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1 month, 2 weeks ago

Grounded, by process

Times of India’s Edit Page team comprises senior journalists with wide-ranging interests who debate and opine on the news and issues of the day. As Supreme Court calls it curtains on Jet Airways, it’s another tragic tale of another short-lived star business and the challenges of sustaining airline ops in a competitive, high-cost environment. But the real concern is a …

India Case Process Nclt Jet Sbi Ibc

5 months, 1 week ago

Corporate Guarantor Can't Be Absolved From Its Liability Only Due To Non-Invocation Of Guarantee: NCLAT Delhi

Live Law

The National Company Law Appellate Tribunal Delhi bench, comprising Mr. Justice Ashok Bhushan and Mr. Barun Mitra held that a Corporate Guarantor cannot be absolved from its liability only due to non-invocation of guarantee. Central Bank of India filed an objection providing details of the working capital term loan secured by the Corporate Guarantor. The Corporate Guarantor filed the appeal …

Delhi Corporate Central Bank Bank Company Liability Nclt

6 months, 2 weeks ago

Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai

Live Law

The National Company Law Tribunal, Mumbai Bench-VI bench of K. R. Saji Kumar and Sanjiv Dutt has held that the principal debtor and the surety are jointly and severally liable to the creditor which has the right to recover its dues from either or both of them simultaneously. Observations by the NCLT: The NCLT considered the objection raised by the …

Personal Corporate Financial Insolvency Loan Nclt Proceedings

7 months, 2 weeks ago

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

Live Law

The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that claims cannot be admitted after the approval of the resolution plan by the Committee of Creditors even if approval by the Adjudicating Authority under section 31 of the Insolvency and Bankruptcy Code, 2016 is pending. In November 2021, Mr. Jai …

Resolution Resolution Plan Respondent Plan Nclt Approval Kumar

9 months, 1 week ago

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

Live Law

The National Company Law Tribunal Mumbai, comprising Justice V.G. 9,661 crore resolution plan submitted by IndusInd International Holdings Ltd for Reliance Capital under Section 31 of the Insolvency and Bankruptcy Code, 2016. Background Facts: On 06.12.2021, NCLT Mumbai admitted the Corporate Insolvency Resolution Process application and appointed Mr. Nageswara Rao Y as the Administrator of Reliance Capital Limited. Case Title: …

Resolution Applicant Resolution Plan Plan Crore Nclt Reliance

10 months, 2 weeks 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 …

Corporate Resolution Application Resolution Plan Tribunal Irp Coc

11 months, 1 week ago

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit

Live Mint

The Insolvency and Bankruptcy Code can't resolve airline bankruptcies, according to RK Bansal, CEO and managing director of asset reconstruction company Edelweiss ARC. Speaking during a panel discussion titled ‘IBC and Banks: Challenges and Solutions’ at the Mint BFSI Summit and Awards 2024, Bansal highlighted a fundamental issue in the Indian aviation sector – most airlines don't own their planes …

Airline Ibc Jet Airways

1 year ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

Corporate Corporate Debtor Application Process Bench Liquidator Dissolution

1 year, 1 month ago

NCLT Mumbai Urges IBBI To Conduct Training Session For Forensic Auditors Regarding Avoidance Transactions Under IBC

Live Law

The National Company Law Tribunal, Mumbai Bench, comprising of Justice V.G. Bisht and Shri Prabhat Kumar, has urged the Insolvency and Bankruptcy Board of India to look into qualitative aspect of Forensic and Transaction Auditor’s Report and to conduct training session for concerned Auditors on provisions relating to Avoidance Transactions under IBC. “The IBBI may look into the qualitative aspect …

Corporate Resolution Forensic Application Report Nclt Bench

1 year, 1 month ago

The SC’s ruling on personal debt guarantees will help unlock dead capital

Live Mint

The adoption of the Insolvency and Bankruptcy Code in 2016 was one of the most important economic reforms of the past 10 years. Various earlier attempts, such as the very old Sick Industrial Companies Act, the SARFAESI law of 2003 and various debt recovery tribunals, had yielded unsatisfactory results. In the first five years of its operation, the value of …

Law Insolvency Resolution Capital Code Ibc Debt Guarantees

1 year, 4 months ago

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

Live Law

The National Company Law Tribunal, New Delhi Bench, comprising of Shri Mahendra Khandelwal and Shri Rahul Bhatnagar, while adjudicating a petition filed by Go Airlines Limited, has permitted Go Airlines to operate the leased aircrafts in order to maintain the company’s status as a going concern. Accordingly, the Lessors filed an application under Section 60 of IBC before the NCLT …

Corporate Aircraft Airlines Order Nclt Bench Irp

1 year, 7 months ago

NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates

Live Law

The National Company Law Tribunal, Cuttack Bench, comprising Shri P. Mohan Raj and Shri Satya Ranjan Prasad, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Srimanta Kumar Tripathy and Anusuya Tripathy vs S.S Mining and Infra Private Limited has held reiterated that NCLT is not a forum for adjudication of Fraud or determination of …

Corporate Fraud Operational Creditor Operational Tribunal Nclt Mou

1 year, 7 months ago

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18

News 18

Go First may have been the first airline in India to file for protection under Section 10 of the Insolvency and Bankruptcy Code but not the first globally to undergo insolvency in 2023. Alternately, under Section 30 of the IBC, submitting a resolution plan subject to Section 29A prohibits the promoters of a company undergoing insolvency from participating in the …

India Insolvency Resolution Application Promoters Case Process

1 year, 7 months ago

NCLT admits Go First insolvency plea, puts it under moratorium

Business Standard

The NCLT has appointed Abhilash Lal of Alvarez and Marsal interim resolution professional to take charge of the airline. The tribunal said the professional should ensure that employees of the airline were not laid off The Delhi Bench of the National Company Law Tribunal on Wednesday accepted Go First’s insolvency plea, resulting in the airline being put under a moratorium …

Aviation Insolvency Order Tribunal Airline Nclt Moratorium

1 year, 11 months ago

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap

The Hindu

The National Company Law Tribunal Mumbai is set to hear on Thursday a crucial petition of the Gujarat-based Torrent Group, which has approached the tribunal challenging the Committee of Creditors’ move to conduct second round of e-Auction of the Reliance Capital, which is under the Insolvency and Bankruptcy Code procedure. On December 21, Torrent Investments had emerged the highest bidder …

Capital Second Nclt Round Group Bid Reliance

2 years, 7 months ago

IBC Cases Weekly Round UP: 16th To 22nd May, 2022

Live Law

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. : 2022 LiveLaw 497, CA 910 of 2021 The Supreme Court Bench comprising of Justices DY Chandrachud and Surya Kant has held that the provisions of Section 18 of the Limitation Act, 1963 …

Supreme Court Insolvency Title Order Held Noida Nclt

2 years, 8 months ago

Amount Given As 'Share Application Money' Is Not Covered Under Financial Debt: NCLAT, Delhi

Live Law

The National Company Law Appellate Tribunal Principal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, while adjudicating an appeal filed in Pramod Sharma v Karanaya HeartCare Pvt. Ltd., has held that money given as 'Share Application Money' cannot be treated as a financial debt in order to initiate Corporate Insolvency Resolution Process under Section 7 …

Money Application Debt Order Share Respondent Ibc

2 years, 11 months ago

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

Live Law

NCLAT, Chennai Bench comprising Justice M. Venugopal and Kanthi Narahari in the case of Drip Capital Inc. v. Concord Creations P. Ltd. set aside the order passed by the Adjudicating Authority, Bengaluru Bench, holding that the 'Adjudicating Authority' is not a 'Court of Law' and 'CIRP' is not synonymous to litigation. Section 7 allows the financial creditor, either by itself …

Corporate Financial Application Respondent Nclat Authority Appellant

3 years ago

Corporate India needs a proactive mindset for debt resolution

Live Mint

Over the years, concerted efforts have been made to determine and resolve non-performing assets of banks and financial institutions in our country. As per the RBI’s March Financial Stability Report, gross NPAs are expected to be slightly elevated at around 11.22% of overall credit deployment by March 2022 for all scheduled commercial banks. In an effort to trim NPAs, a …

Business Banks Ibc Npa Npas

3 years ago

RBI appoints advisory panel to assist R-Cap administrator

Deccan Chronicle

Mumbai: A day after it superseded the board of Anil Ambani group’s Reliance Capital, the Reserve Bank of India on Tuesday appointed a three-member advisory committee to assist the administrator of Reliance Capital. The members of the committee are Sanjeev Nautiyal, ex-deputy managing director, State Bank of India; Srini-vasan Varadarajan, ex-deputy MD, Axis Bank; and Praveen P. Kadle, ex-MD & …

Bank Rbi Reliance Capital

3 years, 6 months ago

DHFL shares may get delisted post acquisition by Piramal

Live Mint

Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code, lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance …

Finance Resolution Company Crore Nclt Rbi Ibc

4 years ago

The bankruptcy code alone can’t resolve distressed debt

Live Mint

The Insolvency and Bankruptcy Code introduced a much-needed bankruptcy law to India. Hence, the need of the hour is to strengthen processes for the resolution of distressed debt operating in a pre-bankruptcy phase, and thereby help companies avoid the label of being bankrupt. This entails ensuring that distressed debt can be sold to those equipped to derive value, as well …

India Market Debt Bankruptcy Sma Ibc Npas

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Articles for Ibc, search results for capital

Grounded, by process

Corporate Guarantor Can't Be Absolved From Its Liability Only Due To Non-Invocation Of Guarantee: NCLAT Delhi

Financial Creditor Can Initiate Simultaneous Or Independent Proceedings Against Principle Borrower And Personal Guarantor: NCLT Mumbai

Claim Cannot Be Admitted After The Approval Of Resolution Plan By The CoC Even If Approval By The Adjudicating Authority U/S 31 Of IBC Is Pending: NCLT Mumbai

NCLT Mumbai Approves Rs. 9,661 Crore Resolution Plan By Indusind International Holdings For Reliance Capital

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

IBC can’t resolve airline bankruptcies: Experts at Mint BFSI Summit

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

NCLT Mumbai Urges IBBI To Conduct Training Session For Forensic Auditors Regarding Avoidance Transactions Under IBC

The SC’s ruling on personal debt guarantees will help unlock dead capital

Go Airlines| NCLT Delhi Permits Go Airlines To Resume Operations

NCLT Is Not A Forum For Adjudication Of Fraud: NCLT Cuttack Reiterates

Go First Insolvency: A Prospective Case for a Precedent in Bidding for Control of Insolvent Entity - News18

NCLT admits Go First insolvency plea, puts it under moratorium

NCLT to hear on January 12 Torrent’s plea against second-round bidding in RCap

IBC Cases Weekly Round UP: 16th To 22nd May, 2022

Amount Given As 'Share Application Money' Is Not Covered Under Financial Debt: NCLAT, Delhi

The 'Adjudicating Authority' Is Not A 'Court Of Law' And 'CIRP' Is Not Synonymous To 'Litigation': NCLAT

Corporate India needs a proactive mindset for debt resolution

RBI appoints advisory panel to assist R-Cap administrator

DHFL shares may get delisted post acquisition by Piramal

The bankruptcy code alone can’t resolve distressed debt