nclt

The Centre questioned the Delhi Gymkhana Club's shift from sports to social gatherings, accusing it of becoming a "madhushaala" (bar) instead of a "vyayamshaala" (gymnasium). This criticism emerged during a probe into financial irregularities and governance failures, as the government sought to reclaim the club's prime land for national security and public purpose.

Tribunal Directs Firm To Ensure That Amount Is Distributed Among All Tea Station Shareholders Within 3 Months

The Centre has ordered the Delhi Gymkhana Club (DGC) to vacate its premises, marking the culmination of a six-year governance dispute. This move follows a probe into mismanagement and violations, surprising members who were recently asked to pay significant dues. The club, a symbol of elitism, has faced controversies over membership rules and factionalism.

Co Submitted Resolution Plan In Oct 2024, Reached Settlement With Lender In Jan

Yes, colonial era clubs are a privilege overdue for an eviction. But then what? Do the honours simply pass on to a new elite? What citizens must ask of any reform is, now do we get to sit on the lawns?

Trial Against Former Promoters Continues

The Supreme Court has taken suo motu action, highlighting severe infrastructure and vacancy issues plaguing the National Company Law Tribunals (nclt). These deficiencies are causing significant delays in crucial insolvency and bankruptcy cases, potentially undermining the Insolvency and Bankruptcy Code's objectives. The court emphasized the urgent need for immediate remedial measures to prevent further frustration of the IBC's purpose.

Flat booked in 2018, but no allotment letter issued to buyer

A special court in Lucknow declared businessman Mohd. Iqbal a Fugitive Economic Offender, ordering the confiscation of assets worth Rs 995.75 crore. The ruling stems from a money laundering case involving alleged irregularities in the sale of Uttar Pradesh sugar mills. Iqbal, who is residing in Dubai, failed to join the investigation despite multiple summons.

The insolvency resolution of Jaiprakash Associates Ltd. is embroiled in a dispute over the approval of Adani Enterprises' bid over Vedanta's higher offer. Vedanta alleges procedural unfairness and a "commercial conspiracy," challenging the Committee of Creditors' reliance on "commercial wisdom" over value maximisation.

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A Bench of Justice J.B. Pardiwala and Justice R. Mahadevan delivered the judgment while deciding appeals arising from insolvency proceedings initiated against Takshashila Heights India Private Limited, the developer of the real estate project Takshashila Elegna in Ahmedabad.

Vedanta's Review Plea On AEL's Plan Dismissed

Mumbai EOW filed a chargesheet against three Sunshine Developers partners for allegedly diverting Rs 18.22 crore from a Rs 90 crore LIC Housing Finance loan. The funds were misused, halting construction and leading to bankruptcy, causing losses to the lender and complainant Pratik Vira, who alleged a larger fraud.