Resolution

Maha orders officials to stand when MLAs or MPs visits, be more courteous

Rise from your seats when legislators or MPs visit your office, listen to the them attentively, and use polite language during phone calls to them -- these are some of the new set of guidelines that the Maharashtra government issued for its officials on Thursday. A Government Resolution (GR) issued by state Chief Secretary Rajesh Kumar to this effect said, giving due respect to elected representatives is an important part of making administration more reliable and accountable. It also warned of taking action against those officials who do not follow these instructions. This new GR brings together several older circulars and updates them with clearer, firmer instructions. In the recent past, some elected representatives, including those from the ruling parties, had expressed displeasure over officials not giving time to meet them and address their concerns or issues. In the preface of this GR, the government says it considers good governance, transparency and efficiency as top ...

YouTube on TV gets AI 4K upscaling, improved Search, more: What's new

YouTube is bringing an AI-powered "Super Resolution" tool that automatically enhances low-quality videos, improving resolution up to 4K

JAL's lenders ask bidders to submit revised plans without conditions

Jaiprakash Associates' creditors have instructed bidders to submit revised resolution plans without conditions and provide a definitive bid offer

HNGI insolvency case: Supreme Court asks CoC to consider INSCO's plan

Should INSCO meet these conditions, the CoC shall consider its resolution plan for HNGI, and the plan is to be approved by both the creditors and the adjudicating authority by June 27

SpiceJet, Willis Lease settle dispute; insolvency case to be withdrawn

A ₹3,000 crore QIP capital infusion in September 2024 and ₹294 crore investment by promoter Ajay Singh have helped the airline move towards financial stability

Ibbi proposes coordinated insolvency resolution for interconnected entities

Ibbi has noted that the current IBC process treats each entity as a standalone unit, overlooking the intricate web of interdependencies often present in modern business ecosystems

New Year 2025: 50 best quotes to inspire you to fulfill your resolutions

Happy New Year 2025: The New Year is here and people are making New Year resolutions. If you've made your own promises, here are 50 inspiring quotes to help you stay motivated and achieve your goals

Govt working on integrated platform to speed up resolution processes

The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process. Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism. She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI. While mentioning various steps taken and also being planned to further improve IBC resolutions, she said the ministry is working on having an integrated platform for the insolvency ecosystem. "(It will be a) federated architecture that will push and pull data as and when required," she noted. The platform will connec

Govt notifies Oct 1 as start date for Vivad Se Vishwas 2.0 scheme

The government has notified October 1 as the starting date for direct tax dispute resolution scheme Vivad Se Vishwas 2.0. Vivad Se Vishwas scheme 2.0 was originally announced in Budget 2024-25 presented in July for resolution of certain income tax disputes pending appeal. "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force," the finance ministry said in a notification. Around 2.7 crore direct tax demands totalling about Rs 35 lakh crore are being disputed at various legal foras. Finance Minister Nirmala Sitharaman in her Budget speech had said that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while enhancing revenues. Deloitte India Partner Karishma R Phatarphekar said the rules and forms for VSV 2.0 are expected to be published imminently in the coming week. "Given the limited time window, a

NCLT extends Go First's resolution deadline, asks to file reply in 3 weeks

Corporate dispute tribunal NCLT has extended the insolvency resolution deadline for grounded airline Go First for the fourth time and directed the suspended board of the debt-ridden firm to file a reply within three weeks. A two-member bench of the Delhi-based National Company Law Tribunal (NCLT) issued notice to the suspended management of the company on Tuesday and listed the matter for hearing in the first week of October. The resolution professional of Go First had moved the application under section 33 (1) of the Insolvency & Bankruptcy Code for the liquidation of Go First after the lenders failed to find a reasonable buyer within the stipulated time frame. During the proceedings, counsel appearing for Go First informed the NCLT that the Committee of Creditors decided to liquidate the company with a majority vote. This was the fourth extension for Go First to complete the Corporate Insolvency Resolution Process (CIRP), as the airline has been struggling to find a buyer. In ..

NCLT urges RBI, DIPP to speed up approvals for RCap resolution plan

The National Company Law Tribunal on Monday directed the Reserve Bank and Department of Industrial Policy and Promotion to expedite the approval process to implement Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) -- comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar -- directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan. After IIHL breached the third deadline on May 27, the NCLT on July 23 exten

SpiceJet resolves Rs 413 cr dispute with Echelon Ireland Madison One

Cash-strapped SpiceJet has resolved its third settlement in 2 weeks with Echelon Ireland Madison One, after Cross Ocean Partners and Celestial Aviation

Happy New Year 2024: Here are 50 best New Year resolution ideas for 2024

On the first day of each year, people make resolutions to adopt healthy and positive habits in their lives. Here are the 50 best New Year resolution ideas for 2024

From water conservation to cleanliness: PM puts forth 9 resolutions

Prime Minister Narendra Modi on Monday put forth nine resolutions ('sankalp') and as many requests ('aagraha') before people, urging them to work towards fulfilling them. The PM proposed these ideas while addressing the inaugural function of the Swarved Mahamandir on the second and final day of his visit to his parliamentary constituency Varanasi. "My first request is save every drop of water and make more and more people aware about water conservation. Second: Go from village-to-village and make people aware about digital transactions, teach them about online payment. Third: Work to make your village, your locality, your city number one in cleanliness." "Fourth - Promote local, local products as much as possible, use only Made in India products. Fifth - As much as possible, first see your own country, travel around in your own country and if you want to go to another country, then you should not feel like going abroad until you see the whole country. "And these days, I keep tellin

Minority shareholders defeat 9 resolutions by 5 firms in last 10 days

Five resolutions placed by KRBL were rejected, including that of increasing remuneration of the managing director (MD) and chairperson, three joint MDs and one whole-time director

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

NCLT okays AM Mining India's resolution plan for Indian Steel Corporation

ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai. In a statement, ArcelorMittal India Pvt Ltd said it "welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Ltd (ISC)". It looks forward to implementing the recently passed resolution plan in due course, ArcelorMittal India Pvt Ltd said without sharing any details with respect to the resolution plan submitted for ISC. With an annual capacity of six lakh tonne per annum (LTPA), Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products, it said. The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors. Dilip Oommen, Executive Vice President, ArcelorMittal, said, "The acquisition of ISC will enhance our downstream ...

Securitisation of stressed assets: RBI floats paper on regulatory purview

Securitisation refers to a process that includes the pooling of loans and then selling them to a Special Purpose Entity which then issues securities backed by the loan pool

Lenders purposely delaying Jet Airways revival: Jalan-Kalrock tells NCLT

'Can't take off if relief not granted'