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
The bankruptcy court has admitted Mumbai-based First Flight Couriers under the corporate insolvency resolution process (CIRP) and appointed Indrajit Mukherjee as the company’s interim resolution professional (IRP). The Mumbai bench of the National Company Law Tribunal (NCLT), while admitting the petition filed by the operational creditor of First Flight Couriers, observed that the counsel for the corporate debtor has made
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
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
Parliamentary panel says details of every customer in a real estate project should be made available to a buyer who chooses to commence NCLT proceedings against a builder. The Insolvency and Bankruptcy Code (IBC) Parliamentary Standing Committee has recommended that even if only one buyer decides to file a case against a builder before the NCLT, the government make it
