Insolvency tribunal NCLT approved 180 resolution plans in FY23, making it the highest-ever annual number so far. With this, NCLT has clocked in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was…
Insolvency tribunal NCLT approved 180 resolution plans in FY23, the highest-ever number so far, resulting in a total realisation of Rs 51,424 crore from stressed assets. While, in terms of realisation of the amount for creditors, this is the second highest after FY19, when the total realisation was Rs 1.11 lakh crore after completing 77…
Yet again, the Supreme Court of India has said that if the National Company Law Tribunal (NCLT) is satisfied that a default has occurred, then it has no option but to admit an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The tribunal has no discretion in such matters, it said…
The Congress on Friday attacked the government over the low debt recovery under the Insolvency and Bankruptcy Code and asked whether it was a mechanism to rescue stressed firms or another tool for organised loot”. The Opposition party also asked whether the Insolvency and Bankruptcy Code (IBC) was aimed at helping cronies for creating monopolies…
India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity –…
India’s largest gas firm GAIL has infused Rs 2,100 crore in insolvent private-sector chemical company JBF Petrochemicals Ltd that it had acquired in bankruptcy proceedings. The firm had in March won bankruptcy court approval for taking over JBF. In a stock exchange filing, GAIL (India) Ltd said it has “infused Rs 2,101 crore (equity –…
Shardul Amarchand Mangaldas advised the committee of creditors, including Axis Bank, State Bank of India and others, in the corporate insolvency resolution process of Educomp Infrastructure and School Management. JC Flowers Asset Reconstruction, Punjab National Bank, Karnataka Bank, Union Bank of India and Bank of India also also among the committee of creditors. Partner Jatin…
Future Lifestyle Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the corporate insolvency resolution process (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of Rs 2,117.03 crore and claims worth Rs 38.5 crore are “under verification”, said…
Future Lifestyle Insolvency: RP receives claims of Rs 2,155.53 crore from financial creditors Future Lifestyle Fashions Ltd has received a total claim of Rs 2,155.53 crore from 12 financial creditors in the corporate insolvency resolution process (CIRP) initiated against this Future group company recently. The resolution professional of the company has provisionally admitted claims of…
The JCT is due to release a new suite of contracts within the year ahead. Aside from the homeowners building contracts released in 2021, this will be the first new suite since 2016. The new contract suite is expected to address several issues that have arisen over the last seven years, including insolvency a particular…