As per Section 18, a fresh period of limitation shall be computed from the time when the acknowledgment was signed before the expiration of the prescribed period.
The administrator of DHFL, appointed under the IBC, obtained assistance from Grant Thornton to conduct an investigation into the affairs of the mortgage firm.
The original Supreme Court order had ruled that the question of saleability of spectrum rights would be examined by the NCLT.
Tata Chemicals was also to acquire an existing silica plant at Cuddalore, Tamil Nadu from Allied Silica.
Among the two buyers is Anil’s brother Mukesh Ambani’s telecom and digital business powerhouse Reliance Jio, which is planning to take over RCom’s mobile tower assets.
The highlights one-of-a-kind judgment by the Bangalore Bench of NCLT and its possible impact on stressed companies have been provided below.
According to the NCLT, a five-member committee will enquire into the issues related to the utility of the land leased out by the government to the club.
The court listed the matter for further hearing on June 12. The plea filed by Rajasekhar VK, member (judicial) has sought to set aside the order transferring him from NCLT Mumbai to Kolkata bench.
The company neither disclosed the name of the creditors nor the quantum of liabilities.
The government informed to appoint Justice Anant Bijay Singh as judicial member and Shreesha Merla and Alok Srivastava as technical members of the appellate tribunal.
This is the highest-ever recovery of dues by financial creditors in the telecom sector which has seen the exit or shut down of 11 out of 12 telcos since 2012.
This is said to be the first-ever liquidation order for any company embroiled in the fraud schemed by the Modi-Choksi duo before they fled the country.
The tribunal also modified the resolution plan and said Rs 750 crore deposited by Jaiprakash Associates would be part of the plan.
The two-member bench allowed a moratorium on the foreign petroleum assets of the group which will restrain its lenders from selling the conglomerate's overseas assets.
The tribunal directed the CoC members, who have not honoured the order of the court, to remain present on February 19 - the next date of hearing.