Page 7 - Ibc

JC Flowers, Reliance Retail Ventures among 48 bidders for Future Retail

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

NCLT approves AM Mining resolution plan for Indian Steel Corporation

The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores

SG Tushar Mehta questions locus of individual shareholder in IBC

Citing several judgments, the SG said only the company can speak for the shareholder

CoC of Reliance Capital decides to hold a second auction on April 4

The decision to hold a second auction was decided on Monday in a formal meeting of the CoC

Future Enterprises admitted for insolvency, NCLT appoints interim RP

Bench admits petition by Foresight Innovation, which puts the default anount at Rs 1.58 crore; Operational creditor Retail Detailz India's petition claims default of Rs 4.02 crore

NSE withdraws decision to drop Zee Entertainment from F&O segment

NSE said post the NCLAT order, ZEEL will move out of IBC framework, hence the surveillance action in the stock shall be reverted and the F and O contracts with May 2024 will be available

Zee Entertainment insolvency: CEO Punit Goenka moves NCLAT for relief

Says taking all necessary steps to protect interest of stakeholders and achieve timely completion of proposed merger with Sony

Some relief for Khaitans as McLeod Russel gets interim stay in CIRP

Meanwhile, even as the appeal process is being pursued in NCLAT, the Khaitans are understood to be engaging with IL&FS for a settlement

Status check: 30% recovery in IBC so far, shows CareEdge data

For cases that have been resolved, creditors have continued to face a haircut of around 70 per cent of the admitted claims

165 IBC liquidation cases saw 94% asset value erosion since 2016: Report

It is surprising as the lenders mostly lend loans keeping in mind the margin and the promotor's contribution

Srei insolvency: Kanorias' offer under section 12A to pay off dues rejected

Srei administrator Rajneesh Sharma has rejected the group promoters' offer under section 12A of Insolvency and Bankruptcy Code (IBC) to pay off dues of around Rs 32,000 crore to creditors to withdraw their companies from the ongoing insolvency process, sources said on Monday. Section 12A allows erstwhile management of corporate debtors to settle matters between creditors and withdraw cases under Corporate Insolvency. Srei Equipment Finance Ltd and Srei Infrastructure Finance Ltd are currently undergoing insolvency proceedings in NCLT. The RBI has already superseded the respective boards earlier. "The offer was rejected on technical grounds. The offer should have been sent to the Reserve Bank of India which is the applicant to NCLT for the insolvency proceedings and not to the administrator," a top source aware of the developments said. The voting process on the three resolutions is on track and it will continue till February 14. The Committee of Creditors is expected to finalise on

Kanorias make an offer under Section 12A to take Srei out of insolvency

They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said

ASG Hospital's Rs 526-cr resolution plan for Vasan Eye Care gets NCLT nod

Reportedly, ASG has over 50 eye hospitals across 16 states in the country

Top headlines: CAD likely to narrow in 2023, misuse of IBC, and more

Business Standard brings you the top headlines at this hour

Individual insolvency misuse by personal guarantors in govt cross hairs

Draft IBC amendments propose to remove 'perverse incentives'

Voting for IBC resolution of twin Srei companies to begin on Thursday

Srei has received three compliant resolution plans, which will be voted on by lenders and debenture holders

Govt proposes a slew of changes to Insolvency and Bankruptcy Code

Among other changes, the corporate affairs ministry has suggested developing a state-of-the-art electronic platform that can handle several processes under the Code with minimum human interface

Lenders select Ramkrishna Forgings resolution plan for ailing JMT Auto

Auto component manufacturing company undergoing insolvency proceedings

Budget session: Govt likely to propose amendments to competition law

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

Siva group companies look to settle dues with State Bank of India, others

Siva group offers Rs 81 cr to lenders