The Supreme Court on Tuesday expressed concern over delays by the National Company Law Tribunal (NCLT) in approving resolution plans for the revival of financially ailing companies under the Insolvency and Bankruptcy Code.
Earlier, Reliance had stated that the reorganisation will help the consumer brands business grow faster with a sharper focus and its own management.
The NCLT's Mumbai bench passed the order recently based on a petition filed by Invent Assets Securitisation & Reconstruction Pvt Ltd, which is RHFL's financial creditor.
The Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the merger of Adani Cementation with Ambuja Cements, clearing the way for the Adani Group to streamline its cement operations under a single entity.
Earlier on June 25, the Mumbai bench of the NCLT had asked Reliance Retail to convene a meeting for approval of the internal restructuring process, under which its consumer business is transferred as a going concern.
Currently, cases linked to more than 70 builders of western Uttar Pradesh -- affecting over 50,000 flat buyers, are at NCLT, in which the tribunal has also appointed the IRP. Out of these 70 builders, over a dozen are from Greater Noida West.
While the NCLT is hearing a petition filed by Invesco demanding convening of an extraordinary general meeting (EGM), Zee had approached the NCLAT.
It was pointed out that the settlement amount accepted by banks is even lower than the liquidation value of Siva Industries
In a regulatory filing, the airline said that the first meeting of the Monitoring Committee was held on June 28, 2021.
The tribunal also sought explanation if the proposal could be admitted under the law.
