That is why the bankers are working with a missionary zeal to put a united front before the NCLT
2017) "Tata Trusts Asks NCLT
to Dismiss Mistry Plea", Mint, January 11.
The meeting on these three companies was to finalise the application which banks will be filing to NCLT
, said a senior banker.
is able to keep home costs down by using the community land trust model.
EoIs for companies referred to NCLT
have to be submitted to the insolvency resolution professional (IRP) within a stipulated time period, said an insider in one of the stressed steel companies.
Sharma also welcomed the NCLT
process as a very strong and responsive mechanism which has shown a willingness to change if there is a need.
The principal bench of the NCLT
headed by Chairman Justice M M Kumar also imposed a cost of Rs 10 lakh on Mistry's two investment firms, which would be shared by both.
There are about 700 BIFR and 15,000 DRT cases (related to corporates only), in addition to 5,200 winding up and amalgamation cases pending before high courts, that are being transferred to NCLT
Cases were admitted by NCLT
in 11 of these cases, with Era Infra Engineering Ltd being the only exception.
With over 25,000 pending corporate insolvency cases expected to move from various forums to NCLT
, there is a major concern as to whether NCLT
will be able to cope with the projected workload.
The proposed arrangements would be subject to due diligence, definitive documentation and applicable Board, shareholder, regulatory, respective High Courts/ NCLT
, and other third party approvals, as may be applicable, it added.
At the grand opening, NCLT
Executive Director Janet Morrison welcomed the public and announced plans to form a stewardship committee.