Latest news with #CorporateInsolvencyResolution
Hans India
3 days ago
- Business
- Hans India
Insolvency move against Rel Infra stayed by NCLAT
New Delhi: In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company. Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it. "In the appeal filed, the NCLAT, today has suspended the Order dated May 30, 2025 passed by National Company Law Tribunal, Mumbai in case no. C.P. (IB)/624(MB)2022, admitting the company into Corporate Insolvency Resolution Process," it said. On May 30, the Mumbai bench of the National Company Law Tribunal (NCLT) had admitted an insolvency plea against the company filed by IDBI Trusteeship Services Ltd. This was opposed by Reliance Infra, saying that it had made the full payment of Rs 92.68 crore to Dhursar Solar Power Pvt Ltd towards claims of tariff, making the initiation of insolvency proceedings infructuous. "The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the company," Reliance Infra had said in a stock exchange filing on June 2.
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Business Standard
4 days ago
- Business
- Business Standard
Big relief to Reliance Infra as NCLAT stays insolvency proceedings
The National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against Reliance Infrastructure. The appellate tribunal's order came in response to an appeal filed by Reliance Infra challenging a May 30 ruling by the National Company Law Tribunal (NCLT), Mumbai, which had admitted an insolvency plea filed by IDBI Trusteeship Services Ltd. In an exchange filing, Reliance Infrastructure confirmed that the NCLAT had "suspended the order dated May 30, 2025, passed by the NCLT in case no. C.P. (IB)/624(MB)2022, admitting the company into Corporate Insolvency Resolution Process". Full payment made, says Reliance Infra The company argued that the insolvency plea was infructuous, as it had already cleared the entire outstanding amount of ₹92.68 crore to Dhursar Solar Power Pvt Ltd, the original creditor, under an energy purchase agreement. Reliance Infra - IDBI Trusteeship dispute The dispute dates back to invoices raised between 2017 and 2018 by Dhursar Solar Power for solar energy supplied to Reliance Infrastructure. IDBI Trusteeship, acting as the security trustee for Dhursar Solar Power, had filed a corporate insolvency resolution process (CIRP) petition in April 2022, claiming a default of ₹88.68 crore (plus interest) as of August 28, 2018. Reliance Infra reiterated in its filing that the full payment had been made and moved the appellate tribunal to have the insolvency proceedings quashed. Following the NCLAT order, Reliance Infrastructure shares surged on Wednesday, closing trading at ₹380.50 on the BSE, up 11.27 per cent. The next hearing in the case is scheduled for July 18, when the NCLAT is expected to further examine the merits of Reliance Infra's appeal.
Time of India
17-05-2025
- Business
- Time of India
Sapphire Media completes acquisition of Big FM 92.7
Sapphire Media Limited has completed the acquisition of debt-ridden Reliance Broadcast Network, which owns Big FM 92.7 , through the insolvency process. Reliance Broadcast Network Ltd (RBNL) was going through the Corporate Insolvency Resolution Process since February 2023. Sapphire Media is promoted by Kaithal-based entrepreneur Sahil Mangla and media professional-turned-entrepreneur Aditya Vashistha . It has received all the statutory approvals to take over the board and management control of Big FM 92.7 from Ministry of Information & Broadcasting, according to a statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Besides, it is said to have made the payment of dues to the lenders' body, the Committee of Creditors (CoC) of RBNL, within the stipulated timelines as per the approved resolution plan. On December 23, 2024, appellate insolvency tribunal NCLAT rejected the petitions filed by other competitors and upheld the order passed by the National Company Law Tribunal approving Sapphire's resolution plan. Live Events On May 6, 2024, the Mumbai bench of NCLT had granted its nod to Sapphire's resolution plan, rejecting various objections from competitors like Radio Orange and others. The acquisition of Big FM 92.7, one of the largest radio networks of the country with 58 stations with reach of over 1,200 towns and 50,000+ villages, will help Sapphire Media's expansion as it strives to become a content and media leader. "The brand will reinforce Sapphire Media's aggressive expansions plans in ever evolving tech driven digital content creation and broadcasting space. Radio Big 92.7 FM, known for its rich legacy, diverse programming, and deep connection with 340 million listeners across India, will now be infused with fresh energy and innovation under Sapphire Media's dynamic leadership," it said. This acquisition follows the launch of India Daily 24X7, Sapphire Media's 24x7 Hindi news channel. Besides, the group runs one of India's largest outdoor advertising networks. CIRP against RBNL was initiated on February 24, 2023, after an application by IDBI Trusteeship Services, a financial creditor was admitted. Six resolution plans were submitted, in which Sapphire Media's bid of Rs 261 crore was selected by the CoC with 88.97 per cent vote share.
Economic Times
02-05-2025
- Business
- Economic Times
Big blow: SC rejects JSW Steel's Bhushan Power and Steel resolution plan
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Ind'l Goods/Svs In a big setback, the Supreme Court on Friday rejected JSW Steel 's resolution plan for Bhushan Power and Steel and ordered the liquidation of the top court said that the resolution plan of JSW was illegal and should not have been accepted by committee of creditors. During the hearing, the apex court said that the intentions of JSW Steel were 'malafide and dishonest' as it took undue advantage of pending ED proceedings and did not implement the resolution plan for two years which frustrated the objective of IBC.A Bench led by Justice Bela Trivedi said that "the respondents JSW Steel, committee of creditors (CoC) and the resolution professional sought to sweep many seminal issues under the carpet" to cover up gross violations of the provisions of Insolvency and Bankruptcy Code, 2016. The bench said that it has examined the non-compliance and violations of mandatory provisions of the 2016 Code at the instance of JSW Steel, CoC and resolution professionals at pre-approval and post-approval stages of judges that there was malafide and dishonest intention on the part of JSW Steel in securing the highest score for its plan, making misrepresentation before court and then not implementing the same under the garb of the Enforcement Directorate proceedings against Bhushan resolution professional had utterly failed to discharge his statutory duties contemplated in the Code, they added.J Trivedi also said that the CoC had failed to exercise its commercial wisdom by approving the resolution plan of JSW Steel, which was in contravention of the mandatory provisions of IBC. The lenders had also failed to protect the interest of the creditors by taking contradictory stands before this court and accepting the payment from JSW Steel without any measure and supporting the latter to implement its motivated plan against the interest of creditors, according to the the Supreme Court's order, the shares of JSW Steel were trading in the red at Rs 970.50, down 5.76%. "Once we receive the Order and are able to review the same along with our legal advisors, we will decide on our further course of action. We shall keep the exchange informed of further developments as required under applicable laws," said a JSW Steel had offered to pay Rs 19,350 crore to the financial creditors as part of its resolution plan, which was a near 60% haircut for the lenders. Apart from this, JSW had offered to pay operational creditors a sum of Rs 350 crore against their admitted claims of Rs 733 crore. In the 'Corporate Insolvency Resolution Process' of 'Bhushan Power & Steel Limited', the 'Resolution Plan' submitted by 'JSW Steel Limited' was approved by National Company Law Tribunal on September 5, 2019 with certain in 2024, the Supreme Court directed the Enforcement Directorate (ED) to handover to JSW Steel the debt-ridden Bhushan Power & Steel's properties worth Rs 4,025 crore that were provisionally attached in 2019 in connection with a money laundering probe linked to an alleged bank loan fraud by the erstwhile NCLAT had on February 17, 2020 upheld the NCLT's decision and ruled that JSW Steel (the successful resolution applicant) cannot be held responsible for the alleged misdeeds of the past promoters at any Enforcement Directorate had in 2020 moved the Supreme Court seeking stay on the National Company Law Appellate Tribunal's order that approved the JSW Steel's bid for BPSL under the new amendment (under Section 32(A) to the IBC) that provides immunity to the new owners from ongoing criminal proceedings against the erstwhile promoters of the company.
