Tag: NCLAT

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NCLAT Delays Ruling on Vedanta’s Challenge to Adani Bid for JAL

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has reserved its ruling on Vedanta’s two petitions regarding the acceptance of Adani Enterprises’ bid to acquire the financially distressed Jaiprakash Associates Ltd (JAL) via insolvency proceedings. The hearing concluded with a two-member NCLAT bench, led by Chairperson Ashok Bhushan and Member Technical Barun Mitra, after considering arguments from Vedanta and various respondents, including the Resolution Professional, the Committee of Creditors (CoC), and Adani Enterprises. The court has requested both parties to submit their written arguments within two days. Vedanta’s attorney questioned the evaluation criteria used by JAL lenders, who chose…

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SC urges NCLAT to rule on 14 Supertech housing projects

NEW DELHI: On Monday, the Supreme Court urged the NCLAT to swiftly decide on the amalgamation of 14 remaining housing projects of the financially troubled real estate firm Supertech within a court-supervised framework, aiming to expedite completion and alleviate the concerns of homebuyers. Earlier, on February 5, the Supreme Court upheld an NCLAT order directing the State-owned NBCC to complete 16 out of 30 housing projects of Supertech Limited. The NCLAT is set to re-examine the issue on April 24. A bench led by Chief Justice Surya Kant and Justice Joymalya Bagchi took note of the worries expressed by homebuyers…

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RP: Vedanta’s Highest Bidder Claim is a ‘False Narrative’

Sure! Here’s the rewritten content: NEW DELHI: Senior Advocate Abhishek Manu Singhvi, representing the Resolution Professional (RP) of Jaypee Associates, informed the National Company Law Appellate Tribunal (NCLAT) on Friday that a “false and sensational narrative” is being propagated regarding Vedanta’s bid during the insolvency resolution process. Singhvi asserted that claims implying Vedanta was initially identified as the highest bidder and subsequently undermined are completely baseless and unsupported by evidence. He highlighted that this narrative has been perpetuated in media channels, previous hearings, and public discussions without factual grounding. To clarify, Singhvi explained that an email distributed by the RP…

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NCLAT Confirms Project-Specific Insolvency for Realty Firms

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has affirmed that insolvency proceedings initiated by homebuyers against construction firms must be restricted to the specific project where the default occurred, rather than extending to other projects of the corporate debtor. The tribunal underscored that jeopardizing unrelated projects does not serve the interests of homebuyers or stakeholders involved in those projects. “The law is clear that when financial creditors or homebuyers from a single project file a Section 7 application due to default by the corporate debtor, the Corporate Insolvency Resolution Process (CIRP) must be limited to that project,” the…

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NCLAT: Insolvency Process for Raheja Shilas Project to Continue

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has rejected Raheja Developers’ request to terminate the insolvency resolution process concerning its Raheja Shilas project in Gurugram, citing unresolved issues with flat buyers. The tribunal stated that an application under Section 12A of the Insolvency and Bankruptcy Code (IBC) for withdrawal from the Corporate Insolvency Resolution Process (CIRP) can only be filed once the disputes between flat buyers and the firm are fully settled. Flat buyers remain eligible to file an application under Section 12A. “Respondent Nos. 1 to 43 (flat buyers) have opposed the closure of the CIRP, which…

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Vedanta Challenges Adani’s ₹14,535-Crore Jaiprakash Bid in SC

NEW DELHI: Mining giant Vedanta Ltd has filed an appeal in the Supreme Court seeking to stay the NCLT’s approval of Adani Group’s ₹14,535 crore bid for Jaiprakash Associates Ltd (JAL). The appeal was submitted on March 25, following the National Company Law Appellate Tribunal’s (NCLAT) refusal to stay the plan’s implementation. Adani Enterprises Ltd has also filed a caveat with the Supreme Court, requesting an opportunity to be heard before any decision is made regarding Vedanta’s petition. On March 24, the insolvency appellate tribunal denied an interim stay on Vedanta’s plea against the NCLT ruling that approved Adani’s bid…

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NCLT Approves Withdrawal of Insolvency for ATS Knightsbridge

NEW DELHI: The National Company Law Tribunal (NCLT) has sanctioned the withdrawal of insolvency proceedings against ATS Knightsbridge, a residential project in Noida, following an agreement with lenders under Section 12A of the Insolvency and Bankruptcy Code (IBC). The insolvency process, initiated by ASK Trusteeship Services under section 7 of the IBC in 2023, was formally dismissed by the NCLT’s New Delhi bench on March 13, 2026. Consequently, the Corporate Insolvency Resolution Process (CIRP), which began in April 2024, has been officially concluded. The project, developed by ATS Heights, is in the advanced stages of construction, with all five towers…

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Calcutta HC Cancels Builder’s Bail, Rejects ‘Sinful’ Protection

KOLKATA: The Calcutta High Court has revoked the bail granted to a builder involved in a cheating case by a lower court, stating that the liberty of an accused cannot be safeguarded by an order “born in sin”. Justice Uday Kumar noted that a bail order that is unsigned or partially initialed, lacks a rationale addressing the victim’s specific objections, and disregards witness intimidation history, constitutes a perverse ruling that the high court must annul. “This case showcases a troubling scenario where the liberty of the accused overshadowed the victim’s safety through an order that fails the fundamental requirements of…

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NCLAT Orders Insolvency Withdrawal for Mahagun Settlement

NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) has ordered the withdrawal of insolvency proceedings against Mahagun Realty after the company reached a settlement with its financial creditor. A two-member bench of NCLAT acknowledged the settlement agreement between Mahagun (India) and IDBI Trusteeship, dated February 12, 2026. A request was submitted by the financial creditor to the NCLAT to retract the insolvency proceedings against Mahagun. “During the pending matter before this Adjudicating Authority, the parties have entered into a settlement agreement dated 12.02.2026. The Applicant/Financial Creditor wishes to withdraw IB-112(ND)/2025,” stated the NCLAT in its order. The NCLAT subsequently…

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NCLAT to Review ₹919 Crore Bid for Hotel Horizon by Oberoi

NEW DELHI: The Insolvency Appellate Tribunal (NCLAT) will review an appeal against an NCLT decision that sanctioned a ₹919 crore bid from an Oberoi Realty-led consortium for Hotel Horizon. A two-member bench of the NCLAT, based in Delhi, has accepted the appeal and ordered that no equity should be granted to the successful resolution applicants. Previously, on January 29, the Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by a consortium consisting of Oberoi Realty, Shree Aman Developers, and JM Financial Properties and Holdings. Hotel Horizon features a strategically positioned land parcel of approximately…