1934(E) 01/06/2016: Govt constitutes NCLAT for hearing appeals against orders of NCLT: S.O. Jai Balaji, Jayaswal Neco, Soma Enterprise, Orchid Pharma, Uttam Galva Metaliks, and Anrak Aluminium are some other companies that will be taken to the NCLT for insolvency. 3547 of 2019 LIQUIDATION : 09 Mar, 2021 : In the matter of Scotts Garments Limited I.A. Lenders, therefore, expect the regulator to give its approval for a resolution package. Second, the IBC ordinance has shrunk the pool of resolution applicants, and this could prove challenging in resolving cases in the second list," said Aashit Shah, partner at law firm J. Sagar Associates. Besides the 12 companies that have been referred to the National Company Law Tribunal (NCLT), share prices of companies which are part of the central bank’s second list of defaulters have also gained. But one has to watch how the timelines are met. Financial Express is now on Telegram. This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution. Indian Railways 3000 HP cape gauge locomotive to flag off for export to Mozambique, Petrol, diesel prices remain steady for 13 straight days; check today’s rates in Delhi, Mumbai, other cities, Market LIVE: Dalal Street in bear grip as Sensex falls below 51,000, Nifty gives up 15,100; RIL, banks drag, Mutual Fund Investing in US Market: SBI International Access NFO closes soon – Check features, Coronavirus Lockdown Live Updates: Maharashtra imposes lockdown in Parbhani district, fresh curbs in Pune, Quad Vaccine Initiative: India to manufacture US J&J's vaccines, Reduction in travel time by up to 90 minutes! The decision of NCLT is pending in this case. The plan involves deep restructuring of the account. Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in deadline to finalize a … Indian Railways to run Mumbai Rajdhani train with push-pull locos, Netflix plans to crack down on password sharing with new security feature; 'made for India' Mobile+ plan also under testing, Dividend calendar: Record date for dividend payment approaching this month for these company shares, Gold prices fall nearly 21% from record high amid strong rupee; check expected prices next week, Bank branches closed for next 4 days; SBI, other PSU banks may get hit as unions strike on March 15-16, Copyright © Remove some to bookmark this image. IVRCL Ltd: Hyderabad-based infrastructure player IVRCL Ltd has a loan default of Rs 10,107 crore. Advertisement Lenders have decided to refer 25 of 28 companies on the Reserve Bank of India’s second list of large corporate defaulters to the National Company Law Tribunal (NCLT) for initiation of insolvency proceedings. IDBI Bank has declared the company a wilful defaulter. Soma Enterprises: Soma Enterprises has a loan default of Rs 1,895 crore. In the case of Videocon Industries, consortium leader State Bank of India (SBI) was awaiting a rating before finalizing a resolution plan. Supplementary Cause List for 08.03.2021 - Court-II (272 KB pdf) Cause List for Chennai Bench 08.03.2021 (100 KB pdf) Cause List for 08.03.2021 - Court-II (293 KB pdf) Section 400 of Companies Act, 2013 – Electronic form to be exclusive, alternative or in addition to physical form Nov 07, 2015 Section 101 of Companies Act, 2013 – Notice of Meeting Nov 04, 2015 Hon'ble Supreme Court confirms the Constitution of NCLT and NCLAT under Companies … Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in […] The National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016 . Section 230, 231, and 232 of the Companies Act, 2013 provides the role of NCLT in a merger and acquisition. Here is the list of 12 companies constituting 25% of total NPAs. Section 242 of the Companies Act, 2013 talks about the power of NCLT/NCLAT earlier there were no provisions in the old Companies law of 1956 dealing with the NCLT/NCLAT. MTAR Tech, Easy Trip, Laxmi Organic, Anupam Rasayan IPOs: Grey market premiums zoom; should you buy? Since then, only two … National Company Law Tribunal, New … Copyright © HT Digital Streams Limited All rights reserved. 01st June 2016. Videocon is in the second list of 28 defaulters by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (File Photo) Debt-ridden Videocon Group Wednesday approached the principal bench of NCLT requesting it to direct all insolvency cases, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together. Constituted of Special Bench at NCLT Mumbai on 10.3.2021 (,Size: 814.27 KB , Language-English); Constituted of Special Principal Bench at NCLT New Delhi (,Size: 902.73 KB , Language-English); Special bench NCLT Kolkata order dated 7.3.2021 (,Size: 392.04 KB , Language-English); Constituted of Special Bench at NCLT, Hyderabad Court No. The NCLT bench is chaired by a Judicial member who is supposed to be a retired or a serving High Court Judge and a Technical member who must be from the Indian Corporate Law Service, ICLS Cadre. Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in deadline to finalize a resolution plan. Earlier, Bhushan Steel Ltd with Rs 44,478 crore, Lanco Infratech Ltd with Rs 44,364 crore and 10 others were sent to the NCLT, of which the insolvency court admitted cases against 11 of them. With the notification of the Insolvency and Bankruptcy Code, 2016 the NCLT began exercising jurisdiction over insolvency and liquidation of companies from December, 2016. “All these companies availed credit facilities from SBI’s industrial finance branch, Kolkata, and these advances turned as non-performing assets or bad loans quite a few months ago,” said one of the persons cited above. Join Mint channel in your Telegram and stay updated with the latest business news. India’s bad loans situation has gone from bad to worse with each passing year, and the country presently has world’s fifth largest non-performing asset. Vandana Energy & Steel Private Limited. An email sent to Anrak Aluminium did not elicit any response at the time of going to press. Ltd. IB-271-ND-2019 LIQUIDATION : 12 Mar, 2021 : In the matter of Liveminds Solutions Pvt. In Company Act, 1956 it was Company law board whose power was dealt under the Sec. Charbhuja Industries Private Limited. Among the 28 companies are Videocon Industries, Anrak Aluminium and Jayaswal Neco Industries, companies where bankers had sought an extension in deadline to finalize a resolution plan. First, we will have to watch out for the timelines because IBC cases in RBIâs first list are struggling to meet the 180-day deadline and have sought approval for an additional 90 days to finalize resolution plans. You are now subscribed to our newsletters. To be sure, petitions under the Insolvency and Bankruptcy Code have been filed against some companies on the list such as Ruchi Soya, Nagarjuna Oil, IVRCL, Orchid Pharma and Castex Technologies. 23. Lenders initiated insolvency proceedings against it before the December 31 deadline. Modi govt issues new LTC cash voucher scheme clarifications before due date, Infosys, Tech Mahindra among 6 IT stocks to buy on strong deal wins; may rally up to 28% in near-term, West Bengal Election 2021: Full list of BJP candidates, Boost to 'Make in India'! 402 of the Companies Act, 1956. The Central Bank has moved the Supreme Court to seek its permission to initiate the process. Ballarpur Industries Ltd (BILT): BILT has an estimated consolidated debt of over Rs 6,000 crore. Areas of the company law where NCLT plays an important role. Andaman Sea Foods Private Limited. The central bank, in its letter to banks, clarified it has not extended the 13 December deadline to favour a few cases, according to three people with knowledge of the matter. Uttam Galva Steel: Uttam Galva Steel has a loan default of Rs 110.4 crore. Accordingly, a total of 25 cases will undergo insolvency proceedings, according to the people cited above who did not want to be identified. The central bank directed banks to finalize resolution plans for them by 13 December, failing which they had to refer them to NCLT by December end. In 2019 ROC has struck of more than 2 lakh companies and disqualified more than 3 lakh directors under section 248(1) and 164(2)(a) of Companies Act, 2013. 1. VISA Power Limited. Tightening the noose, the RBI released two lists of big defaulters, comprising 25% and 40% of total bad loans. 1809 OF 2020 IN C.P. NCLT name. 2021The Indian Express [P] Ltd. All Rights Reserved, Here’s the list of big companies with big loan defaults facing the NCLT gauntlet, Bank clean-up Here’s the list of big companies with big loan defaults facing the NCLT gauntlet, Here is the list of 12 companies constituting 25% of total NPAs, Bank branches closed for next 4 days; SBI, other PSU banks may get hit as unions strike on March 15-16, Crif report: Bengal, Assam, Odisha confront repayment stress in microloans, Imran Amin Siddiqui assumes charge as Indian Bank ED, Sun Pharmaceutical Industries Share Price, This website follows the DNPA’s code of conduct. The NCLT provides complete coverage of the Companies Act 2013, Companies Act 1956 and related rules, notifications, circulars, orders, forms etc. (5) An application filed by the Registrar of Companies for restoration of name of a company in the register of companies under second proviso to sub-section (1) of section 252 shall be in Form No. Complete lockdown in Nagpur City (Maharashtra) from March 15: What's open and closed, Tata Technologies terminates 800 people, IT employee union files complaint.