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Time of India
11 hours ago
- Business
- Time of India
Mumbai NCLT allows 90-day extension of insolvency resolution for Lavasa Corp
Mumbai: The Mumbai bench of National Company Law Tribunal ( NCLT ) has allowed a 90-day extension in the ongoing consolidated corporate insolvency resolution process (CIRP) of Lavasa Corp beginning May 29. The planned city project is undergoing a fresh CIRP after the NCLT, in September 2024, directed that the entire process be restarted, following the successful bidder's failure to implement the approved resolution plan within the specified time frame. The company has admitted liabilities of more than ₹6,642 crore, while the erstwhile successful bidder, Darwin Platform Infrastructure , had proposed to pay ₹1,814 crore. "We are of the view that the present application deserves to be allowed," the division bench of judicial member Ashish Kalia and technical member Sanjiv Dutt observed on June 2. "Since the CIRP is at an advanced stage and resolution plans have already been submitted by PRAs (prospective resolution applicants), which are required to be considered by the CoC (committee of creditors), the extension is being sought in the interest of value maximisation and to ensure that the objectives of the Code ( Insolvency and Bankruptcy Code ) are duly met." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 모공각화증, 저는 집에서 이렇게 해결했어요 (전후사진) 현명한소비자 Undo
Economic Times
6 days ago
- Business
- Economic Times
Anil Ambani's Reliance Infra says NCLAT suspends NCLT order admitting co into insolvency; shares edge up over 10%
The National Company Law Appellate Tribunal (NCLAT) has suspended the National Company Law Tribunal's (NCLT) order from May 30, 2025, which had initiated the Corporate Insolvency Resolution Process (CIRP) for Reliance Infrastructure. Following this suspension, shares of the Anil Ambani-owned company surged, trading at Rs 378.35 apiece on the BSE, marking a 10.64 per cent increase. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads 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 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.'The NCLT had earlier admitted the Anil Ambani-promoted company under the corporate insolvency resolution process (CIRP) following a plea filed by IDBI Trusteeship Services dispute began over an Energy Purchase Agreement (EPA) signed in 2011 between Reliance Infrastructure and Dhursar Solar Power Pvt Ltd (DSPPL). Under the agreement, Reliance Infra committed to purchasing all power generated by DSPPL's solar power secure payments under the EPA, DSPPL later entered into a direct agreement in 2012 with IDBI Trusteeship Services Ltd, designating the trustee company as the holder of DSPPL's claims. Between 2017 and 2018, DSPPL supplied energy and issued 10 invoices to Reliance Infra. After non-payment of dues, IDBI Trusteeship issued a demand notice in April 2022 under the Insolvency and Bankruptcy Code (IBC), seeking recovery of over Rs 88 on this claim, the NCLT admitted the company into CIRP. In its May 30 order, the division bench comprising judicial member KR Saji Kumar and technical member Sanjiv Dutt said, 'We come to a definite conclusion that the operational creditor (IDBI Trusteeship) has become successful in establishing operational debt due and payable against the CD (corporate debtor) and that the CD (Reliance Infrastructure) is in default.'However, Reliance Infrastructure argued that the dues had already been paid in full, Rs 92.68 crore to DSPPL, and that the petition itself was time-barred since the last invoice dated back to September 2018. It also contended that a pre-existing dispute with DSPPL made the application a statement to ET, a Reliance Infrastructure spokesperson said, 'The company has made full payment of Rs 92.68 crore to Dhursar Solar Power Private Limited, towards the claim of tariff as per the energy purchase agreement with the company. Accordingly, the company preferred an appeal before the Hon'ble NCLAT and will seek withdrawal of the order dated May 30, 2025, passed by NCLT Mumbai in case no. C.P. (IB) 642/MB/2022, for corporate insolvency resolution process and appointment of the interim resolution professional.'
Time of India
21-04-2025
- Business
- Time of India
Bankruptcy court dismisses insolvency plea against Dentsu Communication India
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The bankruptcy court in Mumbai has recently dismissed an insolvency petition filed against Dentsu Communication India , citing a lack of evidence of operational debt and raising concerns over allegedly 'fraudulent transactions' involving the company's former employees and third-party Mumbai bench of the National Company Law Tribunal (NCLT) passed this order in an application filed by Rohit Plastopack Pvt Ltd against Dentsu Communication India, alleging default of about Rs 5.42 crore.'The applicant (Rohit Plastopack) has failed to produce any documentary evidence, such as weighbridge slips, delivery receipts, etc, to establish actual delivery of goods to the corporate debtor (Dentsu Communication),' said the division bench of a judicial bench of KR Saju Kumar and a technical member Sanjiv Dutt. 'We are of the considered view that the present Application filed by the Operational Creditor under Section 9 of the Code (IBC) is not maintainable and deserves to be rejected,' said the tribunal in its order of April tribunal further observed that the burden of proof lies upon the applicant to demonstrate that goods were delivered to the Corporate Debtor, which it has failed to discharge in the present petition, filed under Section 9 of the Insolvency and Bankruptcy Code (IBC), alleged non-payment of Rs 5.42 crore for supplies of agricultural goods linked to a social campaign named 'Need to Feed.' The supplies, according to the operational creditor, were ordered under the CSR wing of Dentsu and were delivered by Suumaya Agro Ltd, a third-party countering these claims, Dentsu Communications, through Senior Counsel Ashish Kamat and Anindita Roy Chowdhury of AZB & Partners, argued that the transactions were unauthorised and orchestrated by former employees without management approval. The company further alleged collusion between these employees, the operational creditor, and Suumaya Group entities, prompting criminal complaints and an ongoing probe by the Enforcement Directorate
