Real Estate
NCLT's Authority to Investigate Gift Deed Fraud in Oppression and Mismanagement Cases
The Supreme Court of India has ruled that the National Company Law Tribunal (NCLT) has the jurisdiction to examine allegations of fraud related to a gift deed in cases involving oppression and mismanagement under the Companies Act. This decision has significant implications for corporate governance and legal proceedings.
real estate news
Vedanta Offers ₹4000 Crore Upfront for Jaiprakash Associates, Rest Over 5-6 Years
Vedanta Ltd has emerged as the highest bidder for the debt-ridden Jaiprakash Associates Ltd (JAL) with a bid of ₹12,505 crore on a Net Present Value (NPV) basis. The company will pay ₹4000 crore upfront post NCLT approval and the remaining amount over the next 5-6 years.
Real Estate
Vedanta Emerges as Top Bidder for Jaiprakash Associates with Rs 12,505 Crore Offer
Vedanta Ltd has been identified as the highest bidder for debt-ridden Jaiprakash Associates Ltd (JAL), offering a net present value of Rs 12,505 crore. The payment will be staggered, with Rs 4,000 crore paid post-NCLT approval and the balance over 5-6 years. This acquisition complements Vedanta's existing businesses and leverages JAL's assets in power, real estate, and mining.
real estate news
Vedanta Secures Jaiprakash Associates with Rs 4000 Crore Upfront Payment
Vedanta Ltd has emerged as the highest bidder for the debt-ridden Jaiprakash Associates Ltd (JAIL), offering a net present value of Rs 12,505 crore. The payment will be staggered, with Rs 4,000 crore paid post-NCLT approval and the rest over 5-6 years. This acquisition complements Vedanta's existing businesses in power, real estate, and mining.
Real Estate Mumbai
Mordani Group and IIFL Finance: A High-Stakes Mumbai Real Estate Dispute
A significant dispute between Mumbai-based developer Mordani Group and IIFL Finance, co-founded by billionaire Nirmal Jain, has become public through a series of newspaper notices. The conflict centers around a December 2024 framework agreement and allegations of breach of contract.
real estate news
₹63 Crore Potential Fraud Uncovered in HNG Transactions: Auditor BDO India
Auditor BDO India has flagged ₹63.34 crore in potentially fraudulent transactions by Hindusthan National Glass & Industries Ltd (HNG) during 2019-20 to 2021-22. The transactions involve three entities and are under scrutiny as part of the company's insolvency resolution process.
real estate news
NCLT Failing to Meet Expectations in Real Estate Sector, Says Khattar
Union Housing and Urban Affairs Minister Manohar Lal Khattar criticizes the National Company Law Tribunal (NCLT) for its inefficiency in resolving real estate issues, highlighting the high probability of stressed projects never getting completed.
Real Estate
Housing Minister Manohar Lal Slams NCLT for Failing Homebuyers, Calls for Real Estate Reforms
Union Housing and Urban Affairs Minister Manohar Lal criticizes the National Company Law Tribunal (NCLT) for failing to resolve stalled real estate projects and calls for stricter adherence to RERA norms and faster project approvals.
Real Estate
NCLT Fails to Revive Stalled Real Estate Projects: Manohar Lal Urges Reforms
Union Minister Manohar Lal criticizes NCLT for failing to resolve stalled real estate projects, urging systemic reforms, transparency, and alignment of circle rates with market values.
Real Estate
NCLT Fails to Meet Real Estate Sector Expectations: Union Minister Khattar
Union Housing and Urban Affairs Minister Manohar Lal Khattar has criticized the National Company Law Tribunal (NCLT) for its inability to resolve issues in the real estate sector, highlighting the high probability of stressed projects never getting completed.
real estate news
NCLT Failing Homebuyers: Manohar Lal Calls for Real Estate Reforms
Union Housing and Urban Affairs Minister Manohar Lal criticizes the National Company Law Tribunal (NCLT) for its failure to resolve stalled real estate projects and calls for stricter adherence to RERA norms. He also pushes for faster approvals and aims to double the real estate sector's GDP share by 2047.
real estate news
NCLT's Ineffectiveness in Reviving Stalled Real Estate Projects: Manohar Lal's Critique
Union Housing and Urban Affairs Minister Manohar Lal criticizes the NCLT for failing to revive stalled real estate projects and calls for system improvements, RERA compliance, and GDP growth.
Real Estate
Revamping Real Estate: Manohar Lal Urges Systemic Reforms for Stalled Projects
Union Housing and Urban Affairs Minister Manohar Lal has called for systemic changes to address inefficiencies in resolving stalled real estate projects, emphasizing the need to protect consumer and bank interests.
real estate news
Revitalizing Real Estate: Manohar Lal Advocates for Systemic Reforms
Union Housing and Urban Affairs Minister Manohar Lal calls for major reforms in the real estate sector, including the elimination of cash dealings and aligning circle rates with market rates, to boost the sector's GDP and protect consumer interests.
Real Estate
NCLT Fails to Revive Stalled Realty Projects: Manohar Lal Calls for System Overhaul
Union Housing and Urban Affairs Minister Manohar Lal criticizes the National Company Law Tribunal (NCLT) for its inability to revive stalled real estate projects, emphasizing the need for system improvements, RERA compliance, and GDP growth.
Real Estate
NCLAT Restores Struck-Off Real Estate Firm, Protecting Rs. 6 Crore Goa Land in Public Interest
The National Company Law Appellate Tribunal (NCLAT) has restored the name of M/s Elegance Property Developers Pvt Ltd to the Register of Companies, overturning a 2024 NCLT order. The bench of Justice Yogesh Khanna (Judicial Member) observed that the company, which owns prime real estate in South Goa, was wrongly denied revival by the NCLT on limitation grounds.
Real Estate
NCLT Initiates CIRP Against Mahagun for ₹260 Crore Debt - Insolvency Tracker
The National Company Law Tribunal (NCLT) has initiated the Corporate Insolvency Resolution Process (CIRP) against Mahagun (India) Private Limited due to an outstanding debt of ₹260 crore. IDBI Trusteeship Services Limited, acting as the debenture trustee, filed the application.
Real Estate Maharashtra
NCLT Dismisses Xanadu's Petition Against Mumbai Indians CEO's Firm
The National Company Law Tribunal (NCLT) has dismissed a petition filed by real estate marketing firm Xanadu Realty against Bhimjyani Realty, a company linked to the CEO of Mumbai Indians, Devang Bhimjyani. The dispute centered on non-payment of ₹4.08 crore in marketing fees for the Neelkanth Woods project in Thane.
Real Estate Mumbai
NCLT Excludes Phoenix ARC from Hotel Horizon's CIRP
The National Company Law Tribunal (NCLT) has partially approved the promoters' application of Hotel Horizon, excluding Phoenix ARC's claim from the Corporate Insolvency Resolution Process (CIRP) due to a limitation period. The tribunal also directed a claim rework for JMFARC and the re-verification of Union Bank of India's claims.
Real Estate Mumbai
InCorp Restructuring Paves Way for India's Largest Slum Redevelopment via IBC Process
The National Company Law Tribunal (NCLT) has approved InCorp Restructuring Services LLP's resolution plan for the Darshan Group, enabling a significant slum rehabilitation project in Mumbai.