Clipped from: https://www.business-standard.com/article/companies/special-insolvency-relief-framework-for-covid-hit-msmes-in-the-works-121031000069_1.html Such firms may be allowed to opt for pre-packaged deal The provisions under consideration include allowing MSMEs to opt for pre-package deals by
Category: IBC-SEBI
IBC moratorium extension unlikely | Business News,The Indian Express
Clipped from: https://indianexpress.com/article/business/ibc-moratorium-extension-unlikely-7221584/ Pre-pack inclusions under inter-ministerial consideration, The government had also raised the threshold for initiation of insolvency proceedings to Rs 1 crore from Rs
M S Sahoo explains achievements, evolution, and challenges of the IBC | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/m-s-sahoo-explains-achievements-evolution-and-challenges-of-the-ibc-121030700922_1.html IBC is an option; stakeholders may not use it even if freeze not extended, says M S Sahoo twists and turns. Insolvency and
NCLT can rule only on insolvency of corporate debtors, says Supreme Court | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/nclt-can-rule-only-on-insolvency-of-corporate-debtors-says-supreme-court-121030801258_1.html The Supreme Court on Monday held that the NCLT has jurisdiction to adjudicate disputes, which arises solely or relates to the insolvency of
Jet Airways cannot claim historical right on airport slots: Govt to NCLT | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/jet-airways-can-t-claim-historical-right-over-slots-aviation-ministry-121030801351_1.html The ministry and the civil aviation regulator have said the government will consider the airline’s request for slots as per existing policy The
PMC Bank suitors face additional capital rider; RBI board meet on March 19 | Business Standard News
Clipped from: https://www.business-standard.com/article/finance/pmc-bank-suitors-face-additional-capital-rider-rbi-board-meet-on-march-19-121030900114_1.html Rs 750 cr needed to enable payout of over Rs 5 lakh per depositor Sources close to the PMC Bank transaction said that
Supreme Court ends extension of limitation period, says country returning to normalcy – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/politics-and-nation/supreme-court-ends-extension-of-limitation-period-says-country-returning-to-normalcy/articleshow/81394957.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis A bench of Chief Justice S A Bobde and Justices L Nageswara Rao and S Ravindra Bhat had been extending the limitation period
Jet Airways resolution process: MoCA, DGCA say no deemed approvals for slots – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/jet-airways-resolution-process-moca-dgca-say-no-deemed-approvals-for-slots/articleshow/81332419.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis NCLT is considering the resolution plan submitted by Kalrock-Jalan Consortium for the airline. The plan has already been approved by the Committee of
ICAI finds First Leasing auditors guilty of ‘professional misconduct’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/icai-finds-first-leasing-auditors-guilty-of-professional-misconduct/article33981403.ece An RBI probe in 2013 had found ₹1,676-cr fraud in the company’s balance sheet The Institute of Chartered Accountants of India (ICAI) has
Govt non-committal on Jet Airways’ historical rights on flight slots | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/govt-non-committal-on-jet-airways-historical-rights-on-flight-slots-121030301218_1.html DGCA and Civil Aviation ministry informed the Mumbai bench of NCLT that Centre will favourably consider application of slots to revive the company
Doha Bank plea on resolution of Reliance Infratel upheld by NCLT | Business Standard News
Clipped from: https://www.business-standard.com/article/companies/doha-bank-plea-on-resolution-of-reliance-infratel-upheld-by-nclt-121030300902_1.html The National Company Law Tribunal (NCLT) has upheld the petition of Doha Bank seeking priority payment for the financial creditors of Reliance Infratel
Supreme Court directs UP Police to immediately release Jaypee Infra IRP – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/politics-and-nation/supreme-court-appalled-over-arrest-of-court-appointed-irp-for-jaypee-infratech-orders-immediate-release/articleshow/81295898.cmsSynopsis “We direct immediate release of the applicant, Anuj Jain, who is presently in the custody of Police,” said the division bench in its
Cheque dishonor cases can’t be filed or continued against firms facing insolvency proceedings: SC – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cheque-dishonor-cases-cant-be-filed-or-continued-against-firms-facing-insolvency-proceedings-sc/articleshow/81278045.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The top court, however, did not extend the benefit of moratorium on judicial proceedings in cheque bounce cases to directors or signatories of
After the moratorium: Booster dose for the IBC | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/after-the-moratorium-booster-dose-for-the-ibc-121022800799_1.html The Reserve Bank of India’s (RBI’s) Financial Stability Report indicates an escalation of gross non-performing assets to 14.8 per cent The Insolvency and
No TDS on buying property under liquidation: NCLAT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/no-tds-on-buying-property-under-liquidation/articleshow/80782340.cms In the case between S Kumars Nationwide and Chief Commissioner of Income Tax, the NCLAT ruled the liquidator is not required to prepare
SC upholds HC order setting aside ED move to attach Satyam’s FDs worth Rs 822 cr – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sc-upholds-hc-order-setting-aside-ed-move-to-attach-satyams-fds-worth-rs-822-cr/2202889/ The Supreme Court had earlier in December 2017 rejected the ED’s appeal seeking to make Tech Mahindra liable for the alleged money laundering
Insolvency and Bankruptcy Code: Insolvency suspension not to be extended beyond March 24 – The Financial Express
Clipped from: https://www.financialexpress.com/industry/insolvency-and-bankruptcy-code-insolvency-suspension-not-to-be-extended-beyond-march-24/2195407/ “The suspension has served the purpose but an extension now will potentially undermine bad loan resolution process and can create a systemic issue,”
Bad bank may follow Swiss challenge method for price discovery of assets | Business Standard News
Clipped from: https://www.business-standard.com/article/finance/bad-bank-may-follow-swiss-challenge-method-for-price-discovery-of-assets-121022500062_1.html Plan aimed at price discovery of assets; IBA working closely with FinMin, RBI Bad assets worth Rs 500 crore and above, against which
DHFL resolution: Company receives no objection from RBI, files application with NCLT – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/dhfl-resolution-company-receives-no-objection-from-rbi-files-application-with-nclt/articleshow/81215494.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis In November 2019, the Reserve Bank had referred DHFL, the third-largest pure-play mortgage lender, to the National Company Law Tribunal (NCLT) for insolvency
Getting prepacks to work well: The framework must refrain from stipulating a Swiss Challenge method – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/getting-prepacks-to-work-well-the-framework-must-refrain-from-stipulating-a-swiss-challenge-method/2199902/ Prepacks are indispensable in insolvency legal infrastructure, especially given the imminent Covid-19-induced deluge of distress—the IMF recently advised policymakers regarding ‘pent-up bankruptcies’. The
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