The next meeting of the CoC is expected to be either on Wednesday or Thursday. While the National Company Law Appellate Tribunal (NCLAT) on Tuesday
Category: IBC-SEBI
Income tax: Shell firms: I-T department to file pleas in NCLT to extract tax due – The Economic Times–23.05.2018
The Income Tax (I-T) Department is an “aggrieved creditor” to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores
Crisis-hit Jaiprakash Associates says no fraud in providing Jaypee Infra’s land as collateral – The Financial Express–22.05.2018
Crisis-hit Jaiprakash Associates Ltd (JAL) today said the company provided certain land parcels of its subsidiary Jaypee Infratech as additional collateral to its lenders and
NCLAT issues notice to Tata Steel on eligibility of bid for Bhushan Steel – Business Line–22.05.2018
Less than week after sealing the deal to acquire Bhushan Steel, Tata Steel has received a notice from the National Company Law Appellate Tribunal on
Default resolved: Acquisition of Bhushan Steel under IBC is a milestone in bankruptcy proceedings–Times of India–22.05.2018
Tata Steel last week announced that it had completed the acquisition of Bhushan Steel, a company which had the dubious record of being one of
Miles to go for the new bankruptcy code – The Hindu–22.05.2018
Good news has finally started to roll out of the refurbished bankruptcy courts. Tata Steel acquired 73% stake in the bankrupt firm Bhushan Steel for
Bankruptcy: Salvage what you can from your holdings in insolvent companies | Business Standard News–21.05.2018
Many retail shareholders of companies that are undergoing bankruptcy proceedings are watching developments closely. They are hoping that the bidder who gets the National Company Law Tribunal’s
RCom: NCLT appoints IRPs for Rcom, units–Economic Times–21.05.2018
The insolvency tribunal has named three separate interim resolution professionals (IRP) from RBSA Restructuring Advisors LLP to run Reliance Communications (RCom) and its two units, Reliance Telecom Ltd. (RTL)
IBC 2016–The mantra remains maximising value–Economic Times–21.05.2018
Tata Steel has reportedly prevailed in the bidding for Bhushan Steel that was being resolved under the Insolvency and Bankruptcy Code, acquiring a 73% stake.
Bankruptcy: Best use of insolvency law is in not using it at all: IBBI chief Sahoo – The Economic Times–20.05.2018-R
Asserting that the insolvency law has brought in behavioural changes among stakeholders, IBBI chief M S Sahoo has said the best use of the Insolvency and Bankruptcy Code would be in
Bhushan Steel: Tata Steel completes Rs 35,200 crore purchase of bankrupt Bhushan Steel – The Economic Times–20.05.2018
Tata Steel has formally taken control of Bhushan Steel , settling about Rs 35,200 crore, or nearly two-thirds, of the loans the bankrupt steelmaker owed to lenders and
RBI’s Feb Circular: Finance Ministry keeps up demand for relief on insolvency trigger – The Financial Express–19.05.2018
Stressed PSBs said in Thursday’s meeting with the ministry that they would be affected by the RBI rule. The finance ministry will renew calls for
Binani Cement’s CoC asks Dalmia Bharat to match offer of UltraTech | Business Standard News–19.05.2018
The Committee of Creditors (CoC) of Binani Cement on Friday asked Dalmia Bharat Cement led consortium to match the Rs 79.60 billion offer from UltraTech Cement for acquisition of the stressed assets of Binani
With NCLT, NCLAT closing for vacations, insolvency resolutions face delays | Business Standard News–19.05.2018
With the National Company Law Tribunal (NCLT) and the National Company Appellate Law Tribunal (NCLAT) closing for vacations, the resolution process for firms undergoing bankruptcy proceedings are
Battle for Essar Steel: ArcelorMittal sets terms for Rs 70 bn repayment | Business Standard News–19.05.2018
Indian lenders will have access to Rs 70 billion deposited by ArcelorMittal in an escrow account, but only after the L N Mittal-owned company gets
Tata Steel becomes the first to buy a stressed asset under IBC – Business Line–19.05.2018
With the acquisition of Bhushan Steel Ltd (BSL) for ₹35,200 crore, Tata Steel has emerged the first company to acquire a stressed asset under the
NCLT annuls Jaypee Infra’s land mortgage with lenders of Jaypee Associates – Business Line–19.05.2018-R
In a landmark ruling, the National Company Law Tribunal (NCLT) has concluded that Jaypee Infratech’s move to create a mortgage of 759 acres of land
RCom: NCLT admits Ericsson’s bankruptcy plea against RCom, subsidiaries – The Economic Times–18.05.2018
NCLT admits Ericsson’s bankruptcy plea against Reliance Communications, subsidiaries The dedicated bankruptcy court has admitted three insolvency petitions filed against Reliance Communications and its subsidiaries, by telecom gear maker Ericsson,
Bhushan Steel: Tata Steel’s resolution plan gets NCLT nod ; The Financial Express–16.05.2018
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s resolution plan for taking over Bhushan Steel. It dismissed a plea filed by the employees of
Tata Steel to acquire Bhushan Steel through its step-down subsidiary Bamnipal Steel – The Financial Express–16.05.2018
Tata Steel, whose bid for debt-ridden Bhushan Steel was approved by NCLT, would implement the resolution plan through its step-down subsidiary Bamnipal Steel Ltd. Bamnipal Steel
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