Blaming the company for taking the insolvency resolution “process for a ride”, the tribunal has sought action against its management under the Insolvency and Bankruptcy Code.
It was probably the biggest loan fraud case recorded in India, and even before the CBI caught up with the promoters, information about their financial misadventures was already in public.
Amazon has been contesting the Rs 24,713 crore sale of Future Group's retail assets to Ambani's Reliance group, first announced in August 2020, and the case is currently before the Supreme Court.
In a regulatory filing, JIL said the listing of matter of resolution plan, along with related pleas, is listed for consideration before NCLT Principal Bench, New Delhi, on March 7 and 9.
IndusInd Bank had moved to National Company Law Tribunal claiming default of Rs 83.08 crore against the media & entertainment firm.
Resolution professional Sundaresh Bhatt presented several documents in the NCLT of fraudulent or preferential transactions undertaken by the promoters of the company.
Future and Amazon have been entangled in a tussle over the sale of Future’s retail assets to Mukesh Ambani-led Reliance Industries Ltd.
The bench said that the high court should consider the plea of FRL on the issue without being influenced by the observations made in its order.
The NCLT bench recently referred its first batch of disputes between Sanghi brothers to IAMC.
The insolvency application has been filed under rules governing the insolvency resolution process and liquidation of Financial Service Providers (FSPs).
The government may in future also notify any other entities that should be excluded from the application of cross-border insolvency provisions.
The appointment has been made for a period of five years or till he reaches the age of 67 years. He has been asked to assume the office within two weeks.
The RBI had superseded the board of directors of Srei Infrastructure Finance Ltd and Srei Equipment Finance Limited over governance issues and defaults.
A division bench suspended the orders passed by the NCLT on September 1, 2021. It may be recalled that CFM Asset Re-construction Pvt. Ltd. had submitted a bid for Rs 185 crore for the Viceroy Hotels.
As many as 8 judicial and 10 technical members have been appointed to the NCLT while 13 judicial and 7 accountant members have been appointed to the ITAT.