Resolution Cases Near 41K by September-End: NCLT
1 month, 1 week ago

Resolution Cases Near 41K by September-End: NCLT

Deccan Chronicle  

Chennai: A total of 40,943 cases have been filed with National Company Law Tribunal under the Insolvency and Bankruptcy Code, till 30 September, 2024. Of this, 1068 cases under Corporate Insolvency Resolution Process were resolved and have realised Rs 3.55 lakh crore. Of this, Corporate Insolvency Resolution Process saw resolution of 1068 cases and realised a total of Rs 3,55,374 crore. As many as 769 cases reached the liquidation process and realised a total of Rs 7608.82 crore. Further, 1533 cases saw Voluntary Liquidation Process and this accounted for Rs 11,106 crore and 26 cases of Insolvency Resolution Process of Personal Guarantors saw realisation of Rs 102.78 crore.

Resolution Cases Process Crore Nclt  septemberend  rs  near  total  filed  resolution  insolvency  saw  realised  process  41k  nclt  crore  cases

History of this topic

NCLT begins insolvency resolution process against Supertech
5 months, 2 weeks ago

NCLT begins insolvency resolution process against Supertech

Hindustan Times  

NOIDA: While admitting a petition of Bank of Punjab & Sind’s petition, the National Company Law Tribunal has begun the corporate insolvency resolution process against Supertech townships projects limited which allegedly defaulted to make payment of a loan that it took from the bank, said an order. In June, 2023, the bank had filed a plea seeking CIRP against the …

Number of resolutions under IBC to go up every year: IBBI chairman
5 months, 4 weeks ago

Number of resolutions under IBC to go up every year: IBBI chairman

New Indian Express  

NEW DELHI: Amid criticism over delayed resolution of cases under the Insolvency and Bankruptcy Code, the chairman of insolvency regulator pointed out on Friday that 270 cases defaults were resolved in 2023-24 against the average 125 in the previous years. Ravi Mital, the chairman of Insolvency and Bankruptcy Board of India, said that the number of resolution per year would …

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional
6 months, 2 weeks ago

NCLAT Delhi: Section 95(1) Of IBC Permits Creditors To Initiate Insolvency Proceedings Against Personal Guarantors Via A Resolution Professional

Live Law  

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Arun Baroka held that Section 95 of Insolvency and Bankruptcy, Code, 2016 allows creditors to initiate insolvency process against a Personal Guarantor through a Resolution Professional. Contention of the Appellant: The Appellant argued that since the default occurred on 04.03.2016, the Section 95 application filed …

NCLT allows RCap administrator’s plea on implementation of resolution plan
9 months, 3 weeks ago

NCLT allows RCap administrator’s plea on implementation of resolution plan

Live Mint  

Mumbai: The National Company Law Tribunal on Wednesday allowed a plea by Reliance Capital's administrator, seeking directions to the Hinduja Group's IndusInd International Holdings Ltd to complete payment for the takeover in accordance with the resolution plan by 28 May. On 27 February, the NCLT gave its nod to Hinduja Group’s IndusInd International Holdings to take over the debt-laden Reliance …

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, 1 week 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, 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 …

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23
10 months, 3 weeks ago

IBC resolves 891 cases involving Rs 10 lakh crore loan defaults till Dec '23

New Indian Express  

NEW DELHI: The Insolvency and Bankruptcy Code has resolved 891 cases of defaults involving banks loans worth R10 lakh crore till December 2023. According to IBBI’s quarterly report, 27,500 applications for initiation of corporate insolvency resolution process against companies involving defaults of R9.74 lakh crore were withdrawn before admission. As many as 79 corporate insolvency cases were resolved in the …

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan
11 months ago

NCLT Mumbai Allows Withdrawal Of Liquidation Application On Receipt Of Resolution Plan

Live Law  

The National Company Law Tribunal Mumbai, comprising Justice Shri. Anil Raj Chellan allowed the withdrawal of the liquidation application since one resolution plan was received by the Committee of Creditors during the pendency of the liquidation application upholding the aim of Insolvency and Bankruptcy, 2016. During the pendency of the liquidation application before NCLT, the Interim Resolution Professional received an …

NCLAT New Delhi: No Point In Discussing An Issue, Even If Issue Is Attractive, After The Closure Of CIRP Proceedings
1 year, 2 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 …

Weekly Digest Of IBC Cases: 11th To 17th September 2023
1 year, 3 months ago

Weekly Digest Of IBC Cases: 11th To 17th September 2023

Live Law  

Supreme Court Case Title: Tata Power Western Odisha Distribution Limited & Anr. V Jagannath Sponge Private Limited Citation: 2023 LiveLaw 788 The Supreme Court has held that under the Insolvency and Bankruptcy Code, 2016, once the Resolution Plan stands approved by the National Company Law Tribunal, the Electricity Department cannot demand payment of arrears, which were payable by the Corporate …

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC
1 year, 7 months ago

NCLT Chennai Order Dissolution Of M/s Boss Profiles Limited Under Section 54 Of IBC

Live Law  

NCLT Chennai has ordered for dissolution of M/s Boss Profiles Limited under section 54 of Insolvency and Bankruptcy Code, 2016. The Corporate Debtor filed a petition before NCLT Chennai through its Liquidator for Dissolution of the Corporate Debtor The Tribunal had admitted the Corporate Debtor into Corporate Insolvency Resolution Process vide an order dated 11.08.2017. The Tribunal being satisfied that …

More than 21,200 cases were pending before NCLT till January-end: Govt.
1 year, 9 months ago

More than 21,200 cases were pending before NCLT till January-end: Govt.

The Hindu  

As many as 21,205 cases, including 12,963 cases under the insolvency law, were pending before the National Company Law Tribunal at the end of January this year, the government said on March 13. In a written reply to Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said the benches of NCLT and National Company Law Appellate Tribunal …

In relief to homebuyers, NCLT clears way for Jaypee projects
1 year, 10 months ago

In relief to homebuyers, NCLT clears way for Jaypee projects

Live Mint  

MUMBAI : In a relief to homebuyers, the Delhi bench of the National Company Law Tribunal on Tuesday allowed Mumbai-based Suraksha Group’s resolution bid for Jaypee Infratech Ltd. An NCLT bench headed by Justice Ramalingam Sudhakar and Justice IN Gupta allowed the petition seeking approval of Suraksha group’s resolution plan. “On 7 March, NCLT approved the resolution plan of Suraksha …

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29
1 year, 10 months ago

NCLAT Stays Insolvency Proceedings Against Zee; Final Hearing On March 29

News 18  

The National Company Law Appellate Tribunal on Friday stayed the insolvency proceedings against media major Zee Entertainment Enterprises Ltd. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal. On Wednesday, NCLT admitted a insolvency plea against ZEEL by private …

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings
2 years, 6 months ago

NCLT Hyderabad Initiates Insolvency Process Against The Personal Gauartor Of Deccan Chronicle Holdings

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. N. Venkata Ramakrishna Badarinath Shri Veera Brahma Rao Arekapudi, while adjudicating a petition filed in L&T Finance Limited v Tikkavarapu Venkaram Reddy, has initiated insolvency resolution process against Mr. Tikkavarapu Venkatarami Reddy, who is the Personal Guarantor of M/s Deccan Chronicle Holdings Ltd. in respect of the credit facilities availed …

What Satyam, IL&FS and DHFL tell us about insolvency resolution
2 years, 6 months ago

What Satyam, IL&FS and DHFL tell us about insolvency resolution

Live Mint  

In the second half of 2018, as media reports emerged of the collapse of the Mumbai-based Infrastructure Leasing and Financial Services, or IL&FS, the dominant headline of an article on the group’s fallout was “India’s Lehman moment". Fears of a similar domino effect playing out were fuelled further a couple of months later with fresh reports of defaults and financial …

Monthly Digest Of IBC Cases: May 2022
2 years, 7 months ago

Monthly Digest Of IBC Cases: May 2022

Live Law  

Supreme Court Supreme Court Declares Noida As An Operational Creditor Under The Insolvency And Bankruptcy Code, 2016 Case title: New Okhla Industrial Development Authority v Anand Sonbhadra Case No. The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan, Ms. Shreesha Merla and Mr. Naresh Salecha, while adjudicating an appeal has upheld that Corporate Insolvency Resolution Process …

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022
2 years, 8 months ago

Weekly Round Up Of IBC Cases: 2nd May To 8th May 2022

Live Law  

Supreme Court Supreme Court Permits Withdrawal Of SLP Filed By Jayaswal Neco Industries Ltd. Against RBI, Imposing A Cost Of Rs - 10 Lakh Case title: Jayaswal Neco Industries Limited & Another v Reserve Bank of India & Ors. The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal, …

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT
2 years, 8 months ago

Resolution Professional Can Submit An Additional Report Under Section 99 Of Insolvency And Bankruptcy Code, 2016: NCLAT

Live Law  

NCLAT principal bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava & Ms. Shreesha Merla in the case of Ramesh Chander Agarwala versus State Bank of India held that the Resolution Professional can submit an additional report under Section 99 of the Insolvency & Bankruptcy Code, 2016. Personal Guarantors of a corporate debtor filed an appeal under Section 61 of …

Resolution Professional Is Not Entitled To Fees During Stay On Insolvency Proceedings: NCLAT
2 years, 8 months ago

Resolution Professional Is Not Entitled To Fees During Stay On Insolvency Proceedings: NCLAT

Live Law  

NCLAT principal bench comprising of Justice Ashok Bhushan & Ms. Shreesha Merla in the case of IndusInd Bank Ltd. versus Mr. Rajendra K Bhuta held that the Resolution Professional is not entitled for any professional fees during the period of stay on the corporate insolvency resolution process. IndusInd Bank filed an appeal under Section 61 of the Insolvency and Bankruptcy …

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata
2 years, 8 months ago

Resolution Professional Cannot Prosecute Preferential Transactions After Approval Of Resolution Plan: NCLT Kolkata

Live Law  

The National Company Law Tribunal Kolkata bench comprising of Mr. V K Rajasekhar and Balraj Joshi held that an application for preferential transactions cannot be pursued either by the erstwhile Resolution Professional or the new Management of the Corporate Debtor after the approval of the Resolution Plan by NCLT. Resolution Professional received the transaction audit report on 26.06.2020 wherein certain …

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd
3 years ago

NCLAT Chennai Stays Corporate Insolvency Resolution Process Initiated Against Tata Projects Ltd

Live Law  

The Chennai Bench of the National Company Law Appellate Tribunal has stayed the order initiating Corporate Insolvency Resolution Process against Tata Projects Limited upon being informed that the parties have entered into a settlement agreement. The NCLAT comprising Justice M. Venugopal and Kanthi Narahari also directed the IRP to file an application for withdrawal of the. The NCLAT comprising Justice …

The pressing need to recode the IBC
5 years, 1 month ago

The pressing need to recode the IBC

Live Mint  

There was a palpable sense of relief across corporate India when the Supreme Court gave its stamp of approval to ArcerlorMittal’s takeover of the troubled Essar Steel under the debt resolution process of the Insolvency and Bankruptcy Code. Deep-pocketed powerful corporates in India have managed to indefinitely delay the corporate insolvency resolution process, and evade repercussions, by continuously putting the …

Rs 60,000 Crores Have Been Realized Through Successful Resolution Plans Under IBC : Justice S K Kaul
5 years, 4 months ago

Rs 60,000 Crores Have Been Realized Through Successful Resolution Plans Under IBC : Justice S K Kaul

Live Law  

The central promise of the IBC has been to guarantee a time bound resolution of bad debt, said Justice Sanjay Kishan Kaul, judge of the Supreme Court of India, while giving a talk at the Symposium on 'Recovery and Resolution- Emerging Challenges before Recovery Tribunals & NCLTs' on Saturday at Chennai. • The continued supply of essential goods or services …

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