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
Category: IBC-SEBI
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
jet airways: NCLT rejects Jet employee unions’ plea to share details of the resolution plan – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/nclt-rejects-jet-employee-unions-plea-to-share-details-of-the-resolution-plan/articleshow/81171658.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The petitions argued that the employees of the corporate debtor (Jet Airways) are its assets and are interested in its successful resolution. The
Future-Reliance deal: Supreme Court halts NCLT approval – The Financial Express
Clipped from: https://www.financialexpress.com/industry/future-reliance-deal-sc-halts-nclt-approval/2199759/ Apex court overturns Delhi HC decision, restores freeze on deal and legal advantage for Amazon Amazon had secured an interim stay on the
DHFL case: Auditor Grant Thornton unearths another fraudulent transaction of Rs 6,182 cr – The Economic Times
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
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
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