State Bank of India, the lead banker in the consortium of lenders moving the National Company Law Appellate Tribunal (NCLAT) on behalf of the committee of creditors seeking fresh bids for the bankrupt Videocon Industries, the appellate tribunal on Monday sought a reply from the successful bidder Twin Star Technologies. The matter will now come up for hearing on September
The Supreme Court on September 6,2021 refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons tech and directed the NCLAT to hear the issue expeditiously. The Supreme Court on Monday refused to stay the implementation of DHFL Resolution Plan on the plea filed by 63 moons tech and directed the National Company Law
Punjab National Bank has challenged the rescue plan for Jet Airways (India) Ltd, posing a fresh hurdle to the Jalan-Kalrock consortium’s attempt to revive the grounded carrier. The state-run lender filed a petition before the National Company Law Appellate Tribunal (NCLAT) on Thursday, seeking to quash a rescue plan for Jet Airways approved by the National Company Law Tribunal (NCLT)
Jet Airways employees have rejected the Kalrock-Jalan consortium’s offer under the resolution plan and have challenged the plan in the National Company Law Appellate Tribunal. Kalrock-Jalan consortium proposed a sum of Rs 52 crore to settle admitted employee claims of Rs 1,265 crore. Bharatiya Kamgar Sena (BKS) and Jet Airways Cabin Crew Association, on August 18, filed an appeal against
Parliamentary panel says details of every customer in a real estate project should be made available to a buyer who chooses to commence NCLT proceedings against a builder. The Insolvency and Bankruptcy Code (IBC) Parliamentary Standing Committee has recommended that even if only one buyer decides to file a case against a builder before the NCLT, the government make it
The McLeod Russel company runs 31 tea gardens in Assam, 2 in Alipurduar and also has gardens in Africa, Vietnam India’s largest bulk tea producer McLeod Russel India Ltd (MRIL) has been admitted for insolvency proceedings on Friday for defaulting on the repayment of a Rs 100 crore loan. The company, promoted by the Khaitan family of Calcutta, operates 31
The National Company Law Tribunal (NCLT), Chennai, has rejected the debt settlement proposal of Siva Industries and Holdings Ltd that was earlier approved by its lenders. The court also ordered Siva Industries’ liquidation in an order on August 13,2021. The NCLT rejected the proposal terming it a “business restructuring plan” rather than a settlement envisaged under section 12 A of
Section 11 of the IBC states that certain persons are not entitled to make applications for initiating a CORPORATE INSOLVENCY RESOLUTION PROCESS. These are: (a) a CORPORATE DEBTOR already undergoing a CORPORATE INSOLVENCY RESOLUTION PROCESS; (b) a CORPORATE DEBTOR that has completed a CORPORATE INSOLVENCY RESOLUTION PROCESS in the 12 months preceding the date of filing the application;(c) a CORPORATE
An INFORMATION UTILITY is defined in section 3(21) of the IBC as a “person” registered as such with the IBBI under section 210. The primary function of INFORMATION UTILITYs is to provide high quality authenticated information about debts and defaults, making them important from a public policy standpoint. Section 209 of the IBC specifies that no INFORMATION UTILITY can do
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
