End of line for Elindi empire as High Court places companies under final liquidation order – Informanté
End of line for Elindi empire as High Court places companies under final liquidation order Informanté Read the original article here
Conversion Of Corporate Debtor To Private Company Can’t Be Denied On Grounds Of Pending SFIO Probe After Approval Of Resolution Plan: NCLT Mumbai
The National Company Law Tribunal (NCLT), Mumbai Bench of Sh. Prabhat Kumar (Technical Member) and Sh. Sushil Mahadeorao Kochey (Judicial Member)has held that an application for conversion of a company from a public limited company to a private limited company under an approved resolution plan cannot be rejected on the ground that prosecutions or SFIO…
End of the runway for Mango: Four years on, revival bid finally collapses – News24
End of the runway for Mango: Four years on, revival bid finally collapses News24 Read the original article here
Successful Resolution Applicants Are Bound to Implement Resolution Plan Within Statutory Timelines or Face Consequences
Successful Resolution Applicants Are Bound to Implement Resolution Plan Within Statutory Timelines or Face Consequences | Image: Initiative Desk Analysis of TAGUDA PTE LTD V. STATE BANK OF INDIA & ANR. Hardeep Sachdeva, Abhyudai Singh, Swati Sharma & Damini Sinha The Insolvency and Bankruptcy Code, 2016 (“IBC“) establishes a comprehensive time-bound legislative framework, which has…
Administrators appointed to logistics business at risk of liquidation – TheBusinessDesk.com
Administrators appointed to logistics business at risk of liquidation TheBusinessDesk.com Read the original article here
RCom urges SBI to withdraw ‘fraud’ tag against firm, Anil Ambani
Anil Ambani’s counsel is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” The counsel claimed the move was made “without giving Anil D. Ambani a chance to present his case.” Once among India’s largest mobile service providers,…
Supreme Court Ruling Shakes Up Insolvency and Competition Approvals in India
Introduction In 2016, the Insolvency and Bankruptcy Code (IBC) was introduced, fundamentally changing how distressed businesses in India are restructured and how debt recovery is managed. The IBC has paved the way for significant corporate restructurings, including the high-profile acquisition of Essar Steel by ArcelorMittal and the impending acquisition and revival of Videocon Industries by…
NCLT directs Liquidation u/s 33 of IBC in absence of Resolution Plan even after Extending Time Period [Read Order]
The Kolkata bench of the National Company Law Tribunal (NCLT) directed the liquidation under section 33 of Insolvency Bankruptcy Code (IBC), 2016 in absence of Resolution Plan even after extending the time period. he tribunal ordered the liquidation of Shomuk Consultancy Services Private Limited, the Corporate Debtor and Mr. Mahesh Chand Gupta is appointed as…
RCom urges SBI to withdraw ‘fraud’ tag against firm, Anil Ambani
Reliance Communications (RCom) is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” Company sources claimed the move was made “without giving Anil D. Ambani a chance to present his case.” Once among India’s largest mobile service providers,…
RCom urges SBI to withdraw ‘fraud’ tag against firm, Anil Ambani
Reliance Communications (RCom) is learnt to have urged the State Bank of India (SBI) to withdraw its decision classifying the debt-laden telecom operator and its promoter-director Anil Ambani as “fraud.” Company sources claimed the move was made “without giving Anil D. Ambani a chance to present his case.” Read More Once among India’s largest mobile…