Reserve Bank of India Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. While emphasising that the Insolvency and Bankruptcy Code, which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, Rao also said significant…
New Delhi, Dec 7 (PTI) Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors (CoC) under the insolvency resolution process. While emphasising that the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016, has gained significant traction as a recovery and resolution…
It was evident that the appellant could not have adjusted the security deposit given by the corporate debtor towards its pre-CIRP dues after the admission of the corporate debtor into the insolvency The Chennai bench of the National Company Law Appellate Tribunal ( NCLAT ) has held that pre-CIRP dues cannot be recovered once the corporate…
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Barun Mitra (Technical Member) has held that section 43 of the code can be attracted only when the transaction in question is made by the corporate debtor and not when it is made by the third party in pursuance of a statutory demand.…
Highlights The National Company Law Appellate Tribunal upheld the order of the National Company Law Tribunal admitting Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process. The National Company Law Appellate Tribunal found that Jaiprakash Associates Limited had made a One Time Settlement offer and paid ₹ 200 Crores as an upfront amount. The appeals…
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In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency. This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based…
Banking Insolvency in Nigeria: Liquidation of Heritage Bank as Case Study Proshare Read the original article here
Liz Purtell worked for Autograph for 27 years and feels she’s been treated badly by the company. Photo: Oliver Jacques. Collapsed women’s clothing company Mosiac Brands owes creditors $250 million worldwide, with many Australian staff members still not paid their entitlements weeks after store closures. In early October, Mosaic announced it would be winding up…
The National Company Law Appellate Tribunal (NCLAT) has rejected Jaiprakash Associates Ltd’s plea challenging insolvency proceedings initiated against the company. The decision upholds the NCLT’s order to initiate Corporate Insolvency Resolution Process (CIRP) against the company. New Delhi, Dec 6 (PTI) The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition…