Clipped from: https://economictimes.indiatimes.com/news/economy/policy/insolvency-and-bankruptcy-code-resolution-timeline-averages-440-days/articleshow/80514065.cmsSynopsis An Alvarez & Marsal India report on Thursday called upon all IBC stakeholders to focus on improving efficiency to resolve cases in a
Category: IBC-SEBI
NCLT nod for Kamini Metalliks taking over VBC Industries – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/nclt-nod-for-kamini-metalliks-taking-over-vbc-industries/article33658271.ece As per the arrangement, Kamini Metalliks will pay ₹57 crore to the VBC lenders. The National Company Law Tribunal , Hyderabad has approved
PMC Bank revival: Phased deposit withdrawal likely for customers – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/pmc-bank-revival-phased-deposit-withdrawal-likely-for-customers/article33656374.ece Potential investors include the Centrum Group-BharatPe combine and the UK-based Liberty Group Harried depositors of the scam-hit Punjab and Maharashtra Co-operative (PMC) Bank
Wrong call, NCLT, to curb rating action–the economic times
Clipped from: https://economictimes.indiatimes.com/blogs/et-editorials/wrong-call-nclt-to-curb-rating-action/ET Edit Quick takes, analyses and macro-level views on all contemporary economic, financial and political events. The National Company Law Tribunal (NCLT) erred, when
SBI starts forensic audit on Srei financials – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/markets/stock-markets/sbi-starts-forensic-audit-on-srei-financials/article33651103.ece?homepage=true State Bank of India has initiated a forensic audit on Srei Equipment Finance Ltd’s financials for the previous five years amid weakening business
Select class of unlisted firms need to file results with RoC – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/select-class-of-unlisted-firms-need-to-file-results-with-roc/article33651109.ece?homepage=true Move will enable early fraud detection, ensure statutory compliance The Centre has moved a step closer towards making certain unlisted companies prepare financial
DHFL bidding: CoC declares Piramal as successful bidder–business today
Clipped from: https://www.businesstoday.in/current/corporate/dhfl-bidding-coc-declares-piramal-as-successful-bidder/story/428838.html Billionaire Ajay Piramal’s Piramal Group has emerged as the preferred bidder for debt-laden mortgage lender DHFL Piramal Capital and Housing Finance emerged as
HDIL diverted Rs 160 crore from PMC Bank to firm owned by Maharashtra MLA family: ED–business today
Clipped from: https://www.businesstoday.in/current/corporate/hdil-diverted-rs-160-crore-from-pmc-bank-to-firm-owned-by-maharashtra-mla-family-ed/story/428837.html ED claims that HDIL allegedly siphoned off Rs 160 crore to many companies belonging to Viva Group on garb of commission HDIL siphoned
The antitrust dilemma: CCI must come out with detailed penalty guidelines to reduce uncertainty – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/the-antitrust-dilemma-cci-must-come-out-with-detailed-penalty-guidelines-to-reduce-uncertainty/2176007/ Globally, the competition authorities, including the European Commission, the US, and the UK competition authorities, have issued penalty guidelines to ensure that the
Real estate cases under IBC make encouraging progress, 50% closed by Jul-Sep’20–business today
Clipped from: https://www.businesstoday.in/sectors/infra/real-estate-cases-under-ibc-make-encouraging-progress-50-closed-by-jul-sep-20/story/427319.html The enactment of the Insolvency and Bankruptcy Code in 2016, (IBC) along with RERA ushered in a new era of regulation for the
IL&FS addresses aggregate debt of Rs 32,000 crore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ilfs-addresses-aggregate-debt-of-rs-32000-crore/articleshow/80403132.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The total debt of Rs 32,000 addressed comprises of Rs 21,600 crore of debt addressed basis cash balances and nearly Rs 10,300 crore
Market now getting ready for ultra-fast pre-pack, says Sahoo – The Financial Express
Clipped from: https://www.financialexpress.com/industry/market-now-getting-ready-for-ultra-fast-pre-pack-says-sahoo/2175300/ “In fact, the market is getting ready for ‘ultra-fast pre-pack’,” MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI) who
general motors: GM India to appeal against rejection of plant closure, Maharashtra Govt’s move surprising says Co. – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/auto/auto-news/gm-india-to-appeal-against-rejection-of-plant-closure-maharashtra-govts-move-surprising-says-co-/articleshow/80371300.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Move sends a concerning message to potential future investors who want to bring jobs and investment to the state. Mumbai: US automobile major General Motors on Tuesday
Sebi approves Reliance Retail’s acquisition of Future Group’s retail assets – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/stocks/news/sebi-approves-future-reliance-deal/articleshow/80371900.cmsSynopsis the retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of
SC upholds threshold for filing insolvency plea against realty developers – The Hindu
Clipped from: https://www.thehindu.com/business/sc-upholds-threshold-for-filing-insolvency-plea-against-realty-developers/article33612084.ece?homepage=true Amendments to IBC not vague: court The Supreme Court on Tuesday upheld amendments in the Insolvency and Bankruptcy Code which prescribe that at
With moratorium on filing fresh insolvency coming to an end, the process is expected to avoid a flood of cases at NCLTs – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/pre-packaged-insolvency-resolution-process-in-the-making-for-covid-hit-india-inc/article33618320.ece With the moratorium on filing fresh insolvency coming to an end this March, the government is working on a pre-packaged insolvency resolution (PPIR)
Can IBC override existing contracts? Why giving primacy to insolvency law may set a wrong precedent – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/legal/can-ibc-override-existing-contracts-why-giving-primacy-to-insolvency-law-may-set-a-wrong-precedent/articleshow/80322886.cmsSynopsis There is no bar against the termination of agreements during the moratorium period under IBC other than contracts relating to essential services such
U.K. has said it cannot extradite Vijay Mallya, Centre informs Supreme Court – The Hindu
Clipped from: https://www.thehindu.com/news/national/uk-has-said-it-cannot-extradite-vijay-mallya-centre-informs-sc/article33600253.ece?homepage=true The U.K. government had communicated that there was a ‘further legal issue’ to be resolved before the businessman could be extradited The United
KSK Mahanadi’s insolvency in limbo as 4 bidders back out – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ksk-mahanadis-insolvency-in-limbo-as-4-bidders-back-out/articleshow/80158983.cmsSynopsis The four bidders were among seven applicants that had expressed interest in acquiring the power company that owns a 3,600 MW thermal power
RBI to propose stricter rules for ‘shadow banks’: report–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/rbi-to-propose-stricter-rules-for-shadow-banks-report/story/428162.html RBI has been trying to tighten regulatory norms on the sector since Infrastructure Leasing & Financial Services, the largest nonbank financial company, went
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