Tag: National Company Law Tribunal

Latest StoriesRegulatory

SC Urges IBC Reform, Seeks Revival Fund for Real Estate

The Supreme Court, on Friday, called for significant reforms in the Insolvency and Bankruptcy Code to regain trust in the regulatory framework. The Court also urged the government to create a revival fund to finance distressed real estate projects that are undergoing insolvency proceedings. The bench, composed of Justice J.B. Pardiwala and Justice R. Mahadevan, emphasized that the Right to Housing transcends mere contractual obligations, forming a core aspect of the Right to Life under Article 21 of the Indian Constitution. The government cannot adopt a “mute spectator” stance and must protect the interests of homebuyers and the economy. Insanity…

Latest StoriesRegulatory

NCLT Declares Ex-DHFL Chairman Bankrupt Over ₹4,546 Crore

Sure! Here’s a rewritten version of the provided content: MUMBAI: The National Company Law Tribunal (NCLT) in Mumbai has declared Kapil Wadhawan, the former chairman of the now-defunct Dewan Housing Finance Corp (DHFL), bankrupt, following a petition filed by Union Bank of India to recover ₹4,546 crore. The bankruptcy order was passed on August 14 after Wadhawan did not submit a repayment plan, despite multiple attempts by resolution professionals. The tribunal appointed Sanjay Kumar Mishra as the bankruptcy trustee to oversee the proceedings. “The bankrupt (Wadhawan) must provide his statement of financial position to the Bankruptcy Trustee within seven days…

IndustryLatest Stories

Lucknow: LDA Takes Charge of South City, Ends Unitech Deal

LUCKNOW: The Lucknow Development Authority will take over the development of South City following the termination of its 37-year agreement with Unitech Builders. The authority plans to complete outstanding civic projects, including roads, drainage, parks, and other amenities, funded by selling properties still owned by the group. This decision, proposed during a board meeting on August 5, received approval from board members. Residents, some of whom invested in the township decades ago, can breathe easier as they have long awaited vital services. Work will commence after required administrative approvals and property evaluations are finalized. The original agreement, signed on July…

CommercialLatest Stories

Brookfield buys Jet Airways’ Mumbai office via insolvency

Sure! Here’s a revised version of the content: — Representative image created by AI In a significant update regarding Jet Airways’ insolvency proceedings, Brookfield Asset Management, a major global investment firm, has acquired an additional office floor within the Godrej BKC commercial tower in Mumbai’s Bandra-Kurla Complex for ₹370.25 crore, according to sources familiar with the matter. The transaction was executed under the Insolvency and Bankruptcy Code (IBC) and supervised by the National Company Law Tribunal (NCLT). Initially, Bank of Baroda was the highest bidder, but Brookfield utilized its right of first refusal to match the bid and secure the…