In a significant development pertaining to the insolvency proceedings of Go First, the National Company Law Appellate Tribunal (NCLAT) has upheld the voluntary resolution proceedings authorized by the National Company Law Tribunal (NCLT). This decision, rendered on Monday, reinforces the ongoing efforts to resolve the financial crisis faced by Go First. A two-member bench of the NCLAT, led by Chairperson
Reliance Capital (RCap) has postponed its second auction to April 11, 2023, following the confirmation of three suitors for participation, including IndusInd International Holdings Ltd (IIHL) of the Hinduja Group, Torrent Investment, and Singapore-based Oaktree. The lenders of RCap had initially set April 4 as the date for the second auction, but the date was rescheduled after the additional bidders
According to the government, there are over 21,000 cases pending before the National Company Law Tribunal (NCLT) as of the end of January this year. Of these, 12,963 cases are under the Insolvency and Bankruptcy Code (IBC), 1,181 cases are for mergers and amalgamations (M&A), and 7,061 are other cases. The pending cases have caused significant concern among resolution professionals
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 National Company Law Tribunal (NCLT) rejected JSW Energy’s plea to withdraw its resolution plan for the takeover of debt-laden Ind-Barath Energy (Utkal) on grounds of deterioration of assets, saying it doesn’t have powers to terminate a plan approved by the Committee of Creditors (CoC) with big majority. At the same time, the tribunal took note of JSW Energy’s concerns
The National Company Law Appellate Tribunal (NCLAT), Chennai Bench ruled that the Resolution Professional (RP) is not empowered to undertake Revision of GST assessment. The appellant, Bijoy Prabhakaran Pulipra is a Resolution Professional who has assailed the NCLT’s order under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) holding that there is no error in the Order. The
The Corporate Insolvency Resolution Process plays a key role in deciding the debtor company’s fate it can either be run as a going concern or can also be put under liquidation process. In this Article the author tries to establish the procedural theoretical aspects of the insolvency resolution process after such order is passed by the National Company Law Tribunal.
An Interim Resolution Professional is appointed who has the power to take over the company affairs of the defaulted company. In turn the Interim Resolution Professional; to initiate a plan that is feasible for both the debtors and the creditors. a skeletal graph of what enfolds after Insolvency is provided here along with relevant provisions of the Insolvency and Bankruptcy
An Interim Resolution Professional is appointed who has the power to take over the company affairs of the defaulted company. In turn the Interim Resolution Professional; to initiate a plan that is feasible for both the debtors and the creditors. a skeletal graph of what enfolds after Insolvency is provided here along with relevant provisions of the Insolvency and Bankruptcy
The Corporate Insolvency Resolution Process plays a key role in deciding the debtor company’s fate it can either be run as a going concern or can also be put under liquidation process. In this Article the author tries to establish the procedural theoretical aspects of the insolvency resolution process after such order is passed by the National Company Law Tribunal.
