Page 9 - Insolvency And Bankruptcy Code

Lenders mull 90-day extension to close Reliance Capital resolution process

Lenders on Wednesday discussed a proposal for 90 days of extension to close the resolution process of debt-ridden Reliance Capital Ltd (RCL) promoted by the Anil Ambani Group, sources said

Naredco seeks help from UP CM on land dues to save builders from bankruptcy

This situation has arisen because of non-resolution of grievances of developers in time by the government and the authorities

The wait gets longer for lenders, homebuyers in Jaypee Infratech resolution

March 31 deadline for Rs 22,600 cr debt resolution missed as litigation delays process; matter has been dragging on for five years instead of six-month deadline under IBC

NCLT orders insolvency proceedings against Santasha Real Estate

The order came on a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh

Reliance Industries, ACRE bid for Sintex filed before NCLT for approval

The joint bid of Reliance Industries and Assets Care & Reconstruction Enterprise (ACRE) for debt-ridden Sintex Industries has been moved before the NCLT for its approval after getting unanimously selected by the lenders of the textiles maker. The resolution professional of Sintex Industries has filed the resolution plan by RIL and ACRE, as approved by the Committee of Creditors (CoC) before the Ahmedabad Bench of the National Company Law Tribunal (NCLT), said a regulatory filing. "... we would like to inform that the Interim Resolution Professional of the Company has duly filed the resolution plan as approved by the CoC with the NCLT, Ahmedabad Bench on 23rd March, 2022, in accordance with Section 30(6) of the Insolvency and Bankruptcy Code, 2016," it said. As per the IBC procedures, RP has to submit the resolution plan as approved by the CoC to NCLT under Section 30(6) of IBC, which gives its final approval. Earlier this week, Sintex Industries, which is going through the ...

Vedanta, Jindal Power among 17 to show interest in SREI resolution

Resolution plan by April 30, but deadline can be stretched on request

Insolvency proceedings' deadline problem

The Bankruptcy Law Reforms Committee had spent considerable time on the timelines to be prescribed for various steps under the insolvency/bankruptcy proceedings

HDIL insolvency: Financial creditors to meet on March 9-10 to discuss bids

Financial creditors of HDIL will meet on March 9-10 to discuss bids for acquiring the crisis-hit realty firm through insolvency proceedings. In a regulatory filing on Saturday, HDIL's Resolution Professional Abhay N Manudhane informed that the "Twenty-Third meeting of Committee of Creditors will be held on 9th March 2022 and shall continue on 10th March 2022." The filing did not mention about the agenda of the meeting. Last month, HDIL had informed that its resolution professional has received 16 bids from nine applicants to acquire the company. "The Resolution Professional of the company has received sixteen resolution plans from nine Prospective Resolution Applicants (PRAs), HDIL had said. Housing Development and Infrastructure Ltd (HDIL) is under Corporate Insolvency Resolution Process (CIRP) pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional Abhay N Manudhane, who was appoin

Irdai wants insurers at par with banks on legal recourse for surety bonds

The finance minister in her Budget speech this year had said that surety bonds can be used as a substitute for bank guarantees for government procurement

Uttar Pradesh govt's new sugarcane order faces flak from banks

Data sourced from various agencies show that as on February 16, 2022, in UP around Rs 5,356 crore of sugarcane dues are still to be paid to the farmers for cane purchased from them.

Uttar Pradesh govt's new sugarcane order faces flak from banks

Data sourced from various agencies show that as on February 16, 2022, in UP around Rs 5,356 crore of sugarcane dues are still to be paid to the farmers for cane purchased from them.

RP must maintain digital records for eight years, physical for three: IBBI

Board amends CIRP rules to empower resolution professionals to convene a meeting of committee of creditors regardless of whether or not they have made such a request

At Rs 2.5 trillion, IBC recoveries one-third of admitted claims

Until December 31 last year, 457 companies were resolved under IBC: Govt tells Parliament.

Sintex Industries insolvency in final stages, company receives revised bids

Four companies, including Reliance Industries, competing for Sintex Industries have revised their bids that will now be placed before the Committee of Creditors (CoC) of the debt-ridden textiles maker for approval. Mukesh Ambani-led Reliance Industries Ltd is jointly bidding with Assets Care & Reconstruction Enterprise for Sintex Industries and according to some media reports, the amount is around Rs 2,800 crore. The resolution professional of Sintex Industries has also received bids from Welspun Group firm Easygo Textiles, GHCL and Himatsingka Ventures along with Shrikant Himatsingka and Dinesh Kumar Himatsingka Last week, Sintex Industries had informed that the Interim Resolution Professional has received revised Resolution Plans for the company from all four Prospective Resolution Applicants (PRA). "Revised Resolution Plans received from all four PRAs shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its ...

IndusInd initiates insolvency process against Zee Entertainment

IndusInd Bank claims to be the financial creditor before the NCLT for initiation of corporate insolvency resolution process against Zee and has claimed a default of Rs 83 crore

IBBI plans to reduce timelines under voluntary liquidation process

The Insolvency and Bankruptcy Board of India (IBBI) has proposed amendments to regulations governing the voluntary liquidation process to reduce timelines

Insolvency process: Banks put 4 mega power projects on the block

Several ARCs, the Tatas, JSW and the Adani group expected to bid for these

Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases

Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic

NCLAT issues stay order on insolvency proceedings against HCL Tech

Case against HCL Tech was filed with NCLT in 2019 by Sahaj Bharti Travels, which claimed HCL Tech had continued to default on its payment under minimum guarantee clause of the agreement

Budget 2022: MSMEs may get credit guarantee, better deal in IBC cases

Banks and MSME industry representatives have sought support for the sector in the line of ECLGS, a measure introduced early in the pandemic