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
Category: IBC
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
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
