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
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 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 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 Supreme Court on Monday issued notices to the Future Group and the Competition Commission of India on a plea by Amazon against the June 13 NCLAT’s order which upheld the decision to keep share subscription agreement (SSA) between Amazon and Future private limited. A bench of justices put the matter for detailed consideration on September 19. The court issued
The Kolkata bench of the National Company Law Tribunal (NCLT) observed that to balance the interests of all the stakeholders, the payments to the various classes of operational creditors who have been paid nil value, need to be ‘reassessed’ and ‘re-considered’ by the Committee of Creditors (CoC). “The resolution plan in respect of the corporate debtor needs to be sent
The National Company Law Tribunal (NCLT) held the executive committee meeting of hotel andrestaurant body FHRAI on October 30, 2018 as “null and void” and ordered the election of its newpresident after conducting the annual general meeting. The bench has directed all four regions of the Federation of Hotel & Restaurant Associations of India(FHRAI) to nominate their members for the
