Sunday, October 1


NCLT Amendment Rules, 2019 Dated 15 Jan 2019
Corporate, Generic

NCLT Amendment Rules, 2019 Dated 15 Jan 2019

Highlights: Ministry of Corporate Affairs had notified amendment to NCLT Rules 2016 on 15 Jan 2018 and shall be effective from the same date The Amendment is named as National Company Law Tribunal (Amendment) Rules 2019 In NCLT Rules 2016, Under Rule 71, Sub-Rule 3 Clause (b) and Sub-Rule 4 are amended. The word Central Government is replaced with Regional Director NCLT Amendment Rules, 2019 Dated 15.01.2019 NCLT Amendment Rules, 2019 Please find the changes highlighted in below: 71. Application under proviso to clause (b) of sub-section (1) of section 61. (1)An application for obtaining the approval of the Tribunal for the consolidation and division of all or any of the share capital into shares of a larger amount than its existing shares which results in changes in the voting pe...

IDBI – Insolvency Application Against Reliance Naval & Engineering Limited

Industrial Development Bank of India(IDBI) has filed an insolvency application to National Company Law Tribunal(NCLT) against Reliance Naval & Engineering Limited, an Indian Shipbuilding and Heavy industry company headquartered in Mumbai and owned by Anil Ambani. Summary Insolvency application filed in Anil Ambani’s Reliance Naval & Engineering Limited for seeking debt resolution under the Insolvency and Bankruptcy Code (IBC) IDBI has filed the petition to NCLT over a defaulted loan of Rs 1,250 Crore by Reliance Naval & Engineering Ltd. Reliance Naval & Engineering Limited proposed a one-time settlement to its lenders on Set 6 but the lenders have given 10 days to revise its settlement proposal The Application will be withdrawn from NCLT, if 90 percent of len...