NCLT

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• Hinduja arm asks NCLT to junk BHEL insolvency plea

  Hinduja National Power Corporation Ltd (HNPCL) has requested the dismissal of an insolvency petition filed by public sector undertaking Bharat Heavy Electricals Ltd (BHEL) due to the PSU's failure to complete the project as per the contract. The case has been dragging on for over four years, with BHEL claiming HNPCL failed to make a payment of ₹281 crore.

  

• SC to examine validity of Rs 33,000 crore I-T claim on Jaypee Infra

  The Supreme Court will review the validity of the Income-Tax commissioner's assessment of Jaypee Infratech Ltd (JIL), which raised a claim of ₹33,000 crore. The court has requested the Central Board of Direct Taxes to examine the order and file an affidavit within four weeks. The National Company Law Tribunal (NCLT) approved the resolution plan of Suraksha Realty and Lakshdeep Investments and Finance, allowing them to take over JIL for ₹20,363 crore.

  

• NCLT approves merger between Hinduja Group’s healthcare, real estate companies

  Under the scheme of merger, Hinduja Healthcare, engaged in healthcare services, will be amalgamated into Hinduja Realty Ventures that focuses on real estate development.

  

• Zee working on risk mitigation, business continuity: R Gopalan, Chairman

  Responding to a question about the likelihood of an adverse Sebi ruling against Zee CEO Punit Goenka and whether the company has a succession plan in place to deal with this situation, Gopalan said that succession planning in a large company like Zee is a natural step in the functioning of the board, notwithstanding the external factors.

  

• NCLT directs IIHL to complete Reliance Capital’s resolution plan within 90 days

  The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday allowed an application filed by the administrator of Reliance Capital and directed Hinduja Group-owned IndusInd International Holdings Ltd (IIHL) to implement the resolution plan for the financial services holding company by May 27.

  

• Tata Motors to split into 2 listed companies

  While the commercial vehicle business and its related investments will be housed in one entity, the passenger vehicle business (PV), electric vehicles, JLR and its related investments will form another entity "as there are limited synergies" between the two, the company said in a stock exchange filing on Monday.

  

• NCLT allows 45-day extension for Future unit resolution

  The resolution professional of the BSE-listed Future Supply Chain Solutions, Rajan Rawat, sought an extension of 45 days, pleading that two prospective resolution applicants have submitted their bids and lenders have already requested them to increase the value of their plans.

  

• NCLT clears IndusInd International's Rs 9,650 crore bid for RCap; lenders to take 63 pc haircut

  IndusInd International Holdings had submitted its plan in June 2023 in the second round of bidding for the debt-laden company that was originally promoted by Anil Ambani.

  

• NCLT reserves order on plea against rights issue by Byju’s

  While this allows Byju’s to go ahead with the rights issue, which closes on Feb 28, the company — that is reeling under a cash crunch — may not be able to immediately use the proceeds raised through the issue.

  

• NCLT approves Hinduja Group’s acquisition for Anil Ambani's Reliance Capital

  The bankruptcy court in Mumbai approved the acquisition of Reliance Capital by IndusInd International Holdings Ltd. A monitoring committee will be formed to monitor the plan implementation. The Supreme Court is involved in a dispute between Torrent Investments and Hinduja Group bids. In November 2019, the tribunal allowed an application to initiate an insolvency process against the debt-laden financier.

  

• Centre may junk special IBC framework plan for real estate

  After extensive deliberations, the government now reckons that such sector-specific mechanisms within the IBC could dilute the very essence of the bankruptcy law and prove to be counter-productive, they told ET. It is expected to amend the IBC after the general election in April-May. Some flexibilities, however, could be built into regulations from time to time to facilitate easier resolution in real estate, one of the persons said.