Tag: NCLT

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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…

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NCLT Clears Merger of Nirmal Lifestyle and Oberoi Realty

NEW DELHI: The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the merger of Nirmal Lifestyle Realty with Oberoi Realty, according to a regulatory filing from the company. This merger will take effect once the NCLT order is filed with the Registrar of Companies. Nirmal Lifestyle Realty will be dissolved without winding up as part of this merger. Since the transferor company is wholly owned by the listed entity, there will be no shares issued under the scheme, resulting in the cancellation of its entire share capital. The objective of this merger is to streamline the group’s…

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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…

Latest StoriesRegulatory

Bombay HC Overturns DRT Stay on Bank-Auctioned Flat Sale

MUMBAI: The Bombay High Court recently overturned a Debt Recovery Tribunal (DRT) order that halted further post-sale actions regarding a bank’s auction of a flat in South Mumbai. The Court noted a “disturbing trend” where borrowers and “chronic defaulters” often act passively while banks pursue recovery. These defaulters typically invoke “collusive proceedings” under insolvency laws only when it’s time for auction purchasers to take physical possession of the property. In a ruling dated March 18, Justices Manish Pitale and Shreeram Shirsat expressed concern over the misuse of the Insolvency and Bankruptcy Code (IBC). They pointed out that borrowers often claim…

Latest StoriesRegulatory

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…

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…

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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…