Page 2 - Insolvent Companies

Insolvent companies could lose spectrum under the new Telecom Bill

Spectrum assigned to the insolvent company will revert to government control in case it fails to comply with these conditions

NCLT directs to initiate insolvency proceedings against realty firm Ajnara

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Ajnara Ltd and appointed an interim resolution professional for the NCR-based real estate developer. A two-member New Delhi-based bench held the insolvency petition filed on behalf of 113 allottees of Ajnara Ambrosia as maintainable and as per the builder-buyer agreement, it was bound to give possession within three years of booking. "The corporate debtor has defaulted in handing over the units to the respective home buyers/allottees as per the terms of the builder-buyers agreement," said NCLT. The NCLT bench said its a "fit case" for admission of insolvency petition against Ajnara. "In the given facts and circumstances, the present Application being complete and the applicants/Financial Creditors having established the default on the part of the Corporate debtor in payment of the financial debt being committed above the threshold limit, the present Application is admitted," it said. A

IBBI fixes timelines for the liquidation process to reduce delays

If any claim is not filed during the liquidation process, the amount of claim collated during CIRP should be verified by the liquidator

After lay-offs, edtech startup Lido Learning files for insolvency

Lido Learning's board of directors has passed a special resolution to file an application under section 10 of IBC, 2016

Future Supply Chain Solutions reports Q4 net loss of Rs 624.22 crore

The loss was mainly on account of credit loss from group firm Future Retail Ltd (FRL) which is now facing insolvency proceedings.

Power to admit insolvency application not binding even when debt owed: SC

The bench said NCLT failed to appreciate the question of time-bound initiation and completion of corporate insolvency resolution process could only arise if companies were bankrupt or insolvent

IBBI releases discussion paper aimed at improving value of stressed assets

Proposals call for marketing strategy where total claims exceed Rs 100 cr; creditors can also propose steps to market stressed assets

Insolvency regulator working to bring mediation in insolvency cases

A source privy to IBBI's discussion said mediation might address the issue of courts delaying the insolvency process.

Supertech stares at insolvency amid heat of twin-tower demolition

Supertech fought a long and draining legal battle to protect its twin towers -- having over 900 flats and 21 shops -- against demolition, which had been ordered for violation of building bylaws

NCLT begins insolvency proceedings against realty firm Supertech

Union Bank claims unpaid dues of Rs 492 crore

NCLT orders insolvency proceedings against Supertech over Rs 432-cr default

The NCLT said 'there has been a default in payment of the financial debt' and appointed Hitesh Goyal as the Interim Resolution Professional superseding the board of Supertech Ltd

Sintex Industries: Yarn of mistiming, bad luck and rapid growth

It owes creditors Rs 7,500 crore now

Srei files writ petition in Bombay High Court against RBI

The matter will be heard on October 7

Financial creditors realised 36% of their total claims under IBC: Govt

The government on Tuesday said that financial creditors have realised Rs 2.45 lakh crore or 36 per cent of their total claims under the insolvency resolution process till the end of June.

Defaulters seek generous bailouts like Siva-IDBI Bank one-time settlement

That deal, approved by 90% of Siva Industries lenders, was signed as there were no other suitable offers; lawyers say it will set a bad precedent

IBC redefines debtor-creditor relationship, says Economic Survey

IBC has ushered in significant behavioural changes, the survey said

Many companies are in default due to force majeure clauses: IBBI Chief

M S Sahoo said that the average life of S&P 500 companies has reportedly reduced from 90 to 18 years over the last century

LS Speaker refers IBC Amendment Bill to standing committee on finance

It was passed by the Cabinet and subsequently introduced in the Lok Sabha during the Winter session earlier this month

NCLAT sets aside Dhanuka's resolution plan for debt-laden Orchid Pharma

NCLT had approved Dhanuka's resolution plan on June 25, 2019

3 years on, just 6% resolution plans accepted under IBC, says report

Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on