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National Company Law Tribunal

Dec 12, 2019, 07.19 AM IST

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NATIONAL COMPANY LAW TRIBUNAL

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  • The SFIO and the CCI are among the institutions under the ministry that are well short of their respective sanctioned strength. In a report tabled in Parliament on Tuesday, the Standing Committee on Finance noted that the ministry's various regulatory entities are critically important for a smooth-functioning economy.

    A Committee of Creditors (CoC) on Saturday decided that home buyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.

    According to a person in the know, the MCA’s probe has indicated a suspicious diversion of more than Rs. 2,000 crore by certain erstwhile directors and key managerial executives.

    In a meeting with lenders, it has been decided to start the voting on Dec 10 and it will go on till Dec 16. Since there was dispute among lenders over whether NBCC or Suraksha realty should be put to vote first, the CoC has decided for simultaneous voting, two persons aware of the matter said.

    “The company had preferred an appeal before NCLAT challenging certain portions of NCLT orders, and the judgment on the same has been pronounced on December 4, 2019, allowing the said appeal of JSW,” JSW Steel said in a notification to the stock exchanges on Thursday.

    The real estate sector is seeking emergency lifeline from the government that has announced several measures, but the actual implementation of these steps is yet to gather pace.

    JSW Infra said it has issued a letter of support to Suraksha Realty to give financial, strategic and technical assistance in the delivery of pending flats to Jaypee homebuyers within the timeframe. Suraksha Realty and state-run NBCC on Tuesday submitted their final bids to acquire bankrupt realtor Jaypee Infratech through the insolvency process.

    The bankruptcy court removed the resolution professional for the Lanco group company, and appointed a liquidator from AAA Insolvency Professionals to sell off the assets

    NBCC has advanced the completion date to 42 months from 48 earlier and has also increased the land offered to lenders by 100 acres to 1,526 acres. It has also proposed to increase the concession agreement of Yamuna Expressway by 10 years. The final voting of the committee of creditors (CoC) is likely to take place on December 11.

    Worries stem from BPSL case, where ED attached assets of the company after it was taken over by JSW Steel.

    "As per the data provided by National Company Law Tribunal (NCLT), total 19,771 cases were pending with NCLT benches on 30.09.2019, which include 10,860 cases under Insolvency and Bankruptcy Code (IBC), 2016," Minister of State for Finance and Corporate Affairs Anurag Singh Thakur said in a written reply to the Rajya Sabha.

    Omkaram Venkata Ramana, who had stood personal guarantor to five firms that defaulted on Rs 38.66 crore of bank loans, filed the petition to initiate personal insolvency resolution process, which his counsel said would entitle him to an interim moratorium on all his liabilities.

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