Insolvency board IBBI issued a discussion paper to provide clarity on various operational aspects including those related to coordinated resolution of interconnected entities and streamlining of submission of resolution plans. The paper proposes several amendments to address operational challenges in the resolution framework. The IBBI has invited public comments on the discussion paper till February…
The recent Supreme Court ruling in Independent Sugar Corporation Ltd. (INSCO) v. Girish Sriram Juneja & Ors. has been hailed as a landmark judgment, fundamentally reshaping how insolvency and competition laws intersect in India. The verdict underscores the judiciary’s commitment to statutory compliance, reinforcing the principle that regulatory approvals must precede the approval of resolution…
Insolvency board IBBI issued a discussion paper to provide clarity on various operational aspects including those related to coordinated resolution of interconnected entities and streamlining of submission of resolution plans. The paper proposes several amendments to address operational challenges in the resolution framework. The IBBI has invited public comments on the discussion paper till February…
NEW DELHI: The Hyderabad bench of the National Company Law Tribunal (NCLT) on Thursday approved the Rs 16,084 crore resolution plan submitted by JSW Energy Limited for KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power company. The corporate insolvency resolution process against KSK Mahanadi Power Company Limited was initiated by Power Finance Corporation Limited…
Irish homeowners considering, or dreaming, of a makeover are on alert with a huge liquidation auction of a major Irish window and doors company… Read the original article here
Insolvency regulator IBBI has highlighted a welcome trend of more companies being “resolved” under Insolvency and Bankruptcy Code (IBC) and the number of liquidations going down in recent years. There is a consistent upward trend in corporate resolutions and a significant downward shift in the number of liquidations, starting from 2020-21, IBBI Chairman Ravi Mital said…
SINGAPORE – Once Indonesia’s start-up darling, eFishery is eliminating more than 1,000 jobs, or about 90 per cent of the workforce as the agritech firm, hit by fraud allegations, weighs a potential liquidation. The cuts began recently and more reductions are set to follow, people familiar with the matter said, asking not to be identified…
Highlights The Insolvency and Bankruptcy Board of India has implemented amendments to enhance the efficiency, transparency, and integrity of the Liquidation and Voluntary Liquidation processes, which include changes to auction timelines and stricter eligibility verification for bidders. Mandatory filing of a final report by liquidators when a scheme of compromise or arrangement is approved has…
The Hyderabad bench of the National Company Law Tribunal (NCLT) has officially approved the Rs 16,084-crore resolution plan proposed by JSW Energy Limited for the acquisition of KSK Mahanadi Power Company Limited, a Chhattisgarh-based thermal power producer. This significant development marks a crucial step in resolving the financial distress faced by the company. The corporate…
AGI Greenpac’s bid to acquire fellow Indian glassmaker Hindusthan National Glass and Industries (HNG) has been rejected by a court. India’s Supreme Court rejected the proposal despite recent conditional approval from the Competition Commission of India (CCI). The court said AGI Greenpac had violated the Insolvency and Bankruptcy Code by securing approval from a committee…