M&A Magazine

The Bombay High Court , in a far-reaching order, has set aside an earlier order of National Company Law Tribunal ( NCLT ) which had admitted an insolvency petition against Rolta India . A two-member Mumbai bench of the tribunal admitted the plea of -- Value Partner Greater China High Yield Income Fund and Pinpoint Multi-Strategy Fund -- claiming default of around Rs 1,060 crore. Kamal Singh, the director of the company, had challenged the NCLT's order. The High Court set aside the appointment of an insolvency resolution professional. The NCLT had appointed Shailendra Ajmera of EY as the interim professional of the company to complete the Corporate Insolvency Resolution Process. How the Case unfolded? Instead of going to NCLAT, a writ petition was filed in the High Court against the NCLT order. It is alleged that on 22 nd October 2019, the Bench of the Judicial Member and Technical Member did not conduct any adjudicatory business. It is stated that the order has been put i...

In the Corporate Insolvency Resolution Process (CIRP) of Jet Airways (India) Ltd ., the question came up for discussion on the validity and priority of the Insolvency proceedings being conducted at a country outside India, where the CIRP for Jet Airways is already initiated under Indian  Insolvency Code, 2016. Jet Airways has properties in India and outside India as well. When CIRP  against Jet Airways started under the Code in India where Registered Office of the ‘Corporate Debtor’ is situated and similar proceedings were already started at Netherland (North-Holland), where the Regional Hub of the ‘Corporate Debtor’ is situated. Precisely, two parallel insolvency proceedings are being carried out in case of Jet Airways (Corporate Debtor) in India, and in Netherland based on different territorial jurisdiction. In Netherland, Jet Airways was declared bankrupt in response to a complaint filed by two European creditors where a Dutch court administrator is appointed who app...

Binani Cement Limited (BCL)  is the flagship subsidiary of  Binani Industries Limited (BIL) , representing the Braj Binani Group. BCL has a capacity of 8.55 MTPA which includes an integrated cement unit with  capacity  of 4.85 MTPA and a split grinding unit with  capacity  of 1.4 MTPA in the State of Rajasthan. BCL has investments in subsidiaries in China and  UAE . Total revenue of Binani cement for Mar-17 was ₹1,534.62 crores and a reported loss of ₹347.60 crores for that year. The company went under the insolvency resolution process initiated by its financial creditor in July 2017 with finally a resolution plan accepted  in  Nov 18 by NCLAT without any haircut to financial and operational creditors. Corporate Insolvency Resolution Process (CIRP) On 25 th   July  2017, NCLT accepted an application filed by Bank of Baroda one of the financial  creditors  for initiation of Corporate Insolvency Resolution Process (C...