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.
CBI arrests insolvency resolution professional appointed by NCLT
In what is likely to be the first corruption case by the CBI against an NCLT...
Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar St...
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.
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.
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.
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.
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.
Vijay Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC
A bench headed by Chief Justice SA Bobde passed the order after the Centre told the top court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings.
Cabinet clears ordinance to further amend insolvency law
On December 12, the govt introduced a bill in the Lok Sabha to amend the Code. The bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process, wherein successful bidders will be ring fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.
SC stays order allowing MBL Infra promoter to take over ailing co
Acting on a plea by banks led by BoB, IDBI and SBI, a bench comprising Justices Arun Mishra and Surya Kant stayed the NCLAT order of August 16, 2019, dismissing an appeal against the Kolkata NCLT decision to allow such a resolution plan to go through. RBL bank had initiated the corporate insolvency resolution process against the company in 2017.
NCLT begins insolvency process of ReGen Powertech
The National Company Law Tribunal (NCLT) ordered the commencement of a corporate insolvency resolution process of ReGen Powertech on December 9, the interim resolution professional said in a notice dated December 13 in the Times of India.
Jet Air jumps 5% as Hinduja brothers likely to bid for airline
Hinduja is seeking a partner to bid, one of the people told Bloomberg.
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