IBC Committee Report: Home buyers as financial creditors, voting threshold at 66% and more – Bar & Bench

The 14-member Insolvency Law Reforms Committee, which was established in December, 2017 has come out with a 106-page report recommending amendments to the Insolvency and Bankruptcy Code, 2016 (IBC). The Committee was chaired by Ministry of Corporate Affairs (MCA) Chairman, Injeti Srinivas with members from the legal fraternity as well, including Shardul Shroff of Shardul Amarchand…

How Educomp May Have Subverted the Spirit of India’s Insolvency and Bankruptcy Process – The Wire

New Delhi: Are the Narendra Modi governments attempts at cleaning up Indias bad loans crisis specifically the new bankruptcy law for the resolution of unpaid bank loans by companies being gamed by promoters who might be using these new mechanisms to escape their repayment obligations? Consider the case of Educomp Solutions (ESL), which was once…

Serbia to sell insolvent tractor maker IMT to India’s Tafe – PM Brnabic – SeeNews

BELGRADE (Serbia), April 3 (SeeNews) – Serbia’s government plans to sign a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($697,000/565,000 euro), Serbian prime minister Ana Brnabic has said. The contract will be signed in the coming three days and the acquisition of…

Viceroy Hotels checks into insolvency process at NCLT – Times of India

HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose. This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar…

FirstEnergy Seeks Bankruptcy Protection for Ailing Coal and Nuclear Subsidiaries – Greentech Media

Utility FirstEnergy has taken the long-threatened step of filing for bankruptcy protection for its competitive power generation subsidiaries. It’s the latest development for a coal and nuclear power fleet that has become a focus of the Trump administrations efforts to shift energy policies to favor fossil-fired electricity.  Saturdays filing with the U.S. Bankruptcy Court for…

‘It was never going to work’: Bunnings expected to struggle for buyers in UK – The Sydney Morning Herald

The Homebase business is not very well positioned now. Its overpriced and over rented in terms of the properties – all the properties are far too expensive,” Mr Grimsey told Fairfax Media. “Theyve paid too much for it… theyve arrived in England with a Bunnings format and really plonked Australia into England and that was…

Electrosteel’s RP submits Vedanta resolution plan – Business Standard

Electrosteel Steels’ resolution professional (RP) on Monday submitted Vedanta’s resolution plan before the Kolkata bench of National Company Law Tribunal for final disposal after lenders declared it as “successful resolution applicant”. However, Renaissance Steel, one of the resolution applicants, was opposing the Committee of Creditors’ (COC) decision in respect to eligibility of its rival…