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 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
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 14 of the IBC prevents the payment of any pre-CIRP dues of a creditor during the moratorium period. The moratorium does not affect the payment of dues/costs arising in the course of the CIRP of the CD. These dues/costs are categorized as “insolvency resolution process costs” (CIRP costs), and to the extent unpaid, are to be given priority for
India Asset Growth Fund and Ors. Vs CMRS projects Pvt Ltd (23.06.2020- NCLT Bangalore) The Hon’ble Tribunal decided on the matter specifically bearing in mind the intent of the Insolvency and Bankruptcy Code (IBC) and the parameters while considering admitting a Corporate Debtor (CD) into Corporate Insolvency Resolution Process (CIRP) in light of the prevalent economic slowdown due to COVID-19.
This article will deal with two noteworthy judgments wherein the question perishable and non perishable goods with respect to private auction had been raised further the Court also went on to reiterate the fact that the System always takes note of payments to be done by the Committee of Creditors along with a plethora of cases with respect to the
