INSOLVENCY LAW
Supernova insolvency case: NCLAT to wait for lenders' decision on settlement offer from Supertech Realtors Insolvency appellate tribunal NCLAT on Wednesday said it will wait for the decision of lenders on a revised settlement offer by Supertech Realtors, which is developing a residential apartment, offices, retail and luxury hotels at its Supernova proje...
03 Jul, 2024, 09.26 PM ISTKapil Wadhawan moves NCLAT to challenge insolvency proceedings against him Erstwhile Dewan Housing Finance promoter Kapil Wadhawan challenged NCLT order for personal insolvency proceedings, moved NCLAT. NCLT's Mumbai bench had directed the initiation of proceedings over Union Bank plea. NCLAT adjourned the hearing to July ...
01 Jul, 2024, 10.09 PM ISTNoida extends rehab package offer for projects facing insolvency; Supertech, ATS, Logix Group among defaulters The Uttar Pradesh government has extended the rehabilitation package for housing project developers facing insolvency proceedings by two weeks. The package offers incentives such as interest waivers and penalties during the pandemic in exchange for ...
22 Jun, 2024, 03.37 PM IST- ADVERTISEMENT
Get InvITs under purview of bankruptcy law: SBI MD SBI official, Ashwini Kumar Tewari, urges inclusion of Infrastructure Investment Trusts (InvITs) in the Insolvency and Bankruptcy Code for lender protection. Tewari is in discussions with the Reserve Bank and government for this initiative.
21 Jun, 2024, 05.51 PM ISTSC stays NCLAT's order initiating insolvency proceedings against Purvanchal Vidyut Vitran Nigam A vacation Bench of Justice Sanjay Kumar and Justice Augustine George Masish also issued a notice to its operational creditor S.R.V. Techno Engineering and posted the matter for further hearing on July 26.
14 Jun, 2024, 08.57 PM ISTGo First granted 60-day extension by NCLT to complete insolvency proceedings Bankrupt airline Go First has been granted an additional 60 days by the National Company Law Tribunal (NCLT) to conclude its insolvency proceedings, extending the deadline to June 3, 2024. The NCLT initially accepted Go First's plea for voluntary in...
12 Jun, 2024, 12.28 PM ISTRegulator plans to ease compliance burden on insolvency professionals The bankruptcy regulator, IBBI, aims to reduce the compliance burden on insolvency professionals overseeing stressed asset resolution without compromising accuracy. It plans to streamline reporting, deadlines, and centralize information on a single ...
12 Jun, 2024, 12.10 AM ISTSuspended board of Jaiprakash Associates moves NCLAT, challenges insolvency proceedings Jaiprakash Associates' suspended board challenged NCLT's order for insolvency proceedings, with the matter listed before NCLAT. NCLT admitted ICICI Bank's plea on June 3, appointing Bhuvan Madan as Interim Resolution Professional. Despite JAL's clai...
10 Jun, 2024, 01.09 PM ISTNCLT initiates insolvency against Himalayan Mineral Water The National Company Law Tribunal (NCLT) has approved insolvency proceedings against Himalayan Mineral Waters due to defaulting on a corporate guarantee to Jammu & Kashmir Bank for LeeL Electricals. The tribunal appointed Bhoopesh Gupta as the inter...
09 Jun, 2024, 01.59 PM ISTDispute with Raymach Tech settled: SpiceJet to NCLT SpiceJet Ltd settled a dispute with Raymach Technologies over ₹2.7 crore worth of unpaid dues at the National Company Law Tribunal.
07 Jun, 2024, 11.48 PM ISTIBBI issues new guidelines to streamline process of appointing IPs as resolution professionals The Insolvency and Bankruptcy Board of India (IBBI) issues new guidelines to streamline the appointment of insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees, effective from July 1, 2024.
07 Jun, 2024, 12.01 AM ISTNCLT dismisses developer’s intervention plea at pre-admission stage The National Company Law Tribunal dismissed an intervention petition by Surya Landmark Developers regarding exclusion of its prime 0.5-acre land parcel in Mumbai's Lower Parel from insolvency proceedings initiated by ACRE.
06 Jun, 2024, 10.45 PM ISTInsolvency proceedings ordered against Jaiprakash Associates; these Jaypee homebuyers won't be impacted Jaypee home buyers: Jaiprakash Associates Ltd (JAL) is currently in the process of insolvency proceedings, and an appointed resolution professional by the NCLT will now assume control. As per a news report from the Times of India, the board, previou...
04 Jun, 2024, 01.02 PM ISTBankruptcy court admits ICICI Bank's insolvency resolution plea against Jaiprakash Associates Admission affects deal with Dalmia Bharat Group for Rs 5,666 crore. Case represented at NCLT.
03 Jun, 2024, 10.06 PM ISTSC dismisses Adisri Commercial's appeal against insolvency proceedings on SREI Firms The Supreme Court dismissed Adisri Commercial's appeal against the admission of insolvency proceedings against SREI Infrastructure Finance (SIFL) and SREI Equipment Finance (SEFL), imposing a cost of Rs one lakh for filing a frivolous petition. Upho...
03 Jun, 2024, 07.41 PM ISTNo tax recovery within three months of notice, says CBIC The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move...
03 Jun, 2024, 12.07 AM ISTIBC rescued 3,171 distressed companies in eight years: Sitharaman Finance minister Nirmala Sitharaman on Thursday said the Insolvency and Bankruptcy Code (IBC) has rescued 3,171 distressed companies and assisted in the shutdown of unviable firms since its introduction eight years ago. This is a marked improvement ...
31 May, 2024, 12.25 AM ISTTimely rescue of firms pushes IBC recovery to 49% Creditors in India have been able to recover nearly half of their claims under the Insolvency and Bankruptcy Code (IBC) when the resolution is completed within the 330-day deadline. However, delays have lowered the proportion of money recovered. The...
30 May, 2024, 05.03 PM ISTNCLAT upholds Adani Goodhomes bid with 93% haircut for Radius Estate The Insolvency Appellate Tribunal NCLAT upheld its Adani Goodhomes' resolution plan for Radius Estate. NCLAT rejected petitions from two dissenting financial creditors, and approved the plan to provide possession to nearly 700 flat owners without pr...
28 May, 2024, 05.12 PM ISTHow to treat extended producers' responsibility in insolvency? Extended Producer Responsibility (EPR) makes the producers i.e., manufacturers, assembler, importer, or a seller of the goods, responsible for the entire life cycle of their goods.
16 May, 2024, 08.27 PM IST