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
A plea filed by Adisri Commercial, the erstwhile promoter company of Srei Infrastructure Finance (SIFL), requesting the National Company Law Tribunal (NCLT) to set aside its order for initiating insolvency proceedings against SIFL and its subsidiary Srei Equipment Finance (SEFL) has been deemed not maintainable by the RBI-appointed administrator. The solicitor general Tushar Mehta argued that the plea was not
The Insolvency and Bankruptcy Code (IBC) Amendment Bill is set to be tabled in the upcoming Monsoon session. The amendment aims to facilitate group insolvency resolution by enabling lenders to take subsidiary companies to NCLT as a combined entity, said sources. This move will aid in streamlining insolvency processes, eliminating redundancy and promoting efficiency. The proposed amendment will address a
In a recent ruling, the National Company Law Appellate Tribunal (NCLAT) upheld the penalty of INR 1,337 crore imposed on Google by the Competition Commission of India (CCI) for its anti-competitive conduct in the Android ecosystem. However, the appellate tribunal has set aside four critical directions of the ten non-monetary directives issued by CCI in its Android ruling of October
The Administrator of two insolvent Srei companies has obtained the Reserve Bank of India’s approval for the National Asset Reconstruction Company (NARCL) as a ‘fit and proper’ state-backed company. Rajneesh Sharma, the administrator, has submitted the resolution plan to the Kolkata bench of the National Company Law Tribunal (NCLT) for its approval. The consolidated committee of creditors (CoC) for 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 Tribunal (NCLT) has approved the Mumbai-based Suraksha Group’s resolution plan to acquire Jaypee Infratech Ltd, a debt-ridden company that has been undergoing insolvency proceedings for almost six years. This decision is a relief for over 20,000 homebuyers who have been stuck with stalled projects in Noida and Greater Noida. The resolution plan had been approved by
The resolution professional of Future Retail, Deloitte India-backed Vijaykumar V Iyer, has invited expressions of interest (EoIs) from prospective resolution applicants for one or more of its assets by April 7, 2023. Interested bidders can choose to bid for the entire company or specific clusters. The resolution professional has announced two options for submitting EoIs: option I covers the entire
The National Company Law Tribunal (NCLT) has dismissed a petition filed by around 368 homebuyers who had purchased properties from Lavasa Corporation. The petition had alleged misconduct in the corporate insolvency resolution process (CIRP) of the company and mistreatment of the homebuyers as a class of creditors. The homebuyers, in their petition, had sought the tribunal’s intervention to declare the
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
