Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
The bankruptcy court admitted an insolvency case against Asian Hotels (West), which operates the Hyatt Regency hotel near the Mumbai airport, on a petition filed by JM Financial Asset Reconstruction Company (ARC). The Delhi bench of the National Company Law Tribunal admitted the company on September 16 and appointed Sapan Mohan Garg as an interim resolution professional Yes Bank, the
The Supreme Court on Thursday rejected Axis Bank’s petition seeking reconsideration of its earlier judgment that held that the NCLT while examining the existence of debt and default by a corporate debtor on a financial creditor’s plea for initiating corporate insolvency resolution process has the discretion to admit or not admit the plea. A Bench comprising justices Indira Banerjee and
The Insolvency and Bankruptcy Board of India (IBBI) has released a paper that proposes increasing the fee on service providers it appoints, seeking to buttress its finances as statutory independent body. The IBBI is short of about Rs 21 crore to be self-sufficient and must shift from relying on the government to a system where the it recovers all or
The NCLT MUMBAI has directed the income tax department to return the tax deducted at source (TDS) from Precision Fasteners after the auto-component maker was referred for liquidation. The ruling is expected to set a precedent in several such cases where the revenue department is seeking to recover statutory dues from companies facing liquidation. The liquidator of the company had
No insurance company can refuse a mediclaim citing a medical condition that the policyholder disclosed while signing up for the policy, the Supreme Court has ruled. A bench of justices D Y Chandrachud and B V Nagarathna has also said that the policyholder has to disclose to the insurer all material facts within his or her knowledge, adding that the
The National Company Law Tribunal (NCLT) Delhi directed to initiate insolvency proceedings against MGF Developments and appointed an interim resolution professional after suspending the board of the realty firm. A two-member Delhi based bench of NCLT passed the order by allowing a plea filed by the residents association of ‘The Vilas Condominium’, a project at sector 25 of Gurgaon, for
The McLeod Russel company runs 31 tea gardens in Assam, 2 in Alipurduar and also has gardens in Africa, Vietnam India’s largest bulk tea producer McLeod Russel India Ltd (MRIL) has been admitted for insolvency proceedings on Friday for defaulting on the repayment of a Rs 100 crore loan. The company, promoted by the Khaitan family of Calcutta, operates 31
This initiative taken by the government aims at introducing a shorter, time bound, online financial bidding process in corporate insolvency process under the Code of 2016- this in turn will ensure the timeline as proscribed under the Code to be followed at all times, will improve transparency and also will reduce unnecessary litigation. Current scenario The bidding process which is
