Is NCLT's nod to Jalan-Kalrock to own Jet Airways the end of miseries for the airline?
Is NCLT's nod to Jalan-Kalrock to own Jet Airways the end of miseries for the airline?
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New Indian Express
an hour ago
- New Indian Express
NCLAT clears rescue plan for Neptune Developers; relief for 2,000 homebuyers
CHENNAI: The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by Central Bank of India against the resolution plan for bankrupt real estate firm Neptune Developers Pvt. Ltd. The tribunal ruled that as a dissenting financial creditor, the bank cannot block a plan that has already been approved by the Committee of Creditors (CoC) using its 'commercial wisdom.' The order is a major relief for over 2,000 homebuyers who have been waiting for more than a decade for possession of flats in Neptune's stalled projects, including its township in Kalyan near Mumbai. A two-member NCLAT bench, headed by Justice Ashok Bhushan, upheld the earlier order of the National Company Law Tribunal (NCLT) that had cleared a Rs 390-crore resolution plan submitted by Shree Naman Developers Pvt. Ltd. The plan was endorsed by 85.35% of the CoC in March 2023 and formally approved by the NCLT on March 25, 2025. The appellate tribunal said there was 'no ground' to interfere with the NCLT's approval. It also made clear that dissenting creditors are only entitled to payments as defined under Section 30(2)(b) of the Insolvency and Bankruptcy Code (IBC), and cannot challenge valuations or distribution once the CoC has made its decision.
Time of India
an hour ago
- Time of India
India's shifting oil map: How did Russia change the trade game? Middle East holds steady; smaller suppliers lose ground
India's oil import map has changed with Russia gaining significant ground (AI image) Russia's increasing dominance in India's oil imports has altered trading dynamics but the position of major suppliers from the Middle East has been mostly maintained. Iraq, Saudi Arabia and the UAE remain primary suppliers, while smaller exporters have seen their market presence shrink, trade statistics show, as reported by Economic Times. Deliveries from Iraq and Saudi Arabia have decreased by approximately 5% since 2021, prior to the Ukraine conflict, while UAE shipments have increased by 3%, according to energy cargo tracker Vortexa. Nevertheless, India's established Middle Eastern suppliers have also maintained their presence. In 2025, Iraqi supplies average 898,000 b/d, Saudi Arabian deliveries 640,000 b/d, and UAE contributions 448,000 b/d. Compared to 2021, Iraqi and Saudi volumes decreased by approximately 5%, whilst UAE increased by 3%. The impact has been more significant for smaller or remote suppliers. American exports have declined by 33%, Nigerian and Kuwaiti shipments have reduced by half, while Omani and Mexican supplies have decreased by over 80%. In 2025, US deliveries average 271,000 b/d, Nigerian 151,000 b/d, Kuwaiti 131,000 b/d, Omani 20,000 b/d and Mexican 24,000 b/d. Supplies from Colombia, Ecuador, Gabon and Congo have also reduced. Industry officials indicate that Indian refiners consider long-term agreements with major Middle Eastern producers essential for energy security. These agreements remained largely intact, with refiners reducing only discretionary purchases. Several suppliers, particularly Iraq, offered competitive terms to maintain market share during Russian oil's expansion, according to these officials. Where does India's oil trade with Russia stand? Despite US pressure to cut off imports from Russia, India has remained firm in continuing the supply. During 2021, Russian supply was limited to 100,000 barrels daily (b/d) of India's four million b/d imports, significantly behind Iraq, Saudi Arabia, UAE, USA, Nigeria, Kuwait and others, as per Vortexa data, cited by ET. Following the war's disruption to global commerce, Russian crude entered India extensively. By 2022, Russia became India's third-largest supplier after Iraq and Saudi Arabia. Subsequently, Russia surpassed both nations, delivering 1.76 million b/d - exceeding the combined volume from Saudi Arabia and Iraq. In 2025, Russia maintains its leading position, supplying approximately 1.7 million b/d. Russian oil, purchased predominantly through spot market transactions at reduced prices, primarily replaced higher-priced or geographically distant shipments from Africa and America. Currently, as India is being pushed to stop Russian purchases due to increasing US pressure, those previously marginalised suppliers have a chance to be significant again, officials suggest. However, India has not in any official capacity suggested a cut off from Russia but has been encouraging the ties between the two nations, with Putin set to visit India. Russia has been optimistic in building relations with Russian Embassy on Wednesday voicing their support while calling US' 'double standards' on levying additional tariffs. According to a Reuters report, the Russian embassy said, "If Indian good cannot go to US market, they can head to Russia". Further, pointing to the significance of their own oil production while supporting India, it also stated, "Discount on Russian crude oil is about 5% for India. India understands there is no chance to change supplies, profit very high for India.' 'There is no alternative to Russian crude oil as it is very competitive,' it further said, adding that India 'matters very much' for Russia. Read more: Russia slams 'unjustified' Trump sanctions on oil Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Mint
an hour ago
- Mint
NCLAT rejects Central Bank of India plea, clears ₹390 crore plan for Neptune Developers
MUMBAI: The National Company Law Appellate Tribunal (NCLAT) has rejected an appeal by the Central Bank of India challenging the approval of a resolution plan for Neptune Developers Pvt. Ltd, a bankrupt real estate company. The tribunal ruled that as a dissenting financial creditor, the bank cannot block a plan endorsed by the Committee of Creditors (CoC) in its 'commercial wisdom.' The order brings relief to more than 2,000 homebuyers who have waited more than a decade for possession of flats tied up in Neptune's stalled project. 'There are no grounds made out to interfere with the approval of the resolution plan which is based on approval by the CoC in exercise of its commercial wisdom. There is no merit in the appeal. The appeal stands dismissed,' said the bench comprising Justices Ashok Bhushan and Barun Mitra. The ruling came after the Central Bank of India challenged a 25 March order of the National Company Law Tribunal (NCLT) that cleared a ₹ 390 crore resolution plan submitted by Shree Naman Developers Pvt. Ltd. That plan had won 85.35% approval from creditors in March 2023. This marks the second acquisition for Shree Naman Developers, which also bought Radius Infra Holdings in May 2024. Before the NCLT approved the plan, two other developers—KGK Realty (India) and Ess Gee Real Estate Developers—had also expressed interest in acquiring Neptune under the insolvency process. Neptune Developers, which defaulted on loans from the Central Bank of India, had mortgaged its 26.05-acre 'Project Swarajya' in Kalyan, in central Mumbai, to the lender. Following the bank's insolvency petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), the NCLT admitted the case in July 2021 and appointed Bijendra Kumar Jha as interim resolution professional (IRP). During the corporate insolvency resolution process, the IRP appointed valuers Kunal Kantilal Vikamsey and Adroit Appraisers, who pegged liquidation values at ₹ 8.39 crore and ₹ 2.21 crore respectively. The Central Bank of India, holding 11.83% of voting rights, disputed those findings, claiming liquidation value was closer to ₹ 26.83 crore. It pushed for a fresh valuation, which the NCLT partly accepted, ordering a third valuer while allowing the CoC to continue deliberations. That third valuer, Jayesh Mohan Kamat, later reported a fair value of ₹ 13.85 crore and liquidation value of ₹ 11.08 crore, higher than the earlier estimates but still far below the bank's claim. The Central Bank of India argued that critical assets, including 23 KDMC flats and 66 barter flats given to contractors, were excluded from the calculations, making the report 'faulty.' But the valuer said the barter flats had already been exchanged for payment and could not be treated as realizable assets. The CoC, meanwhile, set aside ₹ 26.83 crore as a disputed value for the bank, an arrangement the lender's counsel initially agreed to in a 31 January 2025 NCLT hearing, but later contested. Ravi Raghunath, counsel for the Central Bank of India, argued that 'The NCLT prematurely approved the plan before considering the third valuation report. In fact, the approval process was vitiated and required fresh CoC voting after corrected valuations.' But senior counsel Abhijeet Sinha, representing the resolution professional along with MDP Legal's Niyati Merchant, countered that the bank itself had requested the third valuer, and could not renege once the report was submitted. He added that the CoC had exercised its commercial wisdom in approving the plan, and under Section 30(2)(b) of the IBC, a dissenting creditor is entitled only to its liquidation value. Senior advocate Gaurav Mitra, appearing for Edelweiss ARC, and counsel for homebuyers also urged dismissal of the bank's appeal, noting that buyers have already endured more than a decade-long wait and that further delays would be harmful. The appellate tribunal observed that valuers are registered experts and their reports cannot be replaced with creditors' subjective assessments. It also said the Central Bank of India could not 'indirectly achieve what it could not directly' by blocking approval of the plan, and would receive only its liquidation value payout. Finding 'no substance' in the bank's objections, the NCLAT dismissed both appeals and upheld the NCLT's approval of Shree Naman Developers' resolution plan.
