IFCI, Sidbi and Bank of Maharashtra have also filed an appeal in the NCLAT against VIL's debt resolution, saying recovery is miniscule and it makes no sense to accept a 96% haircut
The lenders plan to move the NCLAT as NCLT slammed the banks repeatedly for not voting on the one time settlement proposal made by the promoters
Some of the major buyers have privately ruled out bidding for the company
Siva Industries was admitted to the bankruptcy court on July 5, 2019
The Supreme Court on Tuesday rejected the challenge of operational creditors on approval of resolution plan of the Reliance Infratel Limited by NCLT
The National Company Law Tribunal (NCLT) has dismissed a petition of the promoters of IT firm Rolta India Ltd seeking one-time settlement and regain the control of the company facing insolvency proceedings. In an order dated August 6, 2021, the tribunal rejected the Section 12 A plea of the promoters, Rolta said in a regulatory filing on Saturday. "... Stock Exchanges are further informed that on August 06, 2021, NCLT (pronounced orally in open court) has dismissed the applications filed under Section 12A of the Code at the instance of ex-management seeking withdrawal of the captioned petition post initiation of Corporate Insolvency Resolution Process (CIRP). "Further, in terms of the directions passed by the Hon'ble NCLT, CIRP is to be continued as per the provisions of the Insolvency & Bankruptcy Code, 2016, for Rolta India as well as its subsidiaries viz., Rolta Defence Technology Systems Pvt Ltd and Rolta BI & Big Data Analytics Pvt Ltd ," it added. A copy of the order ...
Once the world's largest tea producer, McLeod Russel, part of the Brij Mohan Khaitan group company, is now India's largest with about 31 estates
Less than 200 cases have been admitted to the National Company Law Tribunal till June after the suspension was lifted on March 24, revealed the Insolvency and Bankruptcy Board of India
Bank funds worth Rs 9.2 trillion struck in NCLT; committee wants benchmark on quantum of haircuts as in many cases, they are as high as 95%
In a written reply, MoS Krishan Pal Gurjar said that Cachar Paper Mill, Panchgram and Nagaon Paper Mill, Jagiroad are mills of HPC in Assam and are presently non-operational.
Any restructuring of stressed accounts outside the IBC would not look credible till the performance of PSBs improves
The government on Monday introduced a bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs. The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 -- which was introduced by Corporate and Finance Minister Nirmala Sitharaman -- will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic. The bill, which was introduced in the Lower House amid Opposition din over various issues, seeks to have a new chapter in the Code to facilitate pre-packaged insolvency resolution process for corporate persons that are Micro, Small and Medium Enterprises (MSMEs). Generally, under a pre-packaged process, main
Will infuse working capital funds, deploy a new tech team to revive stalled work; plans to collect dues from home buyers and monetise unsold inventory to expedite construction
Supreme Court has declined to entertain a PIL seeking to declare NCLT cannot act as an appellate authority to decisions of the top court and find flaws so as to circumvent the "rule of law" laid down
Why the group's oil and gas business could come into focus in the controversy over the bankruptcy award
Development follows an appeal by Bank of Maharashtra, a dissenting creditors. Matter is slated to be heard on September 9
NCLT Mumbai Bench's moratorium order was effective from December 3, 2018, to May 2, 2020.
Experts say most promoters don't register assets under their names
The National Company Law Appellate Tribunal has set aside NCLT's direction to liquidate Three C Homes and ordered that other options be considered for resolution of the debt-ridden realty firm.
Voting on the consortium's offer for employees and workmen began on Monday and will go on till August 4