New Delhi [India], June 15 (ANI): The Supreme Court on Wednesday adjourned for tomorrow the hearing of a plea challenging the notification of the Ministry of Corporate Affairs fixing the tenure of the members of the National Company Law Tribunal (NCLT) as three years.

Mumbai (Maharashtra) [India], June 8 (ANI/BusinessWire India): The Board of Directors of Ador Welding Limited last week accepted the recommendations of the Committee of its Independent Directors and the Audit Committee and approved the Amalgamation (Merger by Absorption) of AdorFontech Limited with Ador Welding Limited.

New Delhi [India], April 4 (ANI): The Supreme Court on Monday assured that it will protect the interest of homebuyers in Supertech's twin tower in view of the Interim Resolution Professional (IRP) appointed in the insolvency proceedings against the real estate company.

New Delhi Mar 27 PTI The Congress on Sunday accused the central government of sheltering promoters of certain companies declaring insolvency through the Insolvency and Bankruptcy Board of India and demanded a CBI probe into the insolvency of Amtek group Addressing a press conference Congress leader Sanjay Nirupam said the government must order a probe into the findings of Ernst and Youngs audit report into the insolvency of Amtek Auto The report states that Amtek group has carried out preferential transactions transactions defrauding creditors and it siphoned off more than 70 per cent of its assets and funds to 129 shell companies Nirupam said The Amtek group of companies took a loan of Rs 25000 crore from Indian banks The company was eventually sold for Rs 1500 crore Its promoters wrote off assets worth Rs 7500 crore and Rs 12500 crore funds were siphoned off through shell companies he said citing EY report The findings of the EY report are there in front of us but no action has been taken that is our issue Why the promoters of the company are being shielded What connection do they have with the government he asked No one but the Central Bureau of Investigation CBI can probe this matter because it seems Ministry of Corporate Affairs is hand in glove Serious Fraud Investigation Office is short staffed and National Company Law Tribunal NCLT also seems to be a part of this scam Nirupam alleged The swindling by the promoters of Amtek must be probed he demanded Citing official figures Nirupam said that in the last five years six lakh crore of banks money has been lost Modi government must come out with a white paper on all such insolvency cases Nirupam said accusing the government of shielding promoters of several firms that have filed for insolvency recently Addressing the press conference along with Nirupam Congress spokesperson Pawan Khera alleged that in the name of resolving the insolvency cases of the companies institutional corruption is going on Nirmala Sitharaman ji always says these companies took loans during the time of the UPA But the loan defaults and the loss of money is going on under the Modi government Nirupam said He also compared the Amtek case with that of ABG Shipyard In February the CBI booked ABG Shipyard Limited its former chairman and managing director Rishi Kamlesh Agarwal and others for allegedly cheating a consortium of lenders led by the ICICI Bank in the biggest such bank fraud The Congress had questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks PTI ASK VN VN

New Delhi [India], March 25 (ANI): National Company Law Tribunal (NCLT) on Friday ordered insolvency proceedings against real estate developer Supertech Ltd for default of Rs 431.92 crore.

New Delhi [India], March 25 (ANI): The National Company Law Tribunal (NCLT) on Friday ordered insolvency proceedings against real estate developer Supertech Ltd, which has a debt burden of around Rs 1,200 crore.

Guwahati Aug 30 PTI An employee of the defunct Nagaon Paper Mill of Hindustan Paper Corp died in Assams Morigaon district taking the total deaths since the closure of the PSUs two units to 93 a union leader said on MondayAkshay Kumar Mazumder 62 suffered from hypertension and cardiac ailments He died on Sunday without getting proper medical treatment president of Joint Action Committee of Recognised Unions JACRU of Nagaon and Cachar mills Manabendra Chakraborty saidMazumder is survived by his wife and a daughterThis is the eighth death after the Himanta Biswa Sarma government assumed office while during the tenure of former chief minister Sarbananda Sonowal 85 people had died either due to starvation or lack of medical treatment Chakraborty saidMost of our employees have died due to lack of proper treatment as they did not receive salaries or dues for the last 55 months This is not any normal death but our people are dying due to the apathy of the authorities he saidChakraborty appealed to the state government and the Centre to fulfil their commitments and release all legal dues to save the lives of the remaining employeesHe also appealed to all citizens to kindly raise their voice against the injustice faced by the employees of both the millsThe Cachar Paper Mill at Panchgram in Hailakandi district and Nagaon Paper Mill at Jagiroad in Morigaon district are non-functional since October 2015 and March 2017 respectivelyThe BJP government had promised to revive the paper mills after Sonowal assumed power in 2016 Even during the campaigning for this years assembly polls the BJP had said that steps would be taken to revive the millsThe National Company Law Tribunal NCLT after several rounds of meetings between all stakeholders and a number of hearings had ordered the liquidator on April 26 to sell Hindustan Paper Corp as per the decision of the National Company Law Appellate Tribunal NCLAT PTI DG SOM SOM