Bankruptcy Proceedings

William R Hailer said Raveendran sent him a plane ticket to Dubai just two days before Hailer was set to testify about Raveedran's efforts to regain control of parts of the Byju's education empire

The airline has also received a financial bid from Sharjah-based Sky One Airways which is lower than the competing bid, one of the bankers said, without disclosing the amount

The recovery rate from personal guarantors currently stands at 5.22%. This rate is anticipated to rise following the Supreme Court's recent ruling affirming the constitutionality of the IBC provisions

Upfront payment proposed; Torrent, Oaktree skip

This month, the National Company Law Tribunal (NCLT) had granted an extension of 90 days for conducting the corporate insolvency resolution process (CIRP) of FRL and extended it to June 15, 2023

In July, NARCL had proposed to take distressed assets of 17 firms worth Rs 93,249 crore including included five firms of the Future Group

The bankruptcy tribunal has also confirmed the appointment of Y Nageswar Rao as the administrator of the company

The cross-border insolvency framework is yet to be notified under the Insolvency and Bankruptcy Code

Referring to the pre-pack scheme of insolvency resolution for micro, small and medium enterprises (MSMEs), he says it takes three-six months for the market to understand a new framework

A mechanism is needed to ensure bank-led resolution- not the NCLT- is the first resort for lenders

Gaming the system leads to losses to lenders

Over 20K cases pending and more than half linked to insolvency, bankruptcy

Lenders who have run up Rs 7,700 cr bad loans will call for fresh bids

A notable feature of the ordinance is the pre-packaged process' two-step voting structure

After group company Sical Logistics was sent to NCLT, the listed company is next in queue

According to an exchange filing, for the March quarter, CDEL's outstanding debt was Rs 280 crore

As many as 1,942 cases are currently going on under the Code (as of Septem­ber 2020)

Such firms may be allowed to opt for pre-packaged deal

Interim resolution professional appointed; public notice issued

Mallya's lawful group has said that the banks are "made sure about loan bosses" and subsequently ought not bring liquidation procedures