The National Company Law Appellate Tribunal (NCLAT) has dismissed Srei Multiple Asset Investment Trust (SMAIT)’s appeal that challenged the May 14 order of the Cuttack
Category: IBC-SEBI
Supreme Court sets aside NCLT order on insolvency against La-Fin Financial Services – The Financial Express–??
A Bench led by Justice RF Nariman, while quashing the orders of both NCLT, Mumbai, and the NCLAT, rejected the IL&FS stand that its suit
Govt to soon unveil norms to protect winning bidders in IBC cases | Business Standard News–
The government will soon come up with detailed guidelines for regulators and tax authorities to protect the winning bidders in Insolvency and Bankruptcy Code (IBC) cases against
When the regulator is the violator | Business Standard Column–
The Securities Appellate Tribunal has ruled that a minor cannot be held liable for not making an open offer under the takeover regulations. This is not a
UK launches biggest peacetime operation after Thomas Cook collapse – India Today
The UK government on Monday launched Operation Matterhorn, its biggest peacetime repatriation in British history, after the collapse of tour giant Thomas Cook that left
***IBBI seeks to penalise ‘flippant’ bidders to prevent fraud at bankrupt companies – The Economic Times–
The Insolvency and Bankruptcy Board of India (IBBI) is seeking to penalise ‘flippant’ bidders and managers of stressed assets to help quicken the recovery of banking funds
Insolvency and Bankruptcy Board of India: CoCs must share all info on NPA accounts with bidders: IBBI – The Economic Times–
The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the
***IBBI: Special court summons Liberty House chief, 3 others in IBBI case–Economic Times–
A special court has summoned Liberty House chief Sanjeev Gupta and three other senior executives to face a criminal charge pressed against them by the
***Operational creditors benefit equally from IBC: IBBI – The Economic Times
The Insolvency and bankruptcy Board of India (IBBI) Saturday said both operational and financial creditors have benefitted alike from resolutions under the IBC. IBBI chairman M S Sahoo
***Haircuts for operational creditors are at par with financial creditors: Icra – The Economic Times
Operational creditors account for nearly half of the bankruptcy cases admitted at the NCLTs and the haircuts in resolutions taken by them are at par with the same
As NPA resolution crawls, banks stare at spike in credit cost – The Economic Times
With slower pace of resolution of bad loans, banks are staring at a spike in their credit cost, which is set to rise in the range of
Another shot for MSMEs to reclaim bankrupt companies – The Economic Times–
Promoters of micro medium and small enterprises (MSME) going through insolvency proceedings can take another shot at running their companies, based on a Supreme Court
***Need ED’s satisfaction over dues payments made by Sterling promoters: NCLAT – The Economic Times
The NCLT had also raised questions over the manner in which lenders of Sterling Biotech had agreed to settle their claims with the absconding promoters.
***Amtek: Supreme Court to hear IBBI plea for criminal proceedings against UK’s Liberty House – The Financial Express
However, senior counsel Mukul Rohtagi and counsel Mahesh Agarwal opposed the IBBI’s request to initiate criminal proceedings against the firm. The Supreme Court on Monday
***Sterling Biotech promoters to pay Rs 3,100 crore to lenders – The Financial Express
It had the backing of 90.32% voting share of the CoC though. The fugitive promoters of Sterling Biotech will pay back the entire Rs 3,100
***Relief for McLeod Russel: NCLT modifies status quo order on company’s assets – The Financial Express
The status quo will remain on selling of tea gardens. Providing some relief to debt-laden McLeod Russel, the Kolkata Bench of the National Company Law
***Somany PF challenges at NCLAT sales of IL&FS Wind Energy assets at Orix Corporation – The Financial Express
According to IL&FS, provident and pension funds have an exposure of Rs 9,134 crore to its papers Somany Provident Fund Institution on Monday challenged the
***Recent CoC decisions raise hopes for the return of errant promoters | Business Standard News
The commercial decision of banks and lenders, which are collectively termed committee of creditors (CoC) under the Insolvency and Bankruptcy Code (IBC), has always been a bone
From default to land acquisition, a weekly selection of key court orders | Business Standard Column
Special laws override Arbitration Act The Supreme Court has ruled that in the case of National Highways Authority of India (NHAI), the central government has the exclusive
***Amendments to the IBC: Correcting judicial errors | Business Standard Column
Often, courts step in to lend direction when new statues lack clarity or are inconsistently interpreted. In other cases, the legislature steps in to remedy
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