Insolvency against Raheja Developers halted, Board to manage
The developer had moved the appellate tribunal after the National Company Law Tribunal (NCLT) held the company to be in default of its obligations to two home buyers who had approached the tribunal.
NCLAT halts insolvency proceedings against Raheja
Raheja was admitted for insolvency proceedings in August 2019 by the National Company Law T...
Bankruptcy board set to tackle group insolvency
Bringing entities on the basis of inter-connectedness or common assets into the group resolut...
Axis Bank files insolvency plea against RPower arm
It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.
Jaiprakash Power Ventures to exit insolvency process
The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs 6,000 crore, from more than Rs 11,000 crore, following the restructuring. The terms involve an interest write back of about Rs 2,000 crore that will help the company report a net profit this fiscal, people in the know said.
New payments formula for creditors in the works
Liquidation amount would be distributed to company’s creditors in accordance with the “waterfall” mechanism set out in Section 53 of Insolvency and Bankruptcy Code, as per the plan. Under this mechanism, all claims of secured financial creditors must be fully paid before payments are made to unsecured financial creditors, who must in turn be fully paid before operational creditors.
CBI arrests insolvency resolution professional appointed by NCLT
In what is likely to be the first corruption case by the CBI against an NCLT-appointed IRP, the agency has taken into custody Arun Mohan, the IRP, and his friend Paresh Kumar, CEO of New Delhi-based Multimax Asset Reconstruction Pvt Ltd for allegedly receiving a bribe of Rs 3.5 lakh against a demand of Rs 5 lakh.
Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
In a first, IBC process ordered for failing to pay an insolvency services company
The NCLT’s Hyderabad bench has ordered the proceedings at Sri Yadadri Life Sciences (SYLS) for the alleged default in payments to Adroit Financial Services (AFS) for advice given on insolvency resolution and services towards capital structuring and settlement of debt through a one-time settlement (OTS) with its lender.
IBBI amends voluntary liquidation process regulations
With the amendments, a liquidator has to deposit unclaimed dividends and undistributed proceeds in a liquidation process along with any income earned thereon into the Corporate Voluntary Liquidation Account before submission of an application for dissolution of the corporate person, a release said on Thursday.
Synergy, Delhi-based firm show interest in Jet Airways
Synergy owns majority shares in airlines including Colombian carrier Avianca Holdings. The conglomerate had last time submitted an expression of interest in August after the August 10 deadline set by the resolution professional running the bid process.
Home buyers file plea in SC challenging Insolvency & Bankruptcy Code amendment
"The writ petition has been filed by 11 petitioners of 11 projects being constructed by Pioneer Urban Land & Infrastructure, Emaar MGF Land, BPTP, Supertech, Ansals, among others," said advocate Aditya Parolia of PSP Legal, representing the buyers.
Eyeing top 50: Insolvency resolution, cross-border trade, contracts in focus
States might be facing a revenue gap of up to Rs 1.23 lakh crore after withdrawal of GST compensation.
Liquidation process: Secured creditor cannot sell assets to entities ineligible for insolvency plan
The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-linked resolution process for stressed corporates.In case the resolution process does not materialise, then the entity goes for liquidation. An official release on Tuesday said the IBBI has notified changes to liquidation process regulations.
Changes in IBBI norms to prevent backdoor entry of ex-promoters in cos under liquidation: Experts
Now, those who were ineligible are barred from being part of any arrangement at the stage of liquidation.
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