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
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
The National Company Law Tribunal (NCLT) has allowed withdrawal of insolvency proceedings against real estate development firm Nirmal Lifestyle and has also lifted a moratorium on the company. Nirmal Lifestyle has entered into a separate settlement agreement with the financial creditor. The Mumbai bench of the NCLT had admitted the company under the Corporate Insolvency Resolution Process (CIRP) last year
The National Company Law Tribunal (NCLT) Hyderabad bench on February 8 ordered the management of Karvy Stock Broking not to alienate any assets of the company and its subsidiaries, responding to an application filed by a shareholder. This comes amid ongoing investigations by various agencies including the police, Securities and Exchange Board of India, Serious Fraud Investigation Office and Enforcement
In the case of Vijay Kumar Jain vs. Standard Chartered Bank & Ors., the Apex Court held that the members of the suspended Board of Directors of a corporate debtor are vested with right to receive insolvency resolution plans submitted before the resolution professional so that they could effectively participate in the meetings of Committee of Creditors (CoC). The Supreme Court
The objective of the new law is to promote entrepreneurship, availability of credit, and to balance the interests of all stakeholders by consolidating and amending the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner and for maximization of value of assets of such persons and matters connected therewith or incidental
