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
Category: IBC-SEBI
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
BharatPe may offer to pay back PMC Bank retail depositors in full: report–business today
Clipped from: https://www.businesstoday.in/current/corporate/bharatpe-may-offer-to-pay-back-pmc-bank-retail-depositors-in-full-report/story/428164.html The BharatPe-Centrum combine is of the four bidders that have made submissions to the Reserve Bank of India for acquiring PMC Bank. The
Ajay Piramal wins the most contested bankruptcy bid for Dewan Housing Finance Ltd – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ajay-piramal-wins-the-most-contested-bankruptcy-bid-for-dewan-housing-finance-ltd/articleshow/80289989.cmsSynopsis Piramal’s bid received about 94 percent of votes of the creditors, followed by Oaktree at 45 percent, sources told ET. Adani Capital obtained
RBI’s FSDC panel reviews insolvency resolution under IBC – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/rbis-fsdc-panel-reviews-insolvency-resolution-under-ibc/article33570381.ece The Sub-Committee, chaired by Governor Shaktikanta Das, also discussed changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in
Tweaking IBC for cross-border cases – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/tweaking-ibc-for-cross-border-cases/article33545085.ece?homepage=true The Insolvency and Bankruptcy Code 2016 has been beefed up to suit current needs but issues still remain Overhauling the insolvency and bankruptcy
CBI books Hyderabad-based Coastal Projects Ltd in connection with Rs 4,736 crore bank fraud – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/banking/cbi-books-hyderabad-based-coastal-projects-ltd-in-connection-with-rs-4736-crore-bank-fraud/articleshow/80187680.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period
Govt may roll out ‘pre-pack’ scheme as IBC remains suspended–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/govt-may-roll-out-pre-pack-scheme-as-ibc-remains-suspended/story/427433.html Though resolution professional will be appointed, he will only be responsible for smooth running of the pre-pack process, which is supposed to be
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
Fresh IBC suspension due to COVID-19 may put brakes on stressed asset resolution
Clipped from: https://www.businesstoday.in/current/corporate/fresh-ibc-suspension-due-to-covid-19-may-put-brakes-on-stressed-asset-resolution/story/426612.html To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting
MCA proposes pre-packaged insolvency resolution process for Covid defaults | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/mca-proposes-pre-packaged-insolvency-resolution-process-for-covid-defaults-121010900043_1.html The future phases would cover a default above Rs 1 crore, followed by Rs 1 to Rs 1 lakh The corporate debtor would
DHFL auction: Sebi wants to know how Oaktree made credit rating claims of future debt instrument – The Financial Express
Clipped from: https://www.financialexpress.com/market/dhfl-auction-sebi-wants-to-know-how-oaktree-made-credit-rating-claims-of-future-debt-instrument/2167219/ Since the conclusion of the fifth round of the bidding last month, Oaktree and Piramal Enterprises are claiming that their bid is highest
‘Will strive for malleable regulatory framework’ – The Hindu
Clipped from: https://www.thehindu.com/business/will-strive-for-malleable-regulatory-framework/article33474916.ece ‘IBBI to adapt to changing scenario’ The Insolvency and Bankruptcy Board of India (IBBI) has adapted itself to the new environment in the
Videocon’s lenders give nod to Vedanta’s ₹3,000-crore offer – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/videocons-lenders-give-nod-to-vedantas-3000-crore-offer/article33503769.ece At less than 10% of group’s ₹46,000-cr debt, creditors to take big haircut Lenders will have to take a massive haircut as they have
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