Deloitte Haskins and Sells, an auditing network firm of Deloitte India, on Thursday challenged the constitutional validity of National Company Law Tribunal’s (NCLT) power to sack
Category: IBC-SEBI
PMC Bank crisis: The collapse of PMC exposes the fault lines in the financial system–Economic Times
PMC’s results in FY19 show no issues with the bank, with net NPAs of 2.19% and capital adequacy ratio (CAR) of 12.62% — above the
PMC case: ICAI to check role of auditors – The Economic Times
The suspended managing director of PMC Bank, Joy Thomas, has blamed the auditors for the mess at the bank, accusing them of only “superficially auditing”
PMC’s suspended MD Joy Thomas blames ‘superficial auditing’ for mess – The Economic Times
The suspended managing director of Punjab and Maharashtra Cooperative (PMC) Bank, Joy Thomas, has blamed the auditors for the mess at the bank, accusing them of
Resolution plans ready for all 302 entities: IL&FS – The Economic Times
The IL&FS board is targeting to achieve resolution for significant quantum of addressable debt by March 2020, the presentation said. A year after the crisis
PMC crisis: Ex-MD reveals how six officials pulled off Rs 6,500 crore fraud at PMC Bank – The Economic Times
Thomas’ confession letter to RBI revealed that the bank’s exposure to bankrupt HDIL was pegged at Rs 6,500 crore, which is over 70% of the
One-third of Indian businesses hit hard by internal, external fraud: Report – The Economic Times
Nearly a third of Indian businesses experienced frauds by internal as well as external parties in the last 12 months, with data theft being the top most
MCA looking to set minimum threshold for homebuyers initiating insolvency – The Economic Times
The government needs to look at innovative ways, including minimum thresholds, to ensure that the insolvency resolution framework is not abused by homebuyers, a senior official
Due Diligence of a stressed asset still a challenge in IBC: Koushik Chatterjee, Tata Steel – The Economic Times
One of the first players to successfully acquire a stressed asset under the country’s historic bankruptcy law, Tata SteelNSE -2.48 %‘s CFO Koushik Chatterjee said that due diligence
Personal Insolvency regime to be operational in a year – The Hindu BusinessLine
The Government on Tuesday said that personal insolvency regime would be fully operational in India in one year from now. Debt recovery tribunals (DRTs) in
In a first, bankrupt Reliance Communications AGM to be chaired by resolution professional on Monday – The Financial Express
According to RCom’s admission, financial creditors have made claims worth Rs 57,382 crore from RCom and its two subsidiaries as of June 16. In what
NCLAT decision on Jet’s CoC meetings a welcome signal to foreign investors | Business Standard Column
The National Company Law Appellate Tribunal’s (NCLAT) decision to allow a Dutch court administrator to participate in the Jet Airways’ committee of creditors (CoC)’s meetings
Insolvency Professionals may require a ‘certificate of practice’ – The Hindu BusinessLine
Regulator proposes changes to IP regulations Insolvency professionals (IP) may soon have to obtain a ‘certificate of practice’ (CoP) to be able to work as
National Company Law Tribunal: NCLT Orders Insolvency Proceedings against Lokhandwala Infra – The Economic Times
The dedicated bankruptcy court, the National Company Law Tribunal (NCLT), ordered that insolvency proceedings be started against Mumbai-based real estate developer Lokhandwala Infrastructure under Section 7 of the Insolvency
Plea for probe into alleged funds misappropriation by Indiabulls; HC asks Centre, RBI to reply – The Economic Times
The Delhi High Court on Friday decided to examine the allegations, in a PIL by an NGO, of financial irregularities, siphoning of funds and other violations against
With no local partner, Jet resolution to get delayed – The Financial Express
By Anwesha Ganguly Any resolution plan for the bankrupt Jet Airways is likely to get delayed as the sole entity to have envinced interest, the
Delhi police slap FIR on Singh brothers over ₹723-cr loan from LVB – The Hindu BusinessLine
A ₹723-crore loan by Laxmi Vilas Bank (LVB) to the brothers Shivinder and Malvinder Singh, the erstwhile promoters of Ranbaxy and Fortis Group, is now
Insolvency And Bankruptcy Code Overrides Prevention Of Money Laundering Act – Government, Public Sector – India–Mondaq.com
“No attachment can be ordered under the Prevention of Money Laundering Act, 2002 with respect to the assets of the Coprorate Debtor undergoing insolvency process.”
***IL&FS Case: Supreme court restrains govt from acting against auditor BSR – The Financial Express
The Supreme Court on Thursday refused to allow the government to proceed against auditing company BSR & Associates LLP, a KPMG-affiliated firm, for alleged fraudulent
***Economic Offences Wing registers FIR against LVB directors on Religare Finvest’s complaint – The Hindu BusinessLine
Lakshmi Vilas Bank (LVB) has informed the exchanges that the Economic Offences Wing, Delhi, has registered a First Information Report (FIR) under complaint for offences
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