Supreme Court directs UP Police to immediately release Jaypee Infra IRP
The division bench of Justice AM Khanwilkar and Justice Dinesh Maheshwari while granting bail also observed that the police officer dealing with the case was not familiar with the provisions of the privilege of interim resolution appointed by the Court, in terms of Section 233 of the Insolvency and Bankruptcy Code.
Wirecard’s Indian deal started with ‘fraud’, UK judges say
The transactions in 2015 are being scrutinised in courts in London and Chennai, with the former minority holders of Hermes I-Tickets Pvt. Ltd. saying they were cheated of millions of dollars.
Bankruptcy court admits insolvency proceedings against Tops Security
The Mumbai bench of the National Company Law Tribunal (NCLT) has also ap...
Insolvency and Bankruptcy Code resolution timeline averages 440 days
An Alvarez & Marsal India report on Thursday called upon all IBC stakeholders to focus on improving efficiency to resolve cases in a time-bound manner because wherever the resolution time increased, the recovery percentages also fell sharply to 15-25 per cent.
M&M faces hurdle in selling SsangYong Motor stake to US company
While Mahindra wants to sell its entire 75% stake in SsangYong Motor to the potential investor, Haah, a US automotive distributor, and some existing stakeholders want the Indian automobile manufacturer to stay in as a minority shareholder and continue to support SsangYong, sources said.
Bankruptcy court dismisses liquidator’s plea in favour of former management of Gujarat Foils
The company’s liquidator had approached the Ahemadabad bench of the National Company Law Tribunal (NCLT) to declare certain transactions carried out by the former management of over Rs 46.53 crore as void for allegedly selling certain goods below market price.
Hyatt Regency Delhi dragged to bankruptcy
Continuum Energy has claimed at the National Company Law Tribunal that the deluxe south Delhi hotel entered a contract to buy clean energy from it two years ago.
Ajay Piramal wins the most contested bankruptcy bid for Dewan Housing Finance Ltd
Piramal’s bid received about 94 percent of votes of the creditors, followed by Oaktree at 45 percent, sources told ET. Adani Capital obtained about 18 percent, people said people familiar with the voting pattern. Lenders/investors have the option to vote for multiple bids.
Billions of dollars at stake for India banks in 2021 court cases
The legal tussles pit India’s lenders, central bank and government against corporate borrowers struggling to survive amid lockdowns prompted by Covid-19.
Bankruptcy court admits insolvency plea against Ahmadabad-based Bansal Multiflex
Ahmadabad-based Bansal Multiflex was incorporated in 2013 and it is in the business of trading of cloth, a different type of semi-furnished fabrics, varieties of finished fabrics. The company is also into the business of trading of different types of chemicals primarily used in making detergent and soaps.
Mahindra's South Korean arm SsangYong Motor files for bankruptcy
Mahindra & Mahindra-owned South Korean automaker SsangYong Motor filed for court receivership after defaulting on loans worth 90 billion won (Rs 602 crore) due to Korea Development Bank (KDB) on Monday.
Indian banks pursue UK bankruptcy order against Vijay Mallya
At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK.
Bankruptcy court admits insolvency petition against cable distribution firm DigiCable
The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the plea also appointed Sunil Kumar Choudhary as interim resolution professional (IRP) of the company.
Recovery from bankruptcy courts could fall by a third in FY21: ICRA
The suspension on new proceedings under India’s bankruptcy law and the lockdown caused due to the pandemic could lead to a sharp fall in recovery through the Insolvency and Bankruptcy Code (IBC).
Bankruptcy court admits insolvency resolution plea against Jyoti Ltd
The company was started as an engineering department of Alembic Chemical and later it was carved out into an independent company.