Page 19 - Insolvency And Bankruptcy Code

NCLAT dismisses plea challenging insolvency against Avantha Power

The National Company Law Appellate Tribunal (NCLAT) has set aside the petition filed against the initiation of corporate insolvency resolution process against Avantha Power and Infrastructure, which was a corporate guarantor for loans availed by Korba West Power Company. The appellate tribunal dismissed the plea by Anil Bhargava, director of the suspended board of Avantha Power and Infrastructure Ltd (APIL), and said it was "fully in agreement with the reasons assigned" by the NCLT for admitting the insolvency plea. The Ahmedabad Bench of the National Company Law Tribunal (NCLT) on August 16, 2021, had admitted an insolvency plea against APIL, over a petition filed by Axis Bank claiming a due of Rs 480.54 crore. The loan pertained to Korba West Power Company Ltd (KWPCL), which was the principal borrower, and the funds were for setting up a 2x600 MW Thermal Power Plant in Chhattisgarh. To part finance the project, KWPCL had availed loan facilities from a consortium of lenders led b

ARC industry will need to reinvent itself

The RBI unveiled new regulations in October 2022, which enhanced governance standards and permitted ARCs to act as resolution applicants under the IBC's ambit

NCLAT stays insolvency against Zee Entertainment on Punit Goenka plea

Goenka moved the NCLAT on Thursday, a day after the Mumbai bench of the NCLT admitted insolvency proceedings against Zee on a plea filed by IndusInd Bank -- a financial creditor of Zee

Merger with Sony will get stuck in insolvency proceedings: Zee group

India's Zee Entertainment Enterprises Ltd told a tribunal on Friday its merger with a local unit of Japan's Sony Group Corp will "get stuck" due to the initiation of insolvency

Merger with Sony will get stuck on insolvency proceedings, says ZEEL

The comments came as Zee's chief executive, Punit Goenka, on Thursday said in a statement that he expected a timely completion of a merger between Zee and Sony

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

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

Free to negotiate for maximising asset value, RCap lenders tell NCLAT

Lenders of Anil Ambani-promoted Reliance Capital had moved the NCLAT (National Company Law Appellate Tribunal) challenging an order of the NCLT which restricted further auction of the bankrupt firm

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

Debt-ridden Jaypee Infratech Dec quarter net loss widens to Rs 601 crore

Debt-ridden Jaypee Infratech Ltd, which is undergoing insolvency resolution, on Monday reported widening of its consolidated net loss to Rs 601.24 crore for the third quarter of this fiscal. Its net loss at stood Rs 540.03 crore in the year-ago period. Total income rose to Rs 312.66 crore in the December quarter of this fiscal from Rs 294.76 crore earlier. During the April-December period of this fiscal, the consolidated net loss stood at Rs 1,825.03 crore as against a net loss of Rs 1,683.32 crore in the year-ago period. Total income rose to Rs 946.19 crore in the first three quarters of this fiscal from Rs 770.4 crore in the corresponding period of the previous year. The company is earning revenue from the Yamuna Expressway Project that connects Greater Noida to Agra, as well as its healthcare business. Jaypee Infratech Ltd is facing corporate insolvency resolution process (CIRP) since August 2017. In November last year, the National Company Law Tribunal (NCLT) reserved its o

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

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

NCLT admits application seeking CIRP against McLeod Russel India

IL&FS sought to initiate CIRP against McLeod Russel in connection with a default in payment in 2019

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

A 'waterfall' for insolvency resolution

Honouring secured contracts and mimicking the liquidation waterfall could promote a judicious system of distribution of proceeds and minimise disputes

Rs 7.3 trn debt settled before initiating insolvency: Economic Survey

However, concerns have lately been raised over declining rates of recovery in comparison to their claims admitted through the IBC mechanism, resulting in large haircuts for lenders

Real estate sector backs proposed IBC rule change for defaults

According to experts, defaults in the real estate sector often pertain to specific projects instead of the whole group

Best of BS Opinion: Revamping the IBC, a step too far, and more

Here is the best of Business Standard's opinion pieces for today

Revamping the IBC

Faster insolvency resolution is crucial

IBC overhaul seeks to give adjudicating authority a power boost

MCA proposes specialised framework for realty projects