Section 74(3) of the IBC stipulates that officers of those companies who knowingly and wilfuly contravene the terms of the resolution plan should be sentenced to imprisonment
India must guard against perverse bankruptcy judgments, such as the one on Essar Steel
Govt has moved fast to address IBC problems
Several government bodies have questioned the validity of resolution plans that reduces their claims
At 69, with about seven months to go before his superannuation, Justice Mukhopadhaya often rues that he is racing against time to complete as many cases as he can
The ruling can make credit costs for India Inc. surge, shares of state-run banks swoon and foreign investors flee
Appellate tribunal also asks Bakshi to indicate how much he can pay Hudco, which is seeking Rs 190 crore
The appellate tribunal said it found "no merits" in HDFC's petition and said that non-bank financial lenders come under the purview of the Reserve Bank of India
SBI chairman Rajnish Kumar, whose bank has lent more than Rs 15,000 crore to Essar Steel, said the NCLAT verdict will discourage banks from taking stressed asset cases to the insolvency process
The tribunal observed that the NCLAT order has changed the entire outcome for all stakeholders and is like a formula with clear-cut directions on the distribution of the proceeds should be carried out
The appellate tribunal said that it appears that even on April 16, 2019, when the matter was listed, order had not been pronounced
Company had supplied machine for producing juice, Mirinda cups to Oceanic Tropical, which is undergoing liquidation
HSBC Daisy had moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel
Passing an order on November 6, 2018, the CCI had held that the business practices of Flipkart and Amazon are not in violation of competition norms
Solicitor General Tushar Mehta, representing HUDCO informed the appellate tribunal that a matter related to the dues of Rs 195 crore is going on at Delhi-based Debt Recovery Tribunal
The National Company Law Appellate Tribunal Monday directed debt-ridden IL&FS to submit information over investment made by pension and provident funds in its four group firms, and also sought details of financial liabilities of those entities. These four 'amber' companies are -- Hazribagh Ranchi Expressway, Jharkhand Road Project Implementation Company, Moradabad Bareily Expressway and West Gujarat Expressway. The NCLAT also made clear that it has not stopped IL&FS and its group entities from going for resolution process. During the proceedings of the appellate tribunal, a two-member bench headed by Justice S J Mukhopadhaya observed that the money invested by pension fund, and provident fund in the IL&FS companies should be released first. "Provident fund and pension fund have nothing to do with this, this is not your money, it is related to the employees. "We want that it should be released first," the bench said. The NCLAT had directed 4 out of 13 amber entities to ...
"The posts will be created in Level 17 (Rs 2,25,000 - fixed) plus allowances as admissible. The total financial implication will be Rs 2,27,82,096 per annum," according to an official release
If the possession has already been handed over, promoter will not alienate, transfer or create third-party encumbrance of properties and must ensure firm remains a going concern
The appellate tribunal was scheduled to hear some important matters listed before it, including matters of Jyoti structures, Dishnet wireless, Monnet Ispat and Liberty House
Appellate tribunal says RP must consider BHEL's claims if company is able to verify the same