News Muncher - searching for finance

3 weeks, 2 days ago

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

India’s bankruptcy courts are indignant at being used by creditors as a tool to recover dues from companies that are not really bankrupt, and for wasting their time. “SpiceJet’s case highlights a growing trend where creditors use the IBC forum to pressure corporate debtors into settlement," said Alay Razvi, managing partner at law firm Accord Juris. “SpiceJet’s case is unusual, …

Law India Insolvency Settlements Claims Bankruptcy Nclt

1 month ago

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai

Live Law

The National Company Law Tribunal, Mumbai bench, comprising Justice V. G. Bisht and Sh. The Tribunal reiterated that the existence of an arbitral award in favour of the Corporate Debtor did not bar the admission of the CIRP petition. When initiation of CIRP is resisted on the ground of existence of an award in favour of corporate debtor whose amount …

Corporate Financial Bank Debt Tribunal Respondent Nclt

5 months ago

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs

The Hindu

Finance Minister Nirmala Sitharaman has proposed to set up an integrated technology platform to improve the outcomes under the Insolvency & Bankruptcy Code for achieving transparency, consistency, timely settlement and better oversight of all resolution cases. She also said that the government would set up additional National Company Law Tribunals to expedite resolution of cases under the IBC. Commenting on …

Ibc

5 months ago

Budget 2024: Focus on digitisation of land records, Urban development gets a leg up

Hindustan Times

Urban development is one of the nine priorities outlined by the Finance Minister Nirmala Sitharaman in her speech on July 23. Urban development proposals The finance minister in her seventh straight budget said that three crore additional houses under the Pradhan Mantri Awas Yojana in rural and urban areas in the country have been announced, for which the necessary allocations …

Finance India Housing Development Urban Development Budget Urban

5 months ago

Union Budget 2024: Read Finance Minister Nirmala Sitharaman's full speech

India Today

Union Finance Minister Nirmala Sitharaman presented the first budget of the Narendra Modi government’s third term on Tuesday in Parliament. Budget Priorities Productivity and resilience in Agriculture Employment & Skilling Inclusive Human Resource Development and Social Justice Manufacturing & Services Urban Development Energy Security Infrastructure Innovation, Research & Development and Next Generation Reforms Subsequent budgets will build on these, and …

Finance India Social Justice Nuclear Energy Bihar Tax Budget

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, 3 weeks ago

The Complete Supreme Court Annual Digest- 2023 [Part-XII]

Live Law

Information RTI Act will become 'dead letter': Supreme Court directs States, Union to fill vacancies in Information Commissions. Maneesh Pharmaceuticals Ltd. v. Export Import Bank of India, 2023 LiveLaw 1073 Insolvency and Bankruptcy Code, 2016; Section 7 - Limitation Act, 1963; Section 5 and 18 - Delay of 1392 days - Additional affidavit stating that the delay was only of …

India Karnataka Kerala Delhi Supreme Court High Court High Courts

10 months, 2 weeks ago

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code

Live Law

A company could not avail benefit of the Sabka Vishwas scheme as it was under moratorium under IBC - The Courts are meant to do justice and cannot compel a person to do something which was impossible for him to do - Directed that the payment of amount already deposited by the company be appropriated towards settlement dues under “Sabka …

Supreme Court Corporate Court Insolvency Resolution Corporate Debtor Resolution Professional

11 months, 2 weeks ago

Mint BFSI Summit and Awards Highlights: Fintech are bringing a lot of value through innovation, says NBFID chairman

Live Mint

Mint BFSI Summit and Awards: The banking, financial services and insurance industry in India is the backbone of the country’s monetary, industrial and economic ecosystems. Mint BFSI Summit and Awards LIVE: Inderjit Camotra, MD & CEO, Unity Small Finance Bank on merger with Fincare SFB There's great synergy in the geographies they serve. Mint BFSI Summit and Awards LIVE: Debasish …

Finance India Insurance Innovation Awards Industry Indian

11 months, 2 weeks ago

Mint BFSI Summit and Awards Highlights: Fintech are bringing a lot of value through innovation, says NBFID chairman

Live Mint

Mint BFSI Summit and Awards: The banking, financial services and insurance industry in India is the backbone of the country’s monetary, industrial and economic ecosystems. Mint BFSI Summit and Awards LIVE: Inderjit Camotra, MD & CEO, Unity Small Finance Bank on merger with Fincare SFB There's great synergy in the geographies they serve. Mint BFSI Summit and Awards LIVE: Debasish …

Finance India Insurance Innovation Awards Industry Indian

1 year, 1 month ago

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

Live Law

The National Company Law Appellate Tribunal, Delhi Bench, comprising of Justice Ashok Bhushan and Mr Barun Mitra has dismissed an appeal and held that the scope of enquiry of the National Company Law Tribunal as per Section 31 of Insolvency and Bankruptcy Code, 2016 is confined to scrutinising whether Section 30 IBC has been complied with. Sita Chaudhary, the suspended …

Corporate Resolution Corporate Debtor Resolution Plan Plan Nclt Singh

1 year, 3 months ago

Book on Insolvency and Bankruptcy Code 2016 launched

The Hindu

Defaulter’s Paradise Lost- Demystifying the Insolvency and Bankruptcy Code, 2016, a book written by advocate Anant Merathia, was launched here on Friday. Mr. Merathia said the Insolvency and Bankruptcy Code 2016 was one of the unique legislations which had brought together in the same sphere of discussion, varied subjects such as business, economy, finance, commerce, law and a lot more. …

Book Bankruptcy Code Bankruptcy Code 2016 Code 2016

1 year, 4 months ago

Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai

Live Law

The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Ms. Shreesha Merla, while adjudicating an appeal filed in The Assistant Commissioner of Central Tax v Mr. Sreenivasa Rao Ravinuthala & Anr., has held that Central Excise Authority is not a Secured Creditor under IBC. The Bench observed that usage of the words ‘save as provided …

Tax State Central Act Bench Nclat Excise

1 year, 5 months ago

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

Live Law

The National Company Law Tribunal, Principal Bench, comprising of Chief Justice Ramalingam Sudhakar and Shri Avinash K Srivastava, while adjudicating a petition filed in the matter ofM/s. Ltd.,has held that a co-joint reading of Sections 52, 53 and 30 of IBC reveals that a Dissenting Financial Creditor is at best entitled to the liquidation value commensurate with its security interest. …

Security Corporate Financial Resolution Corporate Debtor Interest Plan

1 year, 7 months ago

IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited

Live Law

The NCLT Chandigarh bench comprising of Shri Harnam Singh Thakur and Shri Subrata Kumar Dash has approved a 25 crore resolution plan of Mr. Abhimanyu Singh Mehlawat for Haryana Telecom Limited under section 30 and 31 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional initially admitted claims of 8.20 crores from Secured Financial Creditor, of 67.47 lakhs from …

Company Resolution Plan Nclt Crores Ibc Haryana Telecom Limited Secured Financial Creditor

1 year, 10 months ago

Bankruptcy resolutions expected to soar after Budget spells relief for RPs

Live Mint

Liquidators in India, who are entrusted with winding up bankrupt companies, will no longer be prosecuted for failing to comply with income tax regulations. The Union Budget 2023 has decriminalized section 276A of the Income Tax Act which enabled criminal prosecution of a liquidator for failing to give notice of his/her appointment within 30 days or set aside amount or …

Law Tax Budget Insolvency Liquidator Provisions Ibc

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 ago

IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: NCLAT Delhi

Live Law

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Siti Networks Ltd. v Assets Care and Reconstruction Enterprises Ltd. & Anr., has held that there is no prohibition in the IBC or any of the Regulations from continuing the proceeding by an assignee. The Corporate Debtor …

Corporate Financial Bench Nclat Asset Ibc Proceeding

2 years, 6 months ago

Let’s promote mediation as a way to resolve IBC delays

Live Mint

India’s Insolvency and Bankruptcy Code, 2016, was designed to focus on addressing stress in chronically sick companies through either resolution or liquidation, as warranted back then by mounting non-performing assets in our banking sector that the prevalent system could not adequately fix. Globally, a mechanism like the IBC’s corporate insolvency resolution process has been a last-resort measure; i.e., once all …

India Mediation Insolvency Resolution Process Ibc Cirp

2 years, 6 months ago

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

Live Law

The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kishore Vemulapalli and Mr. Rajesh Sharma, while adjudicating an application in Srei Equipment Finance Ltd. v Nirmal Lifestyle Pvt. Contentions Of The Corporate Debtor The Corporate Debtor submitted that it had requested the Financial Creditor for restructuring the Loan amount due to the financial disruptions caused by COVID 19 pandemic …

Financial Corporate Debtor Loan Limited Default Irp Ibc

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, 7 months ago

IBC AND RBI Guidelines Are 'Disjoint Sets', "There Is No Question Of One Prevailing Over The Other": NCLT Kolkata Dismisses Application Filed By SREI Ex Promoter Hemant Kanoria

Live Law

The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rajasekhar V.K. The application was filed by Ex-Promoter of SREI Infrastructure Finance Ltd., Mr. Hemant Kanoria, challenging the KPMG Audit which was conducted under RBI guidelines. Application Filed By Mr. Hemant Kanoria An application bearing IA No.75/KB/2022 was filed by Mr. Hemant Kanoria, who is the Ex-Promoter, Shareholder and Ex …

Corporate Debtor Bank Audit Applicant Report Nclt Rbi

2 years, 7 months ago

Monthly Digest Of IBC Cases: April 2022

Live Law

Supreme Court Wages/Salaries Of Only Those Workmen/Employees Who Actually Worked During CIRP Are To Be Included In CIRP Costs: Supreme Court Case title: Sunil Kumar Jain v Sundaresh Bhatt, Civil Appeal No. The National Company Law Appellate Tribunal, Principal Bench, comprising of comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, has upheld the order dated 06.04.2022 …

India Supreme Court High Court Insolvency Resolution Corporate Debtor Title

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

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Articles for Ibc, search results for finance

SpiceJet insolvency claims: Are creditors leveraging IBC forum for settlements?

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai

Budget 2024: Budget proposes tech platform to strength IBC process, to set up more NCLTs

Budget 2024: Focus on digitisation of land records, Urban development gets a leg up

Union Budget 2024: Read Finance Minister Nirmala Sitharaman's full speech

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

The Complete Supreme Court Annual Digest- 2023 [Part-XII]

Supreme Court Annual Digest 2023 - Insolvency And Bankruptcy Code

Mint BFSI Summit and Awards Highlights: Fintech are bringing a lot of value through innovation, says NBFID chairman

Mint BFSI Summit and Awards Highlights: Fintech are bringing a lot of value through innovation, says NBFID chairman

NCLAT Delhi: Scope Of Enquiry By The Adjudicating Authority Under Section 31 Is Confined To Section 30(4) Compliance

Book on Insolvency and Bankruptcy Code 2016 launched

Central Excise Authority Not A Secured Creditor Under IBC: NCLAT Chennai

Dissenting Financial Creditor Entitled To Liquidation Value Commensurate Only With Security Interest: NCLT Delhi

IBC-NCLT Chandigarh Approves Resolution Plan For Haryana Telecom Limited

Bankruptcy resolutions expected to soar after Budget spells relief for RPs

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

IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: NCLAT Delhi

Let’s promote mediation as a way to resolve IBC delays

NCLT Mumbai Initiates Insolvency Proceedings Against Nirmal Lifestyle (Kalyan) Pvt. Ltd.

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

IBC AND RBI Guidelines Are 'Disjoint Sets', "There Is No Question Of One Prevailing Over The Other": NCLT Kolkata Dismisses Application Filed By SREI Ex Promoter Hemant Kanoria

Monthly Digest Of IBC Cases: April 2022

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