Latest news with #CorporateInsolvencyResolutionProcess
Time of India
3 days ago
- Business
- Time of India
NCLAT stays Reliance Infra insolvency proceedings
New Delhi: National Company Law Appellate Tribunal ( NCLAT ), Friday, stayed the initiation of the corporate insolvency resolution process ( CIRP ) against Reliance Infrastructure as it was informed that the company had settled the due amount. NCLAT also stayed the National Company Law Tribunal ( NCLT ) order, which admitted Reliance Infra into insolvency over unpaid debt of around ₹90 crore. Explore courses from Top Institutes in Select a Course Category MBA others Cybersecurity Operations Management Leadership Product Management Design Thinking PGDM Degree Project Management Finance Data Science Technology Public Policy CXO Data Analytics Data Science MCA Artificial Intelligence Management Others Healthcare Digital Marketing healthcare Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details NCLT, in May, concluded that Reliance Infra was in default of payment of ₹90 crore to Dhursar Solar Power Private Limited (DSPPL) as part of an Energy Purchase Agreement (EPA) under which DSPPL supplied solar power. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Top 25 Most Beautiful Women In The World Articles Vally Undo NCLT had appointed Tehseen Fatima Khatri as an insolvency resolution professional. However, NCLAT, last month, suspended the NCLT order after observing that the debt amount, including interest, was paid by Reliance Infrastructure. Live Events Reliance infra also informed the stock exchange about the stay of CIRP and NCLT order in a filing, which stated "(NCLAT), today in furtherance of the order dated June 4, 2025 wherein the order dated May 30, 2025 was suspended, has been pleased to stay the order dated May 30, 2025 and the Corporate Insolvency Resolution Process against the Company." The case will be heard next on August 27.
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Business Standard
3 days ago
- Business
- Business Standard
Reliance Infrastructure receives NCLAT breather from insolvency proceedings
The National Company Law Appellate Tribunal (NCLAT) Delhi bench on Friday stayed insolvency proceedings against Reliance Infrastructure. A bench of the National Company Law Tribunal (NCLT) had directed the initiation of insolvency proceedings against the company on a plea by IDBI Trusteeship, alleging a default of around ₹90 crore by the Anil Ambani-led company. Reliance Infrastructure, however, told the appellate tribunal that all outstanding dues, including interest, had been fully paid. Taking note of the submission, the NCLAT granted IDBI Trusteeship time to reconcile the payments with its records and posted the matter for hearing on August 27. "In continuation of our earlier letters dated June 4, 2025, and June 6, 2025, and pursuant to Regulation 30 of the Listing Regulations, we wish to inform that in the appeal filed by the Company, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today in furtherance of the order dated June 4, 2025, wherein the order dated May 30, 2025, was suspended, has been pleased to stay the order dated May 30, 2025, and the Corporate Insolvency Resolution Process against the Company. The next date in the matter is August 27, 2025. The order of the Hon'ble NCLAT shall follow upon receipt of the same. We request you to take the same on record," Reliance Infrastructure told the stock exchanges.
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Business Standard
3 days ago
- Business
- Business Standard
NCLAT stays insolvency proceedings against Reliance Infrastructure
The National Company Law Appellate Tribunal (NCLAT) Delhi bench on Friday stayed insolvency proceedings against Reliance Infrastructure. A bench of the National Company Law Tribunal (NCLT) had directed the initiation of insolvency proceedings against the company on a plea by IDBI Trusteeship, alleging a default of around ₹90 crore by the Anil Ambani-led company. Reliance Infrastructure, however, told the appellate tribunal that all outstanding dues, including interest, had been fully paid. Taking note of the submission, the NCLAT granted IDBI Trusteeship time to reconcile the payments with its records and posted the matter for hearing on August 27. "In continuation of our earlier letters dated June 4, 2025, and June 6, 2025, and pursuant to Regulation 30 of the Listing Regulations, we wish to inform that in the appeal filed by the Company, the Hon'ble National Company Law Appellate Tribunal, New Delhi (NCLAT), today in furtherance of the order dated June 4, 2025, wherein the order dated May 30, 2025, was suspended, has been pleased to stay the order dated May 30, 2025, and the Corporate Insolvency Resolution Process against the Company. The next date in the matter is August 27, 2025. The order of the Hon'ble NCLAT shall follow upon receipt of the same. We request you to take the same on record," Reliance Infrastructure told the stock exchanges.
Time of India
4 days ago
- Business
- Time of India
Byju's goes to war: $2.5 billion lawsuit brewing against Glas Trust; here's what the matter is about
Representative image Byju's founders Byju Raveendran and Divya Gokulnath are preparing a $2.5 billion lawsuit in India and overseas as the edtech giant battles insolvency proceedings and a legal dispute with Glas Trust, trustee for Term Loan B lenders. According to their legal counsel, the planned legal action will be pursued both in India and internationally, targeting those who have allegedly harmed their reputation and business interests, including their edtech company Think & Learn. In a statement issued on Thursday by Lazareff Le Bars Eurl, Senior Litigation Advisor J Michael McNutt said, "Byju's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses, including Think & Learn. The conduct before the Courts by Alpha, Glas Trust and its counsel has been reprehensible and improper in our view. We reserve the right to use all legal means to obtain justice for Byju's founders. ' Glas Trust is the trustee representing lenders to whom Byju's owes $1.2 billion. However, the founders have contested the trustee's claims and challenged its authority. According to them, Glas Trust only represents 17.38% of the voting rights of the consortium of lenders. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like No annual fees for life UnionBank Credit Card Apply Now Undo The founders have already filed claims in India against Glas Trust and a former subsidiary of Think & Learn, which Glas now claims to control. Additional legal action is also being prepared in other jurisdictions. The lawsuits are expected to seek damages of no less than $2.5 billion. Byju's is currently undergoing insolvency proceedings initiated by Glas Trust. Though the National Company Law Appellate Tribunal (NCLAT) had earlier dismissed the case in an appeal filed by the BCCI, Glas Trust approached the Supreme Court, which allowed the Corporate Insolvency Resolution Process (CIRP) to continue. Byju's founders are contesting the insolvency case and have filed a plea seeking the removal of the Interim Resolution Professional, alleging a conflict of interest due to links with consultancy firm EY, which is also connected to Glas Trust. Meanwhile, Glas Trust has gained control of Byju's Alpha, a special-purpose financing vehicle created to receive Term Loan B funds. Byju's Alpha has filed a lawsuit against Raveendran, Gokulnath, and senior executive Anita Kishore, accusing them of executing a scheme to hide and misappropriate $533 million of loan proceeds. The founders' counsel has clarified that no court, either in India or the US, has ordered the payment of any amount by Raveendran or Gokulnath to Think & Learn or its affiliates. Raveendran is currently involved in legal proceedings in a Delaware court, which began in April 2025, but has challenged the court's jurisdiction. He has denied all allegations and is actively defending himself. He is also seeking reconsideration of a civil contempt order issued on July 7, 2025, related to the disclosure of certain information, which he claims is already under review in Indian courts. "That Civil Contempt Order concerns requests for information that are duplicative of matters already before the Indian Courts. Byju and his counsel are addressing those matters before the Indian Courts as well. Byju and his counsel are evaluating how to address that Order and reserve all rights," the statement said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
4 days ago
- Business
- Business Standard
Byju's founders plan $2.5 billion lawsuit against investors, lenders
The founders of embattled education technology company Byju's are preparing legal action seeking at least $2.5 billion in damages from investors and lenders they blame for harming their business and personal standing. The planned lawsuits target parties the founders say contributed to the downfall of Think & Learn, Byju's parent company, during a prolonged dispute over control of the startup. Some claims have already been filed in Indian courts against Glas Trust, a former subsidiary that now claims control over parts of the business. 'Byju's founders reserve all rights to bring actions against those parties that have caused damage to them personally and their businesses, including Think & Learn,' said J Michael McNutt, Senior Litigation Advisor, Lazareff Le Bars Eurl. 'The claims to be issued by all or some of Byju's founders are expected to request monetary damages of not less than $2.5 billion.' The legal offensive represents an escalation in the bitter fight that has engulfed one of India's most prominent startups. Byju's, once valued at $22 billion, has faced mounting financial pressures and regulatory scrutiny as disputes with investors intensified. This included a battle with US lenders who are demanding $1 billion in unpaid dues, triggering the firm's insolvency. The worth of what was once India's most valued startup is now zero, Raveendran told reporters recently, as he called for rebuilding the erstwhile empire from scratch, brick by brick. Byju's founders, Byju Raveendran and Divya Gokulnath, vigorously dispute all claims made against them by the Resolution Professional of Think & Learn in the Corporate Insolvency Resolution Process (CIRP) and by Glas Trust together with the bankrupt former Delaware subsidiary of Think & Learn Private Limited. In Indian courts, the founders are already contesting the commencement of the CIRP of Think & Learn Private Limited, the standing of Glas Trust in those proceedings, the removal of the Resolution Professional due to a conflict of interest, and other related complaints. The founders said there is no court order in any jurisdiction, including India or the United States, requiring the payment by Byju Raveendran or Divya Gokulnath of any amount to Think & Learn or any related entity, including but not limited to the bankrupt Delaware former subsidiary of Think & Learn Private Limited, Alpha Inc., now controlled by Glas Trust. In a legal response to court proceedings in India, the founders said the same parties have abusively commenced the liquidation of several subsidiaries of Think & Learn Private Limited. A former Delaware subsidiary, Alpha Inc., was placed into liquidation in February 2024 by a director appointed by Glas Trust after the lenders of a Credit Agreement took over Alpha Inc.'s shares in 2023. Byju's founders have disputed those actions and Glas Trust's ability to represent those lenders in proceedings in India and elsewhere. Delaware court proceedings Byju Raveendran said he is actively participating in a Delaware court procedure initiated in early April 2025 against him by the Glas Trust–bankrupt subsidiary. Raveendran disputes the jurisdiction of that court to determine the claims made against him. He also vigorously denies all allegations in those proceedings and said he is defending himself. Raveendran is also aware of the Order of Civil Contempt issued on 7 July 2025 in those Delaware proceedings and has sought reconsideration of that order. The Civil Contempt Order concerns requests for information that are duplicative of matters already before Indian courts. Byju and his counsel are addressing those matters in Indian courts as well. Raveendran said he and his counsel are evaluating how to address the order and reserve all rights. The other founder, Gokulnath, is also actively participating in the same Delaware court procedure initiated against her by the former subsidiary of Think & Learn Private Limited and Glas Trust. Gokulnath disputes the jurisdiction of that court to determine the claims made against her. She also vigorously denies all allegations.
