Lenders likely to move NCLAT over DHFL
May 24, 2021
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Move comes after NCLT asked DHFL’s CoC to consider the ₹91,158 crore offer made by its former promoter Kapil Wadhawan
Lenders to troubled Dewan Housing Finance Corporation Ltd (DHFL) are looking at various options and are expected to file an appeal with the National Company Law Appellate Tribunal (NCLAT) on Monday.
The move comes after the National Company Law Tribunal asked DHFL’s Committee of Creditors to consider the offer made by its former promoter Kapil Wadhawan within the next 10 days. In his second settlement offer, Wadhawan had offered ₹91,158 crore, which is over ₹50,000 crore more than the ₹34,250 crore is being offered by Piramal Enterprises.
NCLT admits insolvency plea against Wizcraft
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IDBI Bank had given a loan to Great Indian Nautanki Company (GINC), a subsidiary of Wizcraft that runs India’s first live entertainment destination, Kingdom of Dreams, in Gurgaon. Wizcraft, being the majority partner in GINC, had provided a corporate guarantee to the loan. IDBI Bank has claimed that Wizcraft owed it Rs 60.39 crore as on June 1, 2019.
Agencies
Wizcraft argued the tribunal had no jurisdiction to entertain proceedings as liabilities of the corporate guarantor did not constitute financial debt
The Mumbai bench of the bankruptcy court has admitted an insolvency resolution petition filed by
Creditors panel defers voting on Suraksha s offer for bankrupt-Jaypee Infratech: IRP
Jaypee Infratech s financial creditors have decided to defer the voting process on Suraksha group s bid, that was scheduled to start from Monday noon, to acquire the troubled realty firm through insolvency.
The decision to defer the voting was taken on Monday morning in a meeting of the Committee of Creditors (CoC), which was called after NBCC
suo motto submitted 14 page addendum to its resolution plan.
When asked whether voting on Suraksha bid has been deferred, Jaypee Infratech s (JIL) Interim Resolution Professional (IRP) Anuj Jain said: Yes .
Sources said homebuyersâ representative in the panel will this week conduct a voting process for flat owners to decide whether extra time should be given to both the bidders NBCC and Suraksha.
The Supreme Court on Monday noted that some tribunals are in extremely bad condition and in the backdrop of large number of vacancies, they are unable to discharge their functions.A bench comprising Justices L. Nageswara Rao, Hemant Gupta and .
India News: NEW DELHI: Observing that some of the tribunals are in "pathetic" condition and not able to discharge their functions due to the large number of vacan.