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
Shareholders of Future Group companies voted over the deal to sell their assets to Reliance Retail. The final result of the voting will be declared after the two meetings of secured and unsecured creditors. The shareholders’ meeting came after an order by the National Company Law Tribunal(NCLT) on February 28 after a Supreme Court order allowed Future Group companies to
Yes Bank has initiated insolvency proceedings against Zee Learn alleging a default on a financial facility worth Rs. 468 crores, Zee Learn said in an exchange filing on April 25. “The company is compiling information to verify the facts claimed in the said petition filed by Yes Bank Limited,” the filing showed. Yes Bank has filed for bankruptcy under Section
National Company Law Tribunal (NCLT) has approved the scheme of merger by absorption of Mahindra Engineering and Chemical Products Limited (MECPL), Retail Initiative Holdings Limited (RIHL) and Mahindra Retail Limited (MRL) with the Mahindra and Mahindra (M&M) Group and their shareholders. This scheme has become effective from April 29, according to a latest exchange filing by Mahindra & Mahindra. There
The National Company Law Appellate Tribunal (NCLAT) has reserved its order on Amazon’s plea challenging the decision of regulator CCI to suspend approval for the e-commerce deal with Future Coupons. In December last year, Competition Commission of India (CCI) suspended the approval given by it in 2019 for Amazon’s deal to acquire a 49% stake in Future Coupons Pvt Ltd
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
The Chandigarh Bench of the NCLT (National Company Law Tribunal) has convened a meeting of the shareholders and creditors of Jindal Stainless Limited and Jindal Stainless (Hisar) Limited for approving the scheme of merger of the two companies. The first motion petition was filed with NCLT in March, 2021 after the board of JSL and group companies had approved the
NCLAT stays formation of committee of creditors to overtake Supertech The National Company Law Appellate Tribunal (NCLAT) has stayed formation of Committee of Creditors (COC) to overtake Supertech Ltd, against whom the Delhi bench of the National Company Law Tribunal had ordered bankruptcy proceedings. On the appeal filed by R K Arora, chairman of Supertech Group, NCLAT has issued notice
Bank of India has moved the National Company Law Tribunal (NCLT), filing a petition to initiateinsolvency proceedings against debt-ridden Future Retail Ltd. “Bank of India (BoI) has served an advance intimation of filing an application under Section 7 of theInsolvency and Bankruptcy Code, 2016 against the company for default on non-payment of moniesdue in terms of the Framework Agreement entered
Housing Development Finance Corporation Ltd (HDFC) has moved insolvency tribunal NCLT against the country’s leading multi-system operator SITI Networks Ltd for an alleged default of Rs 296 crore.SITI Networks has received a notice issued by the Mumbai bench of the National Company Law Tribunal over the petition filed by HDFC, the Essel group firm said in a regulatory filing on
