New Delhi, The National Company Law Tribunal (NCLT) has ordered initiation of insolvency resolution proceedings against Simbhaoli Sugars Limited on a petition filed almost six years ago.The petition was filed in September 2018 by erstwhile Oriental Bank of Commerce, which has now merged with...
New Delhi, IBBI chief Ravi Mital on Friday urged insolvency professionals to be as transparent as possible, provide more information to stakeholders and ensure faster resolution of stressed assets for better recovery.He also stressed that no one will take action against insolvency resolution...
New Delhi: The National Company Law Tribunal (NCLT) on Thursday directed grounded carrier Go First to release four aircraft engines to Engine Lease Finance (ELF) BV.Counsel appearing for the resolution professional (RP) said that they have already initiated the process of returning one engine...
New Delhi: Insolvency professionals spend significant time dealing with issues related to statutory authorities and enforcement agencies during the insolvency resolution process, according to a survey.The survey was conducted by the Indian Institute of Insolvency Professionals of ICAI (IIIPI)...
New Delhi: Insolvency appeals tribunal NCLAT on Wednesday said it will await lenders' decision on a revised settlement offer from Supertech Realtors, which is developing a residential apartment, offices, retail shops and luxury hotels in its Supernova project.NCLAT also directed the Interim...
New Delhi: Jaiprakash Associates Ltd (JAL) lenders led by ICICI Bank on Wednesday rejected the revised single deal proposal, in which the indebted group had offered a higher down payment and sales of its cement assets.During a hearing before the insolvency appellate tribunal NCLAT, senior...
New Delhi: Former Dewan Housing Finance (DHFL) promoter Kapil Wadhawan has moved the appellate tribunal NCLAT to challenge the NCLT order initiating personal insolvency proceedings against him.Wadhawan has challenged the earlier order passed by the Mumbai bench of the National Company Law...
New Delhi, To ease the compliance burden on insolvency professionals and improve the efficiency of the liquidation process, the IBBI has launched a set of e-forms under the Insolvency and Bankruptcy Code.These forms are crucial for the liquidation process under the Insolvency and Bankruptcy...
New Delhi, Lenders of Jaiprakash Associates Ltd (JAL) on Monday expressed concern over the indebted group's one-time arrangement (OTS) proposal and said they were not convinced with it.During the proceedings before the NCLAT, the lenders' lawyers said that the insolvency plea was filed against...
New Delhi: Lenders of Citi Networks have decided to seek more time to complete the insolvency resolution process of the debt-ridden company.The Committee of Creditors (CoC) of Citi Networks held a meeting last week, in which the resolution professional discussed the timelines, claims, legal...
New Delhi, IBBI has issued a new format for submission of progress reports during the liquidation process, as provided under (the liquidation process) rules, and sought inputs from stakeholders by July 12.The initiative will ensure a standardized and simplified approach to reporting...
Mumbai Infrastructure Investment Trusts (InvITs) enjoy immunity from insolvency proceedings and should fall under the Insolvency and Bankruptcy Code, a senior SBI official said on Friday.Ashwini Kumar Tewari, managing director of the bank, said lenders need assurance that they can recover...
New Delhi, IBBI has proposed amendments to the Insolvency Resolution Process regulations for Corporate Processes, to improve efficiency and reduce costs, and sought inputs from stakeholders by July 10.These amendments are expected to improve the efficiency and transparency of the Corporate...
New Delhi: The National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against Supertech Realtors, which is developing a residential apartments, offices, retail and luxury hotel in its Supernova project.The two-member Delhi bench of NCLT accepted the bankruptcy...
New Delhi: The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet on the insolvency petition filed by the debt-ridden air carrier's aircraft engine lessor Engine Lease Finance BV.A single-member NCLT bench has asked SpiceJet to file a reply on the Engine Lease Finance (ELF)...
New Delhi: The National Company Law Tribunal (NCLT) has granted a 60-day extension to grounded air carrier Go First to complete the insolvency process.This is the fourth extension of Go First, which is struggling to find a buyer, to complete the corporate insolvency resolution process (CIRP)...
New Delhi, IBBI has proposed changes in the Corporate Insolvency Resolution Process (CIRP) forms and compliance framework to reduce the compliance burden on insolvency professionals and has sought comments from stakeholders by July 1.These changes will reduce the amount of information and data...
New Delhi, Suraksha Group has infused equity fund of Rs 125 crore in Jaypee Infratech Ltd as part of its resolution plan to repay bank dues and complete around 20,000 incomplete flats in Delhi NCR, which it acquired through the insolvency process. Is.Earlier this month, the Mumbai-based...
New Delhi: Bankruptcy appellate tribunal NCLAT has asked ICICI Bank to consider a one-time settlement offer from bankrupt Jaiprakash Associates Ltd (JAL) to repay its outstanding loans.JAL has challenged the order of the National Company Law Tribunal (NCLT), Allahabad, to initiate insolvency...
New Delhi: Insolvency Appellate Tribunal NCLAT has issued notice to ICICI Bank on the plea of Jaiprakash Associates Limited and said that the private sector lender can consider the one-time settlement proposal submitted by the debt-ridden company by the next date of June 24. Hearing.During...