The Insolvency and Bankruptcy Board of India (IBBI) has amplified its efforts to expedite insolvency resolutions by finalizing a provisional list of 787 insolvency professionals (IPs), a substantial increase from the 400 listed in June. This comprehensive list, complemented by 31 insolvency professional entities (IPEs), is poised to be presented to the adjudicating authority. The move aims to streamline the
Zee Entertainment Enterprises Ltd (ZEEL) has announced that it has reached an agreement with IndusInd Bank Ltd to settle all disputes and claims between the two parties. The settlement puts an end to the insolvency proceedings that were initiated against ZEEL by IndusInd Bank before the National Company Law Tribunal (NCLT). In February last year, IndusInd Bank had filed a
The National Company Law Appellate Tribunal (NCLAT) ruled in favour of Doha Bank on September 9. The Qatar-based bank had pleaded that the resolution professional (RP) should not admit claims from the Exim Bank of China, Assets Care and Reconstruction Enterprises (ACRE), Shubh Holdings and China Development Bank. The four entities are likely to challenge this order at the Supreme
Real estate developers face a dilemma—whether to launch new projects under a SPV (Special Purpose Vehicle) or under the flagship entity. This decision is often influenced by various factors like stamp duty, GST, availability of resources and the Insolvency and Bankruptcy Code. While organisational structure and tax framework would favour launching a project in the flagship entity, RERA and IBC
The bankruptcy court has approved the resolution plan submitted by Prakash Asphaltings & Toll Highways (India) Ltd for Rajahmundry Godavari Bridge Ltd (RGBL). The bridge, built on the river Godavari, connects Rajahmundry and Kovvur in Andhra Pradesh. The Mumbai bench of the National Company Law Tribunal (NCLT) gave its nod after the lenders approved the revival plan with 100% voting
The National Company Law Appellate Tribunal (NCLAT) has stayed the formation of the Committee of Creditors (CoC) for Bombay Rayon Fashion until further notice. The appellate tribunal has clarified that the Corporate Insolvency Resolution Process (CIRP) proceedings shall be continued and the resolution professional will have to keep the company as going concern under the Insolvency & Bankruptcy Code (IBC).
The NCLT Mumbai court has dismissed a petition filed by Gateway Offshore against Pune-based realty developer Runwal Realtors to admit the company under the Corporate Insolvency Resolution Process (CIRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while rejecting the arguments made by Gateway Offshore in its petition, observed that in absence of any written document indicating the
The Kolkata bench of the National Company Law Tribunal (NCLT) on 07/04/2022 approved the resolution plan submitted by Tata Steel subsidiary Tata Steel Mining (TSML) for debt-laden Ferro alloys and stainless steel manufacturer Rohit Ferro-Tech Limited (RFTL). In a stock exchange filing, Tata Steel said the NCLT approving the resolution plan submitted by TSML for acquisition of RFTL. Rohit Ferro-Tech’s
Sintex Industries’ lenders have approved the joint bid of Reliance Industries (RIL) and Assets Care & Reconstruction Enterprise (ACRE) to acquire the debt-ridden textiles firm under the insolvency resolution process. The Committee of Creditors (CoC) of Sintex Industries has unanimously voted in favour of the resolution plan by Reliance Industries and ACRE, the company announced in an exchange filing. “As
The Chandigarh Bench of the NCLT (National Company Law Tribunal) has convened a meeting of the shareholders and creditors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited for approving the scheme of merger of the two companies. The first motion petition was filed with NCLT in March, 2021 after the board of JSL and group companies had approved the
