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The Merger scheme aims to restructure and streamline the operations of the applicant companies to achieve operational efficiencies and facilitate future growth and expected to create synergies, reduce costs, and create value for shareholders of the involved entities.
The NCLT directed the Resolution Professional to hand over control of Syska LED Lights Pvt. Ltd. back to the Corporate Debtor, if it had been taken over.
DEAL DETAILS Siemens Limited’s demerger of energy business Khaitan & Co advised Siemens Limited (SIL) on the demerger of its energy business
by Yogendra Aldak†, Pranav Mundra†† and Balraaj Singh Chhatwal†††
by Shekhar Raj Sharma* and Akshita Grover**
“It is trite that the international treaty obligations are required to be followed strictly and any deviation therefrom would have adverse effects including downgrading of the business interests of country in the international community.”
The NCLT admitted Section 7 IBC application against the Deccan Charters, Air Charter Company over a default of approx. Rs. 9 Crore 82 Lakhs.
In the instant matter, the NCLT rejected the application, noting the approval of the resolution by the Committee of Creditors and the absence of filing through an authorized representative.
The NCLT issued a notice and sought BharatPe’s response and fixed the next date of hearing on 04-04-2024.
Evidence Act, 1872 — Ss. 135 to 139, 154, 155 & 120 r/w Or. 14 R. 21, Or. 16 Rr. 14 &
The dues shown payable to the appellant was Rs. 13,47,40,819 while the appellant claimed it to be Rs. 43,40,31,951.
A quick legal roundup to cover important stories from Tribunals, Regulatory Bodies, Commissions for the month of October and November 2023.
The NCLAT reiterated the importance of adhering to timelines in the Insolvency resolution process and the unacceptability of claims filed after the approval of the Resolution Plan by the CoC.
The main contention of the appellants is that the lay-off notice was not issued in accordance with the provisions of the Industrial Disputes Act, 1947.
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
NCLT held that the Corporate Debtor failed to prove a pre-existing dispute to justify the rejection of the Section 9 application.
NCLT’s order did not contain specific findings regarding whether the entire loan amount had been paid and whether nothing remained due.
At this juncture, examining whether the petition filed before the NCLT can be said to be a ‘dressed-up’ petition, would necessarily require a detailed exercise to be carried out by this Court to render findings either way clearly impinging upon the exclusive jurisdiction of the NCLT in deciding such a question.