On 4 September, a Supreme Court bench comprising Chief Justice Dipak Misra and Justices Khanwilkar and Chandrachud granted an interim stay on the order of National Company Law Tribunals (NCLT) bench at Allahabad in the insolvency case against Jaypee Infratech, an infrastructure and real estate company. The NCLT had ordered the proceeding under the Insolvency…
IDBI Bank moved the Supreme Court on Tuesday against its day-old order that put on hold National Company Law Tribunals (NCLT) directive to initiate insolvency proceedings against Jaypee Infratech on the banks plea. IDBI Bank counsel, senior advocate Abhishek Manu Singhvi, told a bench headed by Chief Justice Dipak Misra that the top courts order…
For devout individuals, getting rid of sins is relatively easy. If you are a Hindu, you take a dip in the holy river, Ganga. If you are a Catholic, you confess to your priest. But companies had no such easy path to absolution. Till we created the Insolvency and Bankruptcy Code (IBC). For a company,…
Share Tweet Share Share Email With some top developers in the National Capital Region (NCR) filing for insolvency, a Magicbricks Consumer Choice Poll revealed that about 90% of investors are unaware of their rights and how they are impacted when their developer is declared insolvent. Magicbricks, conducted the poll (sample size of 900) to get insights into…
Business and personal insolvency experts, Fortis Insolvency, has selected encompass verify to support and enhance their Know Your Customer (KYC) compliance processes. Manchester based Fortis Insolvency provide advice and support to business and individuals across the north west who may be facing financial and operational issues. The only provider of simultaneous, real-time access to multiple…
The Corporate Insolvency Bill, which is expected to provide a framework for restructuring viable but temporarily distressed businesses and the New Companies Bill, which includes a clause on beneficial ownership, are expected to be laid before Parliament soon, the Ghana Association of Restructuring and Insolvency Advisors (GARIA) has indicated. Currently, the two bills are…
The declaration of Jaypee Infratech as insolvent under the new Insolvency And Bankruptcy Code, 2016 is just the tip of a massive real estate ice berg which has the potential to sink hundreds of thousands of families. Other developers will follow the same exit route soon given the impunity with which they have been siphoning…
NEW DELHI: The Supreme Court today agreed to hear IDBI Bank’s plea seeking modification of its order staying insolvency proceedings against embattled real estate firm Jaypee Infratech on September 11. A bench comprising Chief Justice Dipak Misra and Justices Amitava Roy and A M Khanwilkar considered the submission of the bank that staying the order…
The Supreme Court has agreed to hear IDBIs plea seeking modification of its order staying the insolvency proceedings initiated against real estate firm Jaypee Infratech at the National Company Law Tribunal (NCLT), Allahabad. The apex court on Monday stayed the insolvency proceeding against the Jaypee, and issued notice to firm and others on a plea…
Did the Supreme Court do the right thing by staying the insolvency proceedings against Jaypee Infratech in a petition filed by home buyers who have preferred claims against the company? The answer is no and yes. The whole point of legislating an Insolvency and Bankruptcy Code is to speed up the process of resolving bad…