Page 9 - Insolvency And Bankruptcy Code

Byjus vs BCCI row: Edtech firm seeks to settle debt with cricket board

Byju's has 'almost resolved' the matter with Board of Control for Cricket in India and will pay 'a certain tranche of the money' by this evening, a lawyer representing the firm said

NCLAT judge recuses from hearing Byju's plea against insolvency proceedings

Byju's Founder Byju Raveendran's plea against the Insolvency of Think & Learn before the NCLAT was adjourned on Monday as one of the members of the bench recused from the hearing. The matter will be placed before a bench headed by National Company Law Appellate Tribunal (NCLAT) Chairman Justice Ashok Bhushan, who will assign a different bench to hear the matter. Raveendran had filed a petition challenging the initiation of insolvency proceedings against of Think & Learn, which runs edtech company Byju's. The matter was listed on Monday before a two-member Chennai-based bench of the NCLAT comprising Justice Sharad Kumar Sharma, Member (Judicial), and Jatindranath Swain, Member (Technical). However, Justice Sharma recused himself from the hearing, saying he had appeared as the counsel for the Board of Control for Cricket in India (BCCI) before his elevation. "I have appeared as a senior counsel for (the) BCCI. Since they are the main beneficiaries of this order, I cannot take ...

BCCI accuses Byju's CEO of misleading Karnataka HC in insolvency hearing

Byju's is currently dealing with claims exceeding Rs 200 crore from multiple creditors, including Rs 158 crore owed to BCCI

Byju's moves fresh plea before HC for stay on insolvency proceedings

The edtech firm has urged the Court to stay the insolvency resolution process as well as the formation of the Committee of Creditors (CoC)

GVK Power in insolvency, but GVK group continues interests in other sectors

As the entity now awaits a new buyer under the insolvency process, concerns arise about what remains of the group and the listed entity

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Byju's may challenge NCLT's insolvency proceedings order against its parent

Sources say the company may approach NCLAT in the next few days

Edtech major Byju's to appeal against insolvency proceedings this week

Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors

Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

Go First owes creditors - Central Bank of India, Bank of Baroda, and IDBI Bank - around Rs 6,200 crore

Byju's journey from startup star to facing insolvency: All you need to Know

Byju's, which has denied mismanagement, says the investors don't have the power to vote out its CEO

Edtech firm Byju's on sticky wicket as NCLT admits BCCI's insolvency plea

Edtech company put under moratorium after tribunal finds it defaulted on due owned to BCCI

NCLT admits Byju's parent Think & Learn into insolvency over BCCI dues

Byju's insolvency proceedings were triggered by BCCI's claim of unpaid dues amounting to Rs 158 crore

Can improve recovery rate under IBC to 40%: IBBI chairperson to RPs

In accounting terms, a going concern entity is expected to survive and thrive for at least the next 12 months, even if it is going through insolvency proceedings

No objection to release 4 leased engines to lessors: Go First to NCLT

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT

About 62 former employees of Byju's have come together and sent a notice of filing an insolvency and bankruptcy case against the troubled edtech firm at NCLT if their pending dues are not paid

IBBI proposes amendments to insolvency rules; seeks public comments

The IBBI has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process (CIRP), and benefiting creditors and other stakeholders involved in the CIRP. In a discussion paper released on Wednesday, the Insolvency and Bankruptcy Board of India (IBBI), proposed that the registered valuer should submit a comprehensive valuation report for the corporate debtor as a whole, rather than separate valuations for different asset classes. This proposal seeks to eliminate inconsistencies between the CIRP regulations and the Companies (Registered Valuers and Valuation) Rules. For companies with an asset size of up to Rs 1,000 crore and micro, small and medium enterprises (MSMEs), the board proposes to appoint only one registered valuer for providing the estimates of

NCLAT orders NCLT to hear afresh insolvency plea by APL Apollo Tubes

The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to hear afresh the insolvency plea filed by APL Apollo Tubes against one of its purchasers of goods. A two-member bench came down heavily on the Bengaluru bench of the National Company Law Tribunal (NCLT) for rejecting claims of APL Apollo Tubes on the "hypothetical interpretation". The NCLAT said the tribunal "should refrain from stepping into the shoes of a litigating party by substituting their own finding in the absence of there being any pleading evidence". The appellate tribunal has directed the NCLT to make all efforts to decide proceedings as expeditiously as possible. The NCLAT order came over a petition filed by APL Apollo Tubes against an order of the NCLT, which, on September 9, 2019, dismissed its insolvency plea filed as an operational creditor against Tanisha Scaffolding. Tanisha Scaffolding was engaged in marketing the products manufactured by APL Apollo Tubes. Some amount against supplies wa

NCLT orders proceeding against Supernova developer Supertech Realtors

The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro

Go First on last leg of extension from NCLT to complete insolvency process

The lenders of the airline include the Bank of Baroda, the Central Bank of India, and IDBI Bank

IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals, and sought stakeholders' comments by July 1. These changes will reduce the amount of information and data that insolvency professionals (IPs) need to submit, thereby enhancing efficiency and reducing redundancy. The Insolvency Bankruptcy Board of India (IBBI) has also proposed to remove duplicate submissions and simplification of the reporting process. Under the discussion paper issued on June 10, the IBBI said the proposed changes will "simplify the compliance process by combining various reporting system on IP and IBBI website into a single, centralised IBBI website, eliminating duplication, and making it easier for stakeholders to access and use". The IBBI -- a statutory body functioning under the corporate affairs ministry -- has invited stakeholders to provide comments on the discussion paper by July 1. The