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 project. NCLAT also directed the Interim Resolution Professional (IRP) not to constitute a Committee of Creditors. However, it said the construction work for the project would be continued under the supervision of IRP.
Kapil 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 18 and appointed Devendra Mehta as resolution professional. Wadhawan, guarantor of DHFL loans, faced insolvency proceedings in November 2019. DHFL acquired by Piramal Capital for Rs 34,250 crore, creditors recover Rs 38,000 crore.
Noida 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 withdrawing cases with the NCLT or courts. The package aims to assist developers like Supertech, ATS, and Logix Group who have stalled projects and owe significant dues.
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.
SC 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.
Go 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 insolvency on May 10, 2023, following its suspension of operations on May 3, 2023
Regulator 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 website for easier access by stakeholders.
Suspended 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 claims of liquidity crunch and asset-rich status, NCLT upheld the insolvency decision. The tribunal also dismissed JAL's objections regarding debt restructuring and asset transfers.
NCLT 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 interim resolution professional. J&K Bank claimed a default of Rs 50 crore, leading to this decision.
Dispute 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.
IBBI 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.
NCLT 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.
Insolvency 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, previously led by the Gaurs, will cease to function.
Bankruptcy 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.
SC 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. Upholding the National Company Law Appellate Tribunal's (NCLAT) decision, the court rejected Adisri Commercial's petition seeking to quash the Corporate Insolvency Resolution Process (CIRP) initiated against the two SREI companies
No 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 courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty.
IBC 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 from the resolution of stress in less than 3,500 firms under the erstwhile Board of Industrial and Financial Reconstruction (BIFR) regime in 30 years, she said, pitching the IBC as a landmark piece of legislation.
Timely 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 IBC was introduced eight years ago and has been the most challenging to address due to litigation-related holdups. Experts have called for amendments to the IBC to address this issue.
NCLAT 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 price escalation. The plan was opposed by Beacon Trusteeship and ICICI Prudential Venture Capital Fund Real Estate, who claimed it was unfair, but NCLAT affirmed the Commercial Creditors' Committee's decision.
Load More
