Legal Sarcasm

NCLT ADMITS INSOLVENCY PROCEEDINGS AGAINST RMOL -Nishant Pratap Singh The National Company Law Tribunal bench of Ahmedabad has recently ordered initiation of insolvency proceedings against Reliance Marine Engineering and Offshore ltd., which belongs to Mr. Anil Dirubhai Ambani Group. RMOL is the second ADAG company after reliance communications to be admitted under the IBC process. The Industrial Financial Corporation of India Ltd. (A Public Sector Financial Institution) filed an insolvency application against RMOL. The IFCI had given a loan of 202 crores to Pipavav marine and offshore ltd. (PMOL) in 2013 which was after sometime taken over by the reliance company. Hence, the company is liable to pay about 200 crores to IFCI. READ ALSO:   Can a 15-year old Muslim girl live with a person of her choice? Soon then IFCI filed section 7 petition under the insolvency and bankruptcy code in the year 2007 which was pending since then for admission....

NCLAT DISMISSES PLEA FOR RECOVERY FROM VIDEOCON  JAYA SINGH  BACKGROUND- Videocon Industries was admitted by the National Company Law Tribunal ( NCLT ) for insolvency proceedings. The first homegrown consumer durables company in India owes a consortium of banks led by the State Bank of India around Rs 20,000 crore. In three consecutive financial years until September 2008, Videocon's India business had registered standalone profits of over Rs800 crore with a focused approach in the consumer electronics business. Videocon's debt surged because of its failed telecom services business - it lost about Rs 7,000 crore in telecom - and the picture tube plant modernization in Gujarat that cost Rs 4,000 crore. Meanwhile, the flagship consumer durables business also slowed down due to competition against global rivals like LG and Samsung. Over time, the market value of the fridge-to-phone company tumbled way down to Rs 600 crore. The decline started with Dena Bank cl...