NCLT Approves Demerger Of Hindustan Unilever's Ice Cream Business Into Kwality Wall's

The National Company Law Tribunal on Thursday approved the demerger of Hindustan Unilever Limited's ice cream business into its wholly owned subsidiary, Kwality Wall's (India) Limited.The scheme will create a separate, independently listed ice cream company and is part of the global restructuring plan of HUL's parent company, Unilever PLC. The scheme was approved by a coram of Judicial...

Appeal Against Dismissal Of Contempt Petition By NCLT Not Maintainable: NCLAT Chennai

The National Company Law Appellate Tribunal (NCLAT) at Chennai has recently held that an appeal against dismissal of a contempt petition by the National Company Law Tribunal (NCLT) is not maintainable before the Appellate Tribunal under Section 19 of the Contempt of Courts Act, 1971. A coram comprising Judicial Member Justice Sharad Kumar Sharma and Technical Member Jatindranath Swain...

Gujarat High Court Approves One-Time Ex-Gratia Payment For Company-Paid Staff Of Official Liquidator's Office

The Gujarat High Court has approved a one-time ex-gratia welfare payment to 12 company-paid staff employed under the office of the official liquidator. “The welfare measure of a one-time ex-gratia payment is justified in equity provided that it doesn't prejudice the entitlement of stakeholders in liquidation proceedings,” Hon'ble Mrs. Justice Mauna...

RP's Admission Of Claim In Earlier CIRP Amounts To Acknowledgement U/S 18 Limitation Act For Commencement Of Fresh Limitation Period: NCLAT

The NCLAT, Principal Bench, New Delhi, comprising Justice N. Seshasayee (Member-Judicial) and Arun Baroka (Member-Technical), has held that the admission of a financial creditor's claim by a resolution professional during an earlier CIRP amounts to an acknowledgement of debt within the meaning of section 18 of the Limitation Act. Therefore, the said acknowledgement gives the fresh period...

Unenforced Equitable Mortgage Remains Corporate Debtor's Asset, Cannot Be Treated As Margin Money: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi set aside an order passed by National Company Law Tribunal (NCLT) Mumbai by which it directed that an amount equivalent to 5% of the value of Foreign Letters of Credit (FLCs), Letters of Credit (LCs), and Bank Guarantees (BGs) be excluded from the total assets of Frost International Limited and be allocated to Bank of India (BOI)...

NCLAT Seeks Replies From Aakash, Others On Byju's Plea To Block Rights Issue

The National Company Law Appellate Tribunal (NCLAT), Chennai, on Thursday sought replies from Aakash Educational Services Ltd. (AESL) and other respondents in a plea filed by debt-ridden edtech major Byju's (Think and Learn Pvt. Ltd.) seeking to restrain Aakash from proceeding with a proposed rights issue that could dilute its shareholding in the test-prep subsidiary.The right's issue which...

SEBI Has Cleared Modified Demerger Scheme: Vedanta Informs NCLT

Anil Agarwal led Vedanta Limited on Wednesday told the National Company Law Tribunal (NCLT), Mumbai that Securities and Exchange Board of India (SEBI) has cleared its revised demerger plan after earlier warnings on disclosure and compliance issues.Vedanta, a multi-national conglomerate engaged in the business of natural resources exploration intends to split its aluminium, oil and gas, power,...

IBC | Preference Share Holders Are Investors, Not 'Financial Creditors'; Can't File Insolvency Petition : Supreme Court

Preference shares are part of the company's share capital and the amounts paid up on them are not loans.

“Value of Byju's Stake Cannot Be Preserved if Aakash Is Commercially Killed,” NCLAT Declines to Stay Rights Issue EGM

Observing that the value of Byju's stake in Aakash cannot be preserved if the subsidiary is commercially “killed”, the National Company Law Appellate Tribunal (NCLAT), Chennai Bench, refused to stay Aakash Educational Services Ltd.'s extraordinary general meeting (EGM) for a proposed rights issue scheduled on October 29. The tribunal dismissed a plea by GLAS Trust Company LLC, a...

NCLAT Chennai Refuses To Stay Aakash's EGM To Approve Rights Issue, Declines Plea By US-Based Lender

The National Company Law Appellate Tribunal at Chennai has rejected a plea by GLAS Trust Company LLC, the U.S.-based lender representing the creditors of crisis hit ed-tech Byju's, to stay the Extraordinary General Meeting (EGM) of Aakash Educational Services Ltd (AESL) scheduled for October 29, 2025. The EGM aims to approve a rights issue that would dilute Byju's 25.75% stake in AESL...

NCLT Orders Liquidation Of Garvit Innovative Promoters Ltd Amidst Non-Cooperation & Absence Of Records

The National Company Law Tribunal (NCLT), Allahabad, comprising Mr. Praveen Gupta (Member-Judicial), has ordered the initiation of liquidation proceedings against M/s Garvit Innovative Promoters Ltd., following an application brought by the Resolution Professional. The present application was filed under section 33(2) read with section 60(5) of the IBC, 2016, by the...

NCLAT Upholds CIRP Against Privilege Power; Rejects Sarang Wadhawan's Appeal

The National Company Law Appellate Tribunal at New Delhi, recently upheld the initiation of insolvency proceedings against Privilege Power and Infrastructure Pvt. Ltd. (PPIL), dismissing an appeal filed by its shareholder Sarang Kumar Wadhawan.Chairperson Ashok Bhushan and Memebers Barun Mitra and Arun Baroka held that the CIRP application filed by Unity Small Finance Bank Ltd. (successor...