Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/dhfl-case-auditor-grant-thornton-unearths-another-fraudulent-transaction-of-rs-6182-cr/articleshow/81149644.cmsSynopsis The administrator of the company received an initial report from the professional agency appointed as the transaction auditor indicating that there are certain
Category: IBC-SEBI
Jet Airways’ would-be owners push start of operations to July; pending cases indicate further delay – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jets-would-be-owners-push-start-of-operations-to-july-pending-cases-indicate-further-delay/articleshow/81136680.cmsSynopsis The consortium of London-based investor Kalrock Capital and Gulf-based businessman Murari Lal Jalan had in October 2020 got approval for its resolution plan
Consortium of investors put in joint bid to acquire PMC Bank–business today
Clipped from: https://www.businesstoday.in/current/corporate/consortium-of-investors-put-in-joint-bid-to-acquire-pmc-bank/story/431837.html PMC Bank bid: The potential consortium of investors includes Germany-based Alfa Pharma GmbH, Investment Fund (Mauritius), NexPact (Mauritius), Global Com Fin Investment LLC
Corporate insolvency: Making the resolution process better – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/corporate-insolvency-making-the-resolution-process-better/2197479/ Noting the surprisingly low number of the IBC Section 19 applications, the section should be amdended to provide for pinching penalties to corporate
Jet Airways’ revival plan is facing heavy headwinds. But the real turbulence will start once airborne. – The Economic Times
Clipped from: https://economictimes.indiatimes.com/prime/transportation/jet-airways-revival-plan-is-facing-heavy-headwinds-but-the-real-turbulence-will-start-once-airborne-/primearticleshow/81096731.cms SynopsisDespite all the hurdles it faces, an airline with a cleaned-up balance sheet will be more attractive to foreign investors in the short-term
SC expunges remarks made against 3 sitting members of NCLAT – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/sc-expunges-remarks-made-against-3-sitting-members-of-nclat/article33878417.ece?homepage=true The Supreme Court on Friday expunged remarks made against three sitting members of the National Company Law Appellate Tribunal (NCLAT) by a bench
LLP compliance set to get stricter as MCA applies sections of Companies Act to LLP Act – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/llp-compliance-set-to-get-stricter-as-mca-applies-sections-of-companies-act-to-llp-act/articleshow/81093228.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis A total of eight sections relating to the register of significant beneficial owners, disqualifications of directors, conduct of inquiries and inspections and non-cognizable
DHFL Piramal takeover: RBI’s DHFL approval takes Piramal one step closer to expand reach to grow retail book – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/stocks/news/rbis-dhfl-approval-takes-piramal-one-step-closer-to-expand-reach-to-grow-retail-book/articleshow/81092982.cmsSynopsis A quick approval from the RBI is likely a precursor for a NCLT approval even as the resolution plan, the first for a
MS Sahoo writes: The Insolvency and Bankruptcy Code allows the market to make the most efficient choice–business today
Clipped from: https://indianexpress.com/article/opinion/columns/insolvency-and-bankruptcy-code-corporate-debt-resolution-process-7178980/ Liquidation or rescue is an outcome of the market forces; the law is only an enabler giving choices and nudging a company towards
Insolvency and Bankruptcy Code: India still lagging on some key indicators of dispute resolution | Business News,The Indian Express
Clipped from: https://indianexpress.com/article/business/economy/insolvency-and-bankruptcy-code-india-still-lagging-on-some-key-indicators-of-dispute-resolution-7167152/ The Economic Survey 2020-21 noted that the legal system was the single most important method of dispute resolution and that India was still
NCLAT stays insolvency process of RP Infosystems | Business News,The Indian Express
Clipped from: https://indianexpress.com/article/business/nclat-stays-insolvency-process-of-rp-infosystems-7161533/ In its judgment, the NCLAT said that since the insolvency petition moved by SBI in 2019, seven years after RP Infosystems’ accounts were
NCLT admits insolvency proceedings against McNally Sayaji Engineering – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/nclt-admits-insolvency-proceedings-against-mcnally-sayaji-engineering/article33857847.ece?homepage=true Financial creditor ICICI Bank moved the tribunal McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate
DHFL’s fake branch used to siphon money, says ED–the economic times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/dhfls-fake-branch-used-to-siphon-rs-12000-crore-says-ed/articleshow/80966098.cmsSynopsis Promoters of Dewan Housing Finance Corporation Ltd (DHFL) had opened a fictitious branch in Bandra which boasted of over two lakh dummy homebuyers
Future Group creditors scramble to recover $2.5 billion loans amid Reliance deal woes: Bankers – The Financial Express
Clipped from: https://www.financialexpress.com/industry/future-group-creditors-scramble-to-recover-2-5-billion-loans-amid-reliance-deal-woes-bankers/2195755/ Bankers exploring one-time restructuring option for Future group; Lenders concerned liquidation scenario cannot be ruled out Future, India’s No.2 retailer with more than
Back the IBC | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/back-the-ibc-121021501399_1.html A new mechanism will only kick the can down the road The government is reportedly considering lifting the suspension of the Insolvency and Bankruptcy
ED arrests businessman in PMLA case against Mumbai realty group – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/national/ed-arrests-businessman-in-pmla-case-against-mumbai-realty-group/article33838768.ece?homepage=true The ED also claimed that “loans to the tune of ₹410 crore were diverted and not used for intended purposes” The Enforcement Directorate
IBBI arm seeks e-platform for stressed asset sale – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/ibbi-arm-seeks-e-platform-for-stressed-asset-sale/article33838494.ece The research wing of Insolvency and Bankruptcy Board of India has suggested an online platform for sale of stressed assets to bring in
IBC set to resume; relief for key worst-affected sectors on the cards | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/ibc-set-to-resume-relief-for-key-worst-affected-sectors-on-the-cards-121021400962_1.html Top officials to meet this week to discuss the matter Apart from extending the suspension, some of the proposals are to have hybrid
MSME insolvency: Only debtors may get to start bankruptcy process – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-insolvency-only-debtors-may-get-to-start-bankruptcy-process/2194673/ Similarly, several procedural requirements on issues, such as claims of creditors, may be simplified to make the entire process less rigorous. This is
NCLAT asks Devas Multimedia shareholder to approach NCLT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/company/corporate-trends/nclat-asks-devas-multimedia-shareholder-to-approach-nclt/articleshow/80909493.cmsSynopsis On January 19, the Bengaluru bench of the National Company Law Tribunal (NCLT) had admitted the petition by Antrix Corporation, the commercial arm
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