Page 17 - Insolvency And Bankruptcy Code

ITC Limited, Vidya Polymer submit resolution plans for Shakti Bhog

Shakti Bhog food which has defaulted on Rs 7,000 crore of bank loans

Spicejet insolvency: NCLT defers hearing of plea by Aircastle to June 1

Aircastle had filed a plea over unpaid dues for an order amounting to Rs 49 crore

NCLAT closes Insolvency case against Marvel Realtors & Developers

The National Company Law Appellate Tribunal (NCLAT) has closed the Corporate Insolvency Resolution Process (CIRP) against Marvel Realtors & Developers Ltd after taking on record settlement with its financial creditor. A two-member bench of NCLAT headed by Chairperson Ashok Bhushan said that the realtor has submitted a settlement letter dated 08th May 2023 with its financial creditor IDFC First Bank. "We take the settlement letter dated 8th May 2023 on record, close the CIRP against the Corporate Debtor setting aside the Order dated December 23, 2022," said NCLAT order. Moreover, it also rejected the plea of Catalyst Trusteeship, which had filed an intervention application opposing the withdrawal of CIRP against Marvel Realtors & Developers. "Intervener is at liberty to take its own proceeding in accordance with the law to protect it," it said. The appellate tribunal observed that in the present case, a Committee of Creditors (CoC) has not yet been constituted and rejected the

Number of cases under IBC gone up by 24% in Q4FY23, says CARE Ratings

Only 10per cent% have ended in approval of resolution plans, while 31 per cent remain in the resolution process vs. 35 per cent as of the end of March 2022

Partial sale of companies won't be default under insolvency code: Report

The Ministry of Corporate Affairs proposed revisions to the IBC which would allow several resolution plans for different parts of an insolvent company to increase value realisation

Lessors seek status quo on aircraft, NCLAT to hear matter on Monday

This means that nobody would be able to touch the aircraft for any work until a final order is passed by the Tribunal. The next hearing is on Monday

Voluntary insolvency by Go First a fraudulent exercise: SMBC to NCLAT

Initiation of insolvency by Go First was a "fraudulent exercise", alleged one of the aircraft lessors of the Wadia group firm SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT). SMBC Aviation Capital through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency. "Go First has no rights over the planes, which it does not own," he said. Moreover, he also questioned the proceedings at the National Company Law Tribunal (NCLT), which completed its hearing over Go First's plea to voluntarily initiate insolvency proceedings against itself in one day only. Lessors opposing Go First's plea wanted to file a reply under Section 65 of IBC, which deals with fraudulent or malicious initiation of proceedings. However "Instead of giving an opportunity, we were denied," Kathpalia added. He further said prior to insolvency, the lease with Go

Two more aircraft lessors move NCLAT against Go First's insolvency

Two more aircraft lessors -- GY Aviation and SFV Aircraft Holding -- on Thursday moved appellate tribunal NCLAT against the order passed by the NCLT allowing Go First's voluntary plea to initiate insolvency proceedings. SMBC Aviation Capital, which is one of the world's largest aircraft leasing companies, already moved NCLAT on Wednesday, hours after the Delhi-based Principal bench of the National Company Law Tribunal (NCLT) admitted Go First's plea to initiate the insolvency resolution process against the airline. Ireland-based GY Aviation is the largest lessor of Go First with 9 aircraft, while SFV Aircraft Holdings has leased out one aircraft to the Wadia group-owned company. SMBC Aviation Capital has 5 aircraft on lease with Go First. Now the total number of lessors before the National Company Law Appellate Tribunal (NCLAT) against Go First's insolvency has become three. The NCLAT on Thursday heard the petition of SMBC Aviation Capital. The matter was partly heard and a two-m

No question of filing for insolvency, 'rumour baseless': SpiceJet CMD

Airline 'focused firmly' on reviving grounded fleet, says Ajay Singh

NCLAT to hear SMBC Aviation's plea against NCLT order on Go First today

Soon after the NCLT allowed Go First's plea on Wednesday, SMBC Aviation Capital's counsel moved the NCLAT

Go First likely to resume flights on May 24 with fewer aircraft: Report

Go First has also reportedly discussed the plans to resume flights with the Centre

NCLT admits Go First's insolvency plea, puts it under moratorium

Order prevents a viable airline from becoming an unviable one, says airline's CEO

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

NCLT admits Go First's plea for voluntary insolvency, appoints IRP

It has also granted Go First protection under a moratorium from recovery by lessors and creditors

Centre to come up with creditor-led insolvency resolution framework: Report

The creditors and debtors will be allowed to reach an informal agreement to resolve the bankruptcy case and later approach the NCLT to admit cases

Home buyers likely to get some relief from insolvency proceedings

The move is intended to reassure home buyers while also providing a tailored debt resolution regime for the real estate sector

IBBI seeks public ideas, comments on regulations under insolvency law

The Insolvency and Bankruptcy Board of India (IBBI) has sought public comments on the regulations notified till date under the insolvency law as it looks to crowd source ideas for the regulatory framework. Noting that public consultation enables collective choice, IBBI said participation of the public, particularly the stakeholders in the insolvency ecosystem ensures that the regulations are informed by the legitimate needs of those interested in and affected by the regulations. IBBI is a key institution in implementing the Insolvency and Bankruptcy Code (IBC), which came into force in late 2016. "In a dynamic environment, despite the best of efforts and intentions, a regulator in such novel and emerging regulatory regime may not always be able to address the ground realities. "Further, the stakeholders may contemplate, at leisure, the important issues in the extant regulatory framework that hinder transactions and offer alternate solutions to address them. This is akin to ...

Crowdsourcing ideas: IBBI seeks public views on IBC regulations till date

Stakeholders asked to share comments on all regulations by December 31

What happens when a company files for insolvency?

On May 2, Go First Airways filed for voluntary insolvency with the National Company Law Tribunal. What's next? Watch the video to find out

Lessor Aircastle files case against SpiceJet to initiate insolvency process

The first hearing of Aircastle's case will take place on Monday at the Delhi bench of NCLT