Page 8 - Ibc

Torrent stalls Reliance Capital resolution, CoC approves 90 days' extension

NCLT Mumbai will resume hearing in the Reliance Capital resolution matter on Monday

NCLAT upholds removal of resolution professional of Shree Ram Urban Infra

The National Company Law Appellate Tribunal (NCLAT) on Tuesday upheld the order of NCLT, directing removal of the resolution professional (RP)of Shree Ram Urban Infrastructure Ltd. The appellate tribunal also directed the Insolvency and Bankruptcy Board of India to conduct an enquiry against the RP and take appropriate steps in accordance with the law. A two-member NCLAT bench comprising Justices Rakesh Kumar and Shreesha Merla said the NCLT was "well within its jurisdiction" to pass an order for the removal of the RP, particularly in a situation where he had not taken any steps to convene a meeting of the Committee of Creditors (CoC). The NCLAT observed that the Corporate Insolvency Resolution Process (CIRP) was initiated against Shree Ram Urban Infrastructure Ltd (SRUIL) on November 06, 2019, and the first CoC meeting was conducted after more than one-and-a-half years on April 19, 2021. NCLT "has categorically observed that the RP has 'miserably failed to adhere to the timelines

NCLT admits insolvency plea filed against Future Supply Chain Solutions

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. "NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor," the regulatory filing said. DHL Ecommerce has filed the plea as an operational creditor under the Insolvency & Bankruptcy Code (IBC). Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors - Best Roadways Ltd and Leap India Pvt Ltd - before the NCLT. In November, both had served an advance intimation of filing an application against the company for their payments. FSCSL operates warehouses across the country. In Nagpur, FSCSL has

NCLAT dismisses Wave Group's appeal for insolvency proceedings

The NCLAT upheld the old order, along with the fine of Rs 1 crore

Realisation through IBC 201% of liquidation value as of Sept: RBI

SARFAESI and Debt Recovery Tribunals have yielded recovery rates comparable to the IBC mechanism, says Trend and Progress Report

Bad loans & IBC: Going as expected

Indeed, the IBC has only proven how wide and deep corrupt banking practices in PSBs were

Possible to improve IBC with non-legislative fixes: ex-IBBI chief M S Sahoo

In a Q&A, Sahoo also calls for increasing the number of members in NCLT in order to expedite insolvency and bankruptcy cases

IBBI chief bats for putting valuation of IBC entities in public domain

The board has amended its regulation to allow IPEs to register as insolvency professionals and perform all their functions, including managing a company's operations

Journey towards strong governance a work in progress: Deepak Parekh

The ultimate objective is that corporate governance systems must become simpler; not more complicated, Parekh said

Slow and poor recovery of avoidance transactions, shows IBC data

Slow progress: Recovery of avoidance transactions less than 0.3%

NCLT orders corporate insolvency resolution of real estate firm BPTP

RBCL Projects had filed the petition in the NCLT to initiate CIRP against the BPTP, which was incorporated in 2003

NCLT initiates insolvency proceedings against Ansal Properties & Infra

The National Company Law Tribunal has directed to initiate insolvency proceedings against realty firm Ansal Properties & Infrastructures on a petition filed by 126 flat buyers of one of the company's housing projects. A two-member bench of the insolvency tribunal had admitted the plea moved by 126 flat/villa buyers of Ansal API's real estate project "The Fernhill" located at Sector 91, Gurgaon. In their petition, the buyers had alleged defaults on the part of Ansal API in delivering the project within the promised time frame as well as the grace period provided under the clauses of the builders-buyers agreement. "The applicants have succeeded in proving their debt and default on the part of the Respondent in the instant case. Hence, in the given facts and circumstances, the present Application being complete and the default being committed above the threshold limit, the present Application is admitted," it said. As a necessary consequence of the moratorium, it also imposed ...

Creditors realise Rs 2.43 trn via insolvency resolution process till Sep

Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised insolvency resolution processes against total claims of Rs 7.91 lakh crore till September 30, 2022. So far 532 CIRPs (Corporate Insolvency Resolution Process) yielded resolution plans, said the quarterly report of the Insolvency and Bankruptcy Board of India (IBBI). "Till September 30, 2022, the creditors have realised Rs 2.43 lakh crore under the resolution plans. " The fair value of the assets available with these CDs, when they entered the CIRP was estimated at Rs 2.14 lakh crore and liquidation value of Rs 1.37 lakh crore against the total claims of the creditors' worth Rs 7.91 lakh crore," it said. The creditors have realised 177.55 per cent of the liquidation value and 84 per cent of the fair value (based on 456 cases where fair value has been estimated), the newsletter said. "The haircut for creditors relative to the fair value of assets was less

Creditors recovered a third of claims in 553 resolved CIRP cases: IBBI data

IBBI says while this reflects extent of value erosion by the time a corporate debtor enters CIRP, it remains the highest among all options available to creditors for recovery

NCLT extends insolvency resolution process for Srei Infra till Jan 5

The National Company Law Tribunal (NCLT) has extended the time till January 5 next year for completion of insolvency resolution process for Srei Infrastructure Finance. Total three participants have shown interest in the buyout process. "National Company Law Tribunal, Kolkata bench has extended the time of completion of Corporate Insolvency Resolution Process (CIRP) till 5th January, 2023 with respect to the ongoing CIRP of the company," Srei said in a BSE filing. In October 2021, the RBI took the management of the Kolkata-based non-banking housing finance company due to its deteriorating financial conditions and governance issues. Following this, the company came under CIRP. The RBI and Srei are the litigant parties in the matter. As per an NCLT order dated October 31, 2022, the Srei administrator had sought more time till January 2023 for completion of CIRP. The committee of creditors (CoC) through its counsel had informed NCLT that Expressions Of Interest (EoIs) have been rece

Centre likely to amend IBC in winter session to improve efficiency: Report

According to the data, 60 per cent of bankruptcy cases are pending for over 270 days under the IBC

A different kind of quiet quitting

Policy loopholes are encouraging many promoters to exit their companies stealthily, raising the question: Should promoters be in control after pledging their shares?

Hindusthan National Glass lenders vote in favour of AGI Greenpac's plan

The voting on the resolution plans concluded on Thursday evening

American Express to start reporting card information to NeSL in November

Decision is in compliance with 2017 RBI circular asking financial creditors to submit financial information to an information utility under Section 215 of IBC

Revised RBI norms to improve governance, bolster ARCs structurally: Crisil

More stringent NOF guidelines could edge out smaller players, lead to consolidation