Andhra Pradesh former CM YS Jagan Mohan Reddy HYDERABAD: Andhra Pradesh former CM YS Jagan Mohan Reddy has approached the Hyderabad bench of National Company Law Tribunal (NCLT) against his mother YS Vijayamma and sister YS Sharmila, urging it to cancel the July 6, 2024, transfer of shares of Saraswati Power and Industries Private Ltd…
Representative Image Mumbai: SpaceMantra, the winning bidder to take over Kishore Biyani‘s retail brand outlet Future Lifestyle Fashions (FLFL), has withdrawn its resolution plan for the company days before lenders overwhelmingly voted for it, putting creditors of the debt-laden company in a quandary. SpaceMantra, promoted by former NBCC chairman Anoop Kumar Mittal, along with two…
BENGALURU: In a surprising turn of events, EY Restructuring has stepped down from its role as an advisor to Pankaj Srivastava, the NCLT-appointed internal resolution professional at troubled edtech firm Byju’s, according to sources who spoke to TOI.TOI has reviewed a document containing the minutes of the first Committee of Creditors (CoC) meeting, which mentions…
MUMBAI: Byju’s US lenders have moved the Bengaluru bench of the National Company Law Tribunal to seek removal of Pankaj Srivastava as the interim resolution professional of the startup. Byju’s faces insolvency after the Supreme Court stayed an order by the National Company Law Appellate Tribunal, approving the settlement between the company and BCCI, in…
PC Jeweller Ltd on Sunday said that Punjab National Bank has given its approval for one-time settlement of its outstanding dues. In a regulatory approval, PC Jeweller informed that “Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its…
NEW DELHI: National Company Law Tribunal on Monday ordered the initiation of insolvency proceedings against Jaiprakash Associates Ltd (JAL), six years after lenders led by ICICI Bank first sought action.The move will impact the company’s real estate business in Noida and Greater Noida, although the scale of operation in this company is much smaller than…
Kolkata: Leading footwear company Khadim India Ltd is expecting to complete demerger of its distribution business by September this year and hoping that its margins expand by 100-200 basis points by FY’26, an official said on Monday. This strategic move is poised to unlock substantial value for its core retail business comprising approximately 848 stores…
Mumbai: The National Company Law Tribunal (NCLT) has ordered liquidation of jewellery retailer Gitanjali Gems, promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The bench also appointed Santanu T Ray as the liquidator, who will complete the liquidation process as per the provisions of the IBC, 2016,…
Representative image The Mumbai bench of the National Company Law Tribunal has ordered the liquidation of fugitive diamantaire Mehul Choksi-promoted firm Gitanjali Gems. The tribunal has also appointed Santanu T Ray as the liquidator. The company was originally admitted under the Corporate Insolvency Resolution Process (CIRP) in October 2018. It has admitted liabilities of over…
The country’s largest bank, the State Bank of India, has taken possession of two residential properties owned by PC Jeweller Ltd. in New Delhi after the firm and its guarantors failed to repay Rs 1,168.90 crore. In a notification, the lender cautioned the public not to deal with the property and that any dealings with…
