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Liquidation
Automobile-industry focused KPIT Technologies on Monday reported a 48.9 per cent increase in consolidated net profit at Rs 244.7 crore in the March quarter. It had logged a net profit of Rs 164.3 crore in the year-ago period, according to a regulatory filing. Revenue rose 15.9 per cent to Rs 1,528.3 crore during the quarter against Rs 1,317.8 crore a year ago. Sequentially, profit and revenue climbed 30.9 per cent and 3.4 per cent, respectively. "We have consistently delivered 19 sequential quarters of growth in revenues and operating profits. China's mobility ecosystem has challenged global OEMs (original equipment manufacturers) on the alteration of paradigms in speed, cost and innovation in vehicle development. We have made investments in leadership training, mobility-specific AI solutions, automation, platforms, tools & accelerators and new markets. "On the back of strong deal wins for strategic engagements, coupled with potential acquisition of specialized companies, we are .
The Insolvency and Bankruptcy Board has amended regulations on liquidation process to streamline the auction procedure, improving reporting requirements, and ensuring better fund management. The amendments, notified on January 28, 2025, with immediate effect, modify the Insolvency and Bankruptcy Board of India (Liquidation Process) regulations, 2016, and the Insolvency and Bankruptcy Board of India (Voluntary Liquidation Process) rules, 2017, according to release. These measures will strengthen transparency, efficiency, and accountability in the insolvency framework. Under the revised framework, the prospective bidders in the liquidation auction will now have more time -- 30 days to participate in the auction process than 14 days earlier, facilitating wider participation, the Insolvency and Bankruptcy Board (IBBI) said in the release. Further, the liquidator is mandated to verify the eligibility of the highest bidder within three days of the auction and consult with the Stakeholder
Busy Bee Airways, which has challenged the liquidation of grounded carrier Go First, on Friday informed the insolvency appellate tribunal NCLAT that it will try to reach out to the lenders concerned. It also told the National Company Law Appellate Tribunal that it is ready to acquire Go First as a going concern as it still has valuable assets and a license from the Directorate General of Civil Aviation (DGCA) to operate. Travel portal EaseMyTrip's co-founder Nishant Pitti is the majority shareholder in Busy Bee Airways. Meanwhile, counsel appearing from the liquidator of Go First has agreed to file the minutes of the 37th meeting of the Committee of Creditors (CoC) of Go First before the National Company Law Appellate Tribunal (NCLAT), along with the additional affidavit. The appellate tribunal was hearing two petitions filed by Busy Bee Airways and Bhartiya Kamgar Sena Mumbai, challenging the order of the Delhi bench of the NCLT, which, on January 20, ordered the liquidation of t
The Insolvency and Bankruptcy Board of India (IBBI) has mandated the exclusive use of the eBKray auction platform to sell assets under the liquidation process from April 1. The eBKray (now known as Bank Asset Auction Network) is a property listing and e-auction platform designed for banks and lending institutions, addressing recovery of non-performing asset (NPA) loans through efficient property auctions. "The IPs were directed that they shall exclusively list the details of all the unsold assets in respect of the ongoing liquidation processes on the eBKray platform and that they may utilise the eBKray auction platform for the sale of assets in respect of ongoing cases for auctions," the regulator said in a circular on Friday. IBBI directed the IPs (insolvency professionals) to list unsold assets from ongoing liquidation cases for auction on the eBKray platform by March 31. Further, the board emphasised that all auctions for such assets would be conducted exclusively through the ..
To ease the compliance burden for insolvency professionals, and enhance the effectiveness of the liquidation process, the IBBI has launched a set of electronic forms under the Insolvency and Bankruptcy Code. These forms are crucial for the liquidation process under the Insolvency and Bankruptcy Code (IBC), as they facilitate systematic and transparent record-keeping and seamless reporting, the insolvency regulator said. The new circular, issued by the Insolvency and Bankruptcy Board of India (IBBI) on June 28, introduces forms LIQ 1 to LIQ 4, covering different stages of the liquidation process. Presently, the IPs submit the details regarding the liquidation process, to the board through emails, which is time-consuming and inefficient, the IBBI said in the circular. LIQ 1 includes details from the commencement of liquidation to the public announcement. Further, LIQ 2 captures information from the public announcement to the progress report, including valuation, sale, and receipts.
Liquidators need to ensure that financial service providers have the requisite permission from their respective regulator before commencing voluntary liquidation process under the insolvency law. The Insolvency and Bankruptcy Board of India (IBBI) on Tuesday issued a circular in this regard amid instances of Financial Service Providers (FSPs) commencing voluntary liquidation process without requisite approvals. Under the Insolvency and Bankruptcy Code (IBC), the definition of corporate persons excludes any FSP. FSPs notified by the central government after consulting financial regulators are allowed to undergo a voluntary liquidation process after obtaining prior permission of the appropriate regulator. The requirement is part of the Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority Rules, 2019. According to IBBI, it has been noted that some FSPs have commenced the voluntary liquidation process without notifying the ...