Tag: NCLT approval

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NCLT OKs ₹730 Crore Revamp Plan for Rajesh Hotels

MUMBAI: The National Company Law Tribunal (NCLT) has approved Rajesh Business & Leisure Hotels’ resolution plan for the acquisition of a consortium involving Rare Asset Reconstruction Company (Rare ARC) and Check-Inn Hotels, a subsidiary of Shree Naman Group. The company reported liabilities exceeding ₹1,345 crore, while the consortium proposed a revival plan worth ₹730 crore. Prior to the tribunal’s endorsement, the plan received unanimous support from the creditors’ committee. In April 2022, the company entered the Corporate Insolvency Resolution Process after ICICI Bank filed a petition over a ₹311 crore default. The approved plan includes an upfront payment of approximately…

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NCLT Approves Poonawalla Finance Demerger of Lending, Real Estate

MUMBAI: The National Company Law Tribunal (NCLT) has sanctioned a composite scheme of arrangement for Poonawalla Finance and its real estate divisions, facilitating a multi-step demerger intended to separate its lending and real estate operations. According to the tribunal’s Mumbai bench order, the restructuring aligns with Sections 230 to 232 of the Companies Act, empowering Poonawalla Finance to transfer specific business undertakings into two distinct entities: Rising Sun Holdings and Synergist Realtors. The NCLT deemed the scheme fair, reasonable, and compliant with the law, noting the absence of objections from shareholders, creditors, or regulators. Post-restructuring, Poonawalla Finance will operate as…