Future Group: These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.
These provisions are ultra vires the Act as they operate to obstruct/delay the recovery of loans by banks and other financial institutions and also “confer drastic and extraordinary powers” upon the tribunal to pass interim exparte order without prima facie satisfying that the conditions required for such restraint orders are met, the petition filed through counsel Pallavi Pratap stated.
The Future Group companies on Tuesday moved the Delhi High Court against a debt recovery tribunal s July 31 order that restrained them from alienating their assets in recovery proceedings initiated by lenders. A bench led by Chief Justice Satish Chandra Sharma, while seeking response from the government, Future Group founder Kishore Biyani, Rattan India Finance, RBL Bank, Yes Bank and others refused to stay the DRT order. The matter will be next heard on October 18.
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NCLT admits Cox & Kings Financial Services for insolvency resolution
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Synopsis
This is the second listed firm promoted by Ajay Kerkar to be admitted under the Corporate Insolvency Resolution Process (CIRP) since the flagship firm and travel company Cox & Kings Ltd is also going through an insolvency resolution process.
Agencies
YES Bank had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after the company defaulted on its dues of over Rs 445 crore.
The dedicated bankruptcy court has admitted the insolvency petition against Cox & Kings Financial Services Limited (CKFSL) and appointed Pardeep Kumar Sethi as interim resolution professional (IRP) for the company.