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…
The administrators to the failed Ten Network have backed the proposed sale to the US broadcasting giant CBS as the best possible outcome for secured investors and the broadcaster’s staff. Mark Korda of the insolvency group KordaMentha has also told the ABC that delayed media reforms in Australia were not a factor in sidelining…
Prime Minister Narendra Modi and Chinese President Xi Jinping will hold their first substantive bilateral meeting today after the Doklam standoff, which had put India-China ties under strain. Heres a lowdown on nine macro triggers that are likely to impact the market on Tuesday. This report was compiled from agency feeds. Jaypee Infra Insolvency Prceedings…
Prime Minister Narendra Modi and Chinese President Xi Jinping will hold their first substantive bilateral meeting today after the Doklam standoff, which had put India-China ties under strain. Heres a lowdown on nine macro triggers that are likely to impact the market on Tuesday. This report was compiled from agency feeds. Jaypee Infra Insolvency Prceedings…
NEW DELHI: The National Company Law Tribunal on Monday ordered the initiation of insolvency proceedings against fund starved Amrapali’s Sillicon City on a plea from Bank of Baroda and appointed Rajesh Samson of Deloitte as the Insolvency Resolution Professional to take control of the entity controlled by Anil Sharma. Amrapali is the second major real…
NEW DELHI: The Supreme Court on Monday stayed insolvency resolution proceedings against Jaypee Infratech on a plea by buyers of homes in its projects in Noida, restoring the developers original board of directors and ordering resumption of all consumer cases filed against the company and its promoters. The court issued notices to Jaypee, its parent…
The National Company Law Tribunal (NCLT) has penalised corporate defaulters for attempting to misuse the moratorium provisions under the insolvency law to escape auction of assets by lenders under the Sarfaesi (The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act. Dismissing the insolvency petition filed by Neeta Chemicals, NCLT’s Hyderabad bench…