This article will take you 3 minute(s) to read Its no mystery that many startups and small businesses eventually fail. If there is life, there is death; similarly, for every billion-dollar unicorn company, there is a humongous number of startups that have gone onto the other side. More often than not, startups go bankrupt…
The jury is still out on Section 74 of the Insolvency and Bankruptcy Code (IBC), which details provisions for punishment of company officials who breach the moratorium or terms of the resolution plan approved by the committee of creditors as well as the adjudicating authority. While some experts say that invoking the…
Challenges of a liquidator include wading through complicated land ownership patterns of the corporate debtor. Photo: Bloomberg When Santanu T. Ray, a resolution professional, learnt that Conros Steel Pvt. Ltd will have to be liquidated, the first thing he did was to approach the committee of creditors (CoC) and requested all lenders to relinquish control…
In 2018, over Rs 80,000 crore was recovered from various corporate debtors. Photo:istock New Delhi: Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than Rs 80,000 crore in the year passing-by and the kitty is expected to swell beyond Rs 1…
The National Company Law Appellate Tribunal (NCLAT) has ruled that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan under the Insolvency and Bankruptcy Code (IBC). Simply put, a personal guarantor has no right to step into the shoes of a creditor against the corporate debtor…
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law. The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses,…
Varun Marwah December 24 2018 The NCLAT has passed a judgment ruling that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan.The Bench comprising JusticesMukhopadhaya and Bansi Lal Bhat was hearing an appeal filed by the promoters of Sharon Bio Medicine. The question of liability of…
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law. The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses,…
Companies Monday, December 24, 2018 2:06 By VICTOR JUMA Shoppers at a Nakumatt branch. FILE PHOTO | NMG More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default. The firms that went into voluntary or forced…
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India. It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India…