nclt

Tribunal Directs Firm To Ensure That Amount Is Distributed Among All Tea Station Shareholders Within 3 Months

Co Submitted Resolution Plan In Oct 2024, Reached Settlement With Lender In Jan

The Supreme Court has taken suo motu action, highlighting severe infrastructure and vacancy issues plaguing the National Company Law Tribunals (nclt). These deficiencies are causing significant delays in crucial insolvency and bankruptcy cases, potentially undermining the Insolvency and Bankruptcy Code's objectives. The court emphasized the urgent need for immediate remedial measures to prevent further frustration of the IBC's purpose.

Trial Against Former Promoters Continues

Flat booked in 2018, but no allotment letter issued to buyer

A special court in Lucknow declared businessman Mohd. Iqbal a Fugitive Economic Offender, ordering the confiscation of assets worth Rs 995.75 crore. The ruling stems from a money laundering case involving alleged irregularities in the sale of Uttar Pradesh sugar mills. Iqbal, who is residing in Dubai, failed to join the investigation despite multiple summons.

The insolvency resolution of Jaiprakash Associates Ltd. is embroiled in a dispute over the approval of Adani Enterprises' bid over Vedanta's higher offer. Vedanta alleges procedural unfairness and a "commercial conspiracy," challenging the Committee of Creditors' reliance on "commercial wisdom" over value maximisation.

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A Bench of Justice J.B. Pardiwala and Justice R. Mahadevan delivered the judgment while deciding appeals arising from insolvency proceedings initiated against Takshashila Heights India Private Limited, the developer of the real estate project Takshashila Elegna in Ahmedabad.

Mumbai EOW filed a chargesheet against three Sunshine Developers partners for allegedly diverting Rs 18.22 crore from a Rs 90 crore LIC Housing Finance loan. The funds were misused, halting construction and leading to bankruptcy, causing losses to the lender and complainant Pratik Vira, who alleged a larger fraud.

Vedanta's Review Plea On AEL's Plan Dismissed

News agency UNI's central Delhi office has been sealed. This follows the Delhi High Court's dismissal of UNI's plea against an eviction order. The court noted UNI failed to fulfill land allotment conditions for 45 years. Valuable public land was held hostage by the licensee. The cancellation of the allotment was justified.

Hero Electric Vehicles Pvt. Ltd. has been ordered for liquidation by the nclt after insolvency resolution efforts failed. No resolution proposal secured the necessary 66% creditor approval, leading to the tribunal's decision under the IBC. The company's insolvency proceedings began in December 2024.