Insolvency and Bankruptcy Board of India (IBBI) has issued a consultation paper proposing tweaks to the corporate insolvency resolution process. The regulator has put forth four specific proposals which are aimed at reducing delays in the IBC process. In the discussion paper, the insolvency regulator has proposed to impose an obligation on the committee of creditors (COC) to share all
National Company Law Tribunal, Chennai, admitted the application filed by State Bank of India (financial creditor) against Coastal Energen (corporate debtor), the power generating flagship company of the Dubai-based Coal and Oil Group to initiate Corporate Insolvency Resolution Process (CIRP) against the company, declare moratorium,and appoint an Interim Resolution Professional (IRP). The company has defaulted an amount of ₹1,458 crore
The National Company Law Appellate Tribunal (NCLAT) Chennai has dismissed entrepreneur Sivasankaran, founder of Siva Industries appeal against the National Company Law Tribunal (NCLT) order on liquidation of Siva Industries. NCLAT in the order said, “this Tribunal comes to a resultant conclusion that the Adjudicating Authority had rightly come to the legitimate and reasonable conclusion that the Corporate Debtor was
The National Company Law Appellate Tribunal (NCLAT) Mumbai has put a stay on the insolvency proceedings against India’s third largest IT services player HCL Technologies. The National Company Law Tribunal (NCLT) had on January 17, 2022 had initiated for insolvency proceedings against the company. The NCLAT in its hearing said that the dispute was genuine between the parties but the
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
Section 11 of the IBC states that certain persons are not entitled to make applications for initiating a CORPORATE INSOLVENCY RESOLUTION PROCESS. These are: (a) a CORPORATE DEBTOR already undergoing a CORPORATE INSOLVENCY RESOLUTION PROCESS; (b) a CORPORATE DEBTOR that has completed a CORPORATE INSOLVENCY RESOLUTION PROCESS in the 12 months preceding the date of filing the application;(c) a CORPORATE
The National Company Law Tribunal in the month of November initiated Corporate Insolvency Resolution Process against leading Delhi based construction group “Today Homes and Infrastructure” under Section 7 of the Insolvency and Bankruptcy Code, 2016 wherein a Financial Debtor can go against the Corporate Debtor. Facts of the case The Construction group has been constructing Project site called Royal Elegancia
