Latest news with #NationalCompanyLawAppellateTribunal
Time of India
6 days ago
- Business
- Time of India
Asset freeze: NCLAT denies relief to Gensol
NEW DELHI: National Company Law Appellate Tribunal (NCLAT) on Wednesday declined to stay NCLT order directing to freeze assets of Gensol, its promoters, and related entities. It has directed two Gensol Group entities - BluSmart Premium Feet and Matrix Gas and Renewable - to approach Ahmedabad bench of the National Company Law Tribunal NCLT with their plea, where the matter has been listed for hearing on June 12. Passing an order on plea filed by the ministry of corporate affairs, a vacation bench of NCLT had on May 28 directed to freeze assets of Gensol, its promoters, and related entities. agencies Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
6 days ago
- Business
- Time of India
Anil Ambani's Reliance Infra says NCLAT suspends NCLT order admitting co into insolvency; shares edge up over 10%
In a major relief to Reliance Infrastructure , the National Company Law Appellate Tribunal ( NCLAT ) on Wednesday suspended the National Company Law Tribunal's ( NCLT ) order that had admitted the company into the Corporate Insolvency Resolution Process (CIRP). Shares of the Anil Ambani-owned company skyrocketed, trading at Rs 378.35 apiece on the BSE up 10.64 per cent as 3.10 PM on Wednesday. In a regulatory filing to the stock exchanges, the company said, 'In the appeal filed, the Hon'ble National Company Law Appellate Tribunal, New Delhi (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.' Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo (More to come)
Time of India
19-05-2025
- Business
- Time of India
NCLAT upholds insolvency order for Future Ideas Company Limited
National Company Law Appellate Tribunal ( NCLAT ) on Monday upheld NCLT's order admitting Future Ideas Company Limited (FICL), part of the Future Group, into insolvency over dues of ₹122.83 crore. National Company Law Tribunal (NCLT), Mumbai, admitted FICL into insolvency last month in an insolvency petition filed by Axis Trustee Services , representing Franklin Templeton Asset Management (India) Pvt Ltd as its debenture trustee. A debenture trustee is a body representing the interests of debenture holders while holding debentures for them. The debt arose from non-convertible debentures issued by FICL in 2018, according to terms agreed under Debenture Trust-cum-Mortgage Deed (DTMD).
Time of India
07-05-2025
- Business
- Time of India
NCLAT can only condone max 15-day delay in filing appeals: SC
Live Events New Delhi: The Supreme Court on Wednesday held that the National Company Law Appellate Tribunal (NCLAT) can only condone delays in filing appeals up to a maximum of 15 days. A bench of Justices J B Pardiwala and R Mahadevan said Insolvency and Bankruptcy Code (IBC) prescribed strict timelines for filing appeals and taking legal action to ensure insolvency proceedings were not misused to recover time-barred debts Condonation of delay means allowing a court or authority to overlook a delay in filing an appeal or application, even if it's beyond the prescribed time limit."The proviso to Section 61(2) clearly limits the NCLAT's jurisdiction to condone delay only up to 15 days beyond the initial 30-day period. Where a statute expressly limits the period within which delay may be condoned, an Appellate Tribunal cannot exceed that limit," the bench top court said the appellate mechanism under IBC is strictly time-bound by design to preserve the speed and certainty of the insolvency resolution process."Time is of the essence in statutory appeals , and the prescribed limitation period must be strictly adhered to. Even a delay of a single day is fatal if the statute does not provide for its condonation. As held by us, the NCLAT has no power to condone delay beyond the period stipulated under the statute. Allowing condonation in such cases would defeat the legislative intent and open the floodgates to belated and potentially frivolous petitions, thereby undermining the efficacy and finality of the appellate mechanism," it judgement came on an appeal challenging an order passed by the National Company Law Appellate Tribunal which condoned the delay in filing the appeal.
