Kwality insolvency: Lenders to vote on deadline extension for submitting bids for resolution
5 years, 8 months ago

Kwality insolvency: Lenders to vote on deadline extension for submitting bids for resolution

Live Mint  

Lenders of debt-ridden dairy firm Kwality on Monday decided to carry out voting on extending the May 15 deadline for submitting the resolution plan by interested bidders, including Haldiram and Kotak group firm, sources said. The lenders would also vote on seeking extension of insolvency proceedings by 90 days, they said. Kwality is currently undergoing the Corporate Insolvency Resolution Process as per the provisions of the Insolvency and Bankruptcy Code, pursuant to an order of the NCLT, New Delhi, dated December 11, 2018. Sources said that a committee of creditors met on Monday to discuss the issue of extension of CIRP by 90 days and also to consider extending more time for submitting resolution plans.

Insolvency Kwality  deadline  kwality  kotak  vote  lenders  submitting  insolvency  bids  crore  kkr  haldiram  resolution  raised  extension

History of this topic

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata
5 months, 1 week ago

Liquidation Is Last Resort, Broader Public Interest In Resolving Corporate Insolvency Should Be Taken Into Account: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench of Bidisha Banerjee and Balraj Joshi has held that the liquidation of a corporate debtor should be a measure of last resort. Five applicants expressed their interest in the Corporate Debtor: Trenchless Engineering Services Private Limited, Lumino Industries Ltd, Mount Intra Finance Private Limited, Navneet Garg, and Mideast Pipeline Products. On February 20, …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
10 months, 2 weeks ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased
10 months, 3 weeks ago

During Pendency Of Liquidation Application, NCLT Kolkata Directs CoC To Re-Vote On Promoter's Rejected Resolution Plan, Since Plan Value Has Been Increased

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Smt. Subsequently, the Resolution Professional filed an application before NCLT seeking liquidation of Corporate Debtor since the CIRP had exceeded the 330 days period. During the pendency of the application seeking liquidation, the Promoter submitted two unsolicited addendums to the previously submitted resolution plan. The Promoter filed an application before the …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 3 months ago

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, New Delhi comprising of Justice Rakesh Kumar Jain and Naresh Salecha, dismissed the appeal filed in State Bank of India vs. Ritesh Prakash Adatiya & Ors. The appeal was filed against the order dated 29.03.2023 passed by the National Company Law Tribunal Kolkata whereby an application by the IRP of McLeod Russel …

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court
1 year, 4 months ago

IBC- Admitting Claims After Resolution Plan Has Been Accepted By COC Would Make CIRP An Endless Process: Supreme Court

Live Law  

The Supreme Court on Monday said that admitting claims after the Resolution Plan has been accepted by the Committee of Creditors under Insolvency and Bankruptcy Code, 2016 even though the Adjudicating Authority has yet to approve the plan, would make the Corporate Insolvency Resolution Process an endless process. The Apex Court was considering whether the claim pertaining to an arbitral …

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?
2 years, 3 months ago

Explained | The Insolvency and Bankruptcy Code (IBC)- where does it stand today?

The Hindu  

The story so far: Speaking at the sixth anniversary of the Insolvency and Bankruptcy Board of India on October 1, Union Finance Minister Nirmala Sitharaman said that the country could not afford to lose the “sheen” of its insolvency law, the Insolvency and Bankruptcy Code. Addressing the issue of haircuts— the debt that banks forgo— she said it was unacceptable …

Insolvency Law In Review – October 2020
4 years, 2 months ago

Insolvency Law In Review – October 2020

Live Law  

BY Rahul Sibal, Siddharth Sunil, Akshata Singh, Pranav Narsaria & Karan Sangani The enactment of the Insolvency and Bankruptcy Code 2016 has had significant ramifications on the corporate insolvency landscape. High Courts In Gouri Shankar Chatterjee v. State Bank of India, the Calcutta High Court held that the National Company Law Tribunal did not have the jurisdiction to entertain an …

Lok Sabha approves amendments to Insolvency and Bankruptcy Bill
5 years, 5 months ago

Lok Sabha approves amendments to Insolvency and Bankruptcy Bill

The Hindu  

The Lok Sabha on Thursday passed amendments to the Insolvency and Bankruptcy Code, with Union Finance Minister Nirmala Sitharaman stating that the intention of the bill was to help struggling business survive and grow stronger. Under the Code, a financial creditor may file an application before the National Company Law Tribunal for initiating the insolvency resolution process. “Once the Corporate …

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