Tag: NCLT

Latest StoriesRegulatory

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…

Latest StoriesRegulatory

NCLT Forms Committee to Address Jaypee Infratech Complaints

NEW DELHI: The National Company Law Tribunal (NCLT) in Delhi has mandated the establishment of an independent expert committee to address the complaints of allottees involved in Jaypee Infratech projects, now under Suraksha Realty’s development. This ruling was issued on February 12, 2026. In a submission by advocates Ashwarya Sinha and Aditya Malhotra representing homebuyers, concerns were raised about excessive delays, unclear construction schedules, and unfair financial demands on buyers. The approved resolution plan included an independent monitoring committee (IMC), which was subsequently disbanded in May 2024 without notifying stakeholders. Following a review of all arguments, the court decreed that…

IndustryLatest Stories

Creditors Approve Welspun-Ashdan for Lavasa Takeover, 92% Vote

MUMBAI: Creditors of Lavasa Corp have approved the Welspun-Ashdan consortium’s takeover of India’s first privately-owned hill town project, which faced administration due to overwhelming debt. Voting results released over the weekend indicate that the consortium, consisting of Welspun subsidiary Paschim Sagar Properties and Pune-based Ashdan Properties, received 92.21% of the votes, with the larger creditors, excluding homebuyers, supporting the plan. Another competitor, Valor Estate, secured 84.16% of the votes, primarily because Axis Bank, holding 8.89% of the debt, rejected the proposal, while ACRE ARC, with 6.54% of the debt, abstained from voting. These results come amid ongoing litigation in the…

Latest StoriesRegulatory

Bankruptcy Court Initiates Insolvency Proceedings for Vatika

NEW DELHI: A bankruptcy court has approved the admission of a real estate developer from Gurgaon into the corporate insolvency resolution process (CIRP) following an application by IDBI Trusteeship Services. This action was prompted after the firm defaulted on dues totaling approximately Rs 274 crore. The Chandigarh bench of the National Company Law Tribunal (NCLT) has designated Jayant Prakash as the interim resolution professional (IRP) to oversee the company’s proceedings. IDBI Trusteeship, acting on behalf of non-convertible debenture (NCD) holders, submitted the case to the tribunal. Senior counsel Gopal Jain and advocate Meghna Mishra represented the trustee company, arguing that…

Latest StoriesRegulatory

Delhi Police EOW Investigates Suraksha Realty for Fund Diversion

NEW DELHI: The Economic Offences Wing (EOW) of the Delhi Police has initiated a case against the Mumbai-based Suraksha Group for allegedly misappropriating over ₹230 crore from Jaypee Infratech Ltd (JIL). This amount was intended for the construction of stalled residential flats for homebuyers. Sources informed PTI that the Enforcement Directorate (ED) may file a new FIR against Suraksha Group and related parties in response to the EOW’s FIR. On June 4, 2024, Suraksha Group took over JIL following the NCLAT’s decision to approve its acquisition bid. The Corporate Insolvency Resolution Process (CIRP) for JIL began in August 2017, initiated…

Latest StoriesRegulatory

Insolvency Cases Surge, Straining NCLT amid Infra Issues

NEW DELHI: The Insolvency and Bankruptcy Code (IBC) framework in 2025 faced increasing stress on timelines and capacity, with resolution processes often extending beyond statutory deadlines. This scenario persists despite the National Company Law Tribunal’s (NCLT) efforts to manage its limited resources. Senior advocates and legal experts have raised alarms over systemic delays, indicating that nearly 10,000 cases remain stuck at the admission stage, with over Rs 10 lakh crore in distressed assets at stake. Additionally, nearly 24 out of 30 NCLT courts are operating on half-day schedules. The delays can be attributed to a combination of limited capacity, repeated…

IndustryLatest Stories

RG Group Revives Greater Noida West Housing Post-Insolvency

NEW DELHI: RG Group has successfully completed the first phase of its previously stalled RG Luxury Homes project in Greater Noida West, following insolvency proceedings. The total construction costs post-NCLT are estimated at around ₹200 crore. Following the project’s admission to the National Company Law Tribunal (NCLT), the developer has refunded approximately ₹95 crore to homebuyers. Post-insolvency, ₹43 crore was infused by the promoter into the project, while banks provided nearly ₹27 crore in construction financing. After NCLT proceedings, the outstanding authority dues amounted to about ₹200 crore, of which ₹60 crore has already been paid. To obtain regulatory approvals…

Latest StoriesRegulatory

NCLAT Orders Chronos Properties to Renew Bank Guarantee for IL&FS

NEW DELHI: On Friday, the National Company Law Appellate Tribunal (NCLAT) instructed Brookfield-backed Chronos Properties to renew the bank guarantee for the acquisition of the flagship Bandra Kurla Complex property from Infrastructure Leasing and Financial Services Ltd (IL&FS). In an interim order, NCLAT also prohibited the debt-laden IL&FS group from creating third-party rights on its headquarters until the appeal is resolved. NCLAT emphasized the necessity for Chronos to renew the Performance Bank Guarantee to avoid disqualification in acquiring the IL&FS headquarters. Both parties have been directed to finalize pleadings, file replies, and rejoinders by January 16, with the next hearing…

Latest StoriesRegulatory

CHD Vann Takes Charge to Finish 11-Year-Delayed Gurugram Project

GURUGRAM: The National Company Law Tribunal (NCLT) has sanctioned the separation of CHD Vann from the insolvency proceedings of CHD Developers, enabling Roots Developers, the landowners, to gain full control of Vann and complete the long-delayed housing project in the city. CHD Vann, situated in Sector 71, was initiated in March 2014 as a 10-acre residential development featuring 12 towers and 569 units of 2, 3, and 4 BHK apartments. Initially, possession was scheduled for October 2018, but the project faced significant delays due to the financial struggles of CHD Developers, leaving many homebuyers in a tough situation with ongoing…

IndustryLatest Stories

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…