NCLT Kochi Dismisses GST Department's Plea to Include Belated ₹6.06 Crore Claim In SDF Industries Insolvency

The National Company Law Tribunal (NCLT) at Kochi has dismissed the tax department's plea to include a Rs 6.06 crore belated GST claim in the insolvency process of SDF Industries Limited, holding that claims cannot be entertained after approval of the resolution plan by the Committee of Creditors. A coram of Judicial Member Vinay Goel held that permitting the tax department to raise its claim at such a stage would reopen settled stages of the corporate insolvency resolution process and...

NCLT Bengaluru Sanctions Cross-Border Merger Of MoEngage Inc With Indian Subsidiary

The National Company Law Tribunal (NCLT) at Bengaluru on 12 January approved a cross-border amalgamation scheme, allowing MoEngage Inc, a US company, to merge with its Indian subsidiary, MoEngage India Private Limited. A Bench comprising Judicial Member Sunil Kumar Aggarwal and Technical Member Radhakrishna Sreepada noted that MoEngage India had satisfactorily addressed objections and observations raised by the Registrar of Companies, Regional Director, Official Liquidator, Income Tax...

NCLT Approves Demerger Of Times Group's Non-Publishing Business Into Times Horizon

The National Company Law Tribunal (NCLT) at Mumbai has recently approved the demerger of the non-publishing business undertaking of Bennett, Coleman & Company Ltd (Times Group) into its wholly owned subsidiary, Times Horizon Pvt Ltd. The non-publishing business comprises Bennett Coleman's digital and internet ventures, entertainment and brand capital businesses, and other emerging operations distinct from its core publishing activities. A coram of Judicial Member Sushil Mahadeorao Kochey...

NCLT Ahmedabad Clears JK Paper Group's Composite Scheme To Consolidate Packaging Business

The National Company Law Tribunal (NCLT), Ahmedabad Bench, has sanctioned a Composite Scheme of Arrangement for JK Paper Limited and five group companies, paving the way for consolidation of the group's packaging business. A coram of Judicial Member Shammi Khan and Technical Member Sanjeev Sharma approved the scheme under Sections 230 to 232 of the Companies Act, 2013. The tribunal cleared the restructuring with two Appointed Dates. April 1, 2024 applies to the amalgamation of JKPL Utility...

NCLT Hyderabad Approves Merger Of NCC Infrastructure Holdings With NCC Ltd

The National Company Law Tribunal (NCLT) at Hyderabad has approved the merger of NCC Infrastructure Holdings Ltd, a wholly owned subsidiary, with its parent company NCC Ltd, consolidating the group's infrastructure holdings under a single listed entity.A coram comprising Judicial Member Rajeev Bhardwaj and Technical Member Sanjay Puri observed that the scheme was fair, reasonable, and not contrary to public policy or any provision of law.“We have heard the Ld. Counsel for the Petitioner Company...

NCLT Mumbai Clears First Motion For Amalgamation Of Overseas Units Into NMDC Data Centre

The National Company Law Tribunal (NCLT) at Mumbai has cleared the first motion in a proposed amalgamation involving NMDC Data Centre Private Limited and two of its overseas group companies. The order was passed by a bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar, which dispensed with the requirement of holding meetings of shareholders and creditors at this stage. The scheme provides for the merger of Dubai-based Infin Data Centre Holdings Limited FZCO and...

NCLT Clears First Motion Of Essar Group Plan To Shift 'Essar' Brand From Abhinand Ventures To Essar Power

The National Company Law Tribunal (NCLT) at Ahmedabad has cleared the first motion in a group restructuring exercise through which the Essar Group proposes to shift ownership of the “Essar” brand from one group company to another. The scheme involves Essar Power Limited and its group company Abhinand Ventures Private Limited. Abhinand Ventures presently holds the Essar brand, which the scheme proposes to transfer to Essar Power. A bench of Judicial Member Shammi Khan and Technical Member...

Tribunal Can Ensure AGM Is Held, Cannot Step Into Post-AGM Issues: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has rejected a plea by Malabar Produce and Rubber Co Ltd, ruling that the tribunal can step in only when an Annual General Meeting is not held, and not to sort out problems that arise after a meeting has already taken place. A bench of Judicial Member Vinay Goel explained that this limited power flows from Section 97 of the Companies Act, 2013. The provision allows the tribunal to direct that an AGM be convened when a company fails to hold one....

NCLT Indore Approves Cistro Telelink's Capital Reduction To Write Off Pandemic Losses

The National Company Law Tribunal (NCLT) at Indore has approved a 40 percent reduction in the share capital of Cistro Telelink Limited, a Madhya Pradesh-based company engaged in software production and cable network distribution, holding that the proposal causes no prejudice to any stakeholder. A coram of Judicial Member Brajendra Mani Tripathi and Technical Member Man Mohan Gupta noted that the reduction complied with Section 66 of the Companies Act and had overwhelming shareholder...

Promoter Fund Infusion To Satisfy Bank's Terms Not a 'Deposit' Under Companies Act: NCLT Mumbai

The National Company Law Tribunal at Mumbai (NCLT) has held that unsecured money brought into a company by its promoters to meet a bank's lending condition does not qualify as a deposit under the Companies Act, and that repayment proceedings under the deposit provisions cannot be maintained.A bench of Judicial Member Mohan Prasad Tiwari and Technical Member Charanjeet Singh Gulati passed the order on January 21. The tribunal said, “Once the transaction is covered by the statutory exclusion, the...

Directors Can't Bypass CEO To Call Board Meeting In Producer Company: NCLT Kochi

The National Company Law Tribunal (NCLT) at Kochi has set aside a notice convening a board meeting of Harithamrutham Farmers Producer Company Limited, holding that the notice violated mandatory provisions of the Companies Act applicable to producer companies. A coram of Judicial Member Vinay Goel held that once a Chief Executive Officer is appointed, the power to issue notice of board meetings rests only with the CEO. The tribunal said producer companies are governed by a special statutory...

NCLT Mumbai Dismisses Workmen's Belated Wage Claims Against IL&FS, Cites Moratorium

The National Company Law Tribunal (NCLT) at Mumbai has dismissed an application filed by S.A. Azad, the authorised representative of 31 workmen, seeking admission of wage claims against Infrastructure Leasing and Financial Services Ltd. (IL&FS). The tribunal dismissed the application on the grounds that the claims were barred by the 2018 moratorium and filed beyond the extended timelines, while also noting that the workmen were not directly employees of IL&FS. Rejecting the plea, the...