riverbank Developers. According to the resolution plan endorsed by a division bench of NCLT, Kolkata, under the Insolvency and Bankruptcy Code (IBC), AHUICL will assume control of the asset parcel comprising the Usshar residential project, which spans approximately 9.4 acres. As outlined in the approved plan, the company will make an upfront payment of ₹34 crore, with the…

Housing FinanceLatest Stories

Unity Small Finance Bank Wins Auction for Aviom India Housing

MUMBAI: Unity Small Finance Bank has successfully bid for the bankrupt Aviom India Housing Finance, offering an upfront payment of ₹977.5 crore, according to sources familiar with the matter. Initially, six companies expressed interest in acquiring Aviom India Housing Finance under the National Company Law Tribunal (NCLT) process, with three ultimately participating in the auction held last week. Areion, a fund backed by Omkara Asset Reconstruction Company, and Authum Investment and Infrastructure were the other two bidders in the auction conducted by Ram Kumar, the RBI-appointed administrator and former general manager of Punjab National Bank. “The bidding involved 13 rounds,…

Latest StoriesRera

Homebuyers of 129 Projects Should Contact IRPs, Not UP-RERA

NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has released a public advisory following the admission of 129 real estate projects from 14 developers into the Corporate Insolvency Resolution Process (CIRP) at the National Company Law Tribunal (NCLT) from January 2024 to the present. As insolvency proceedings commence, UP-RERA has instructed affected homebuyers to submit their claims exclusively to the appointed Insolvency Resolution Professionals (IRPs) for each project, as per the guidelines of the Insolvency and Bankruptcy Code (IBC). RERA jurisdiction suspended during moratorium UP-RERA stated that once a project enters the CIRP, a moratorium under section 14…

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Panel urges rapid courts for swift insolvency resolutions

The parliamentary standing committee on finance has urged the government to establish special fast-track courts temporarily while also increasing the capacity of the National Company Law Tribunal (NCLT) to address extensive case backlogs and facilitate the rescue of insolvent companies. Led by senior BJP leader Bhartruhari Mahtab, the panel has proposed an advance ruling mechanism akin to that used in the goods and services tax framework. This would provide greater certainty and help prevent disputes after litigation under the Insolvency and Bankruptcy Code (IBC). The committee presented a report titled “Review of Working of Insolvency and Bankruptcy Code and Emerging…