The National Company Law Tribunal (NCLT) New Delhi, on March 25, 2022 admitted Union Bank of India’s application under Section 7 of the Insolvency and Bankruptcy Code (IBC) to initiate insolvency proceedings against real estate firm Supertech. “We are satisfied that the present application is complete in all respects and the applicant financial creditor (Union Bank) is entitled to claim
Indiabulls Housing Finance has moved the National Company Law Tribunal (NCLT) against media baron Subhash Chandra claiming he had personally guaranteed payment for loans given to companies that were co-borrowers with Essel group firms. It has claimed that Chandra provided a guarantee for a loan to Gnex Projects that obtained a Rs 190 crore loan from Indiabulls Housing Finance in
JSW Steel Ltd. Vs. Mahender Kumar Khandelwal & Ors.-NCLAT In the CIRP of Bhushan Power & Steel Limited- (Corporate Debtor), the Resolution Plan submitted by JSW Steel Limited (Resolution Applicant) has been approved by the Adjudicating Authority by impugned Judgment dated 5th September, 2019 with certain conditions. After the approval of plan when Monitoring Committee was monitoring the change of
With the amendments came a surge of landmark decision that was laid down by various levels of the Judiciary system with respect to the evolution of Insolvency and Bankruptcy Code. Right from the inclusion of a construed time period for Corporate Insolvency Resolution Process to a timeline provided for e bidding processes. This article will majorly deal with cases which
There are various statistics discussing the success rate of IBC Code and various circulars and notifications to that effect are released time and again, what more could be better than the statistics given by the respected Financial Minister herself. The speech provided by the Financial Minister Nirmala Sitharaman is a must read and must know for all the Finance enthusiast
Possibly the highest rate of Insolvency claims in the year of 2019, the bankrupt status of jet Airways not only came as a shocker to the common public but also the aviation industry as Jet Airways seemed to have always managed their funds well in terms of profit. In 2019, almost 15 percent of flights did not fly and the
