President Ramnath Kovind has given his assent to the Insolvency and Bankruptcy Code (amendment) Bill 2021, which was passed by the Parliament in the recently concluded monsoon session. This enactment will now provide the statutory backing for the pre-packaged insolvency resolution process (Pre-Pack) regime for companies classified as micro, small and medium enterprises (MSMEs). The…
By Express News Service NEW DELHI:Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate company undergoing the corporate insolvency resolution process, is likely to be liquidated after no bidders showed interest in acquiring the stressed company. The resolution professional received no resolution plan even as the threshold of 270 days got over on April…
Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021. TopicsDHFL|Q1 results Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June…
A parliamentary standing committee has called for an overhaul of the Insolvency and Bankruptcy Code (IBC), 2016. The major concern has been over large haircuts and a high rate of liquidation. While the suggestion to overhaul the law is welcome, it is important to understand the root cause of the problem and address the same.…
Mumbai: Nirmal Lifestyle has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT), which admitted an insolvency resolution petition against the company. A corporate debtor, the company had failed to make a payment of Rs 286 crore under…
The National Company Law Tribunal, Hyderabad, has initiated corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, against Sankhya Infotech Limited. The Bench of Madan Balachandra Gosavi, Member Judicial, and Veera Brahma Rao Arekapudi, Member Technical, while initiating insolvency proceedings, appointed Jagdees Kumar Morri as Interim Resolution Professional. The proceedings were initiated by Pudhota…
MUMBAI: Nirmal Lifestyle Ltd has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT) which admitted an insolvency resolution petition against the company.The company, a corporate debtor, had failed to make payment of Rs 286 crores under the…
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) dismissed last week an application seeking closure of Rolta Indias corporate insolvency resolution process (CIRP) under the Insolvency & Bankruptcy Code (IBC).A consortium of lenders to Rolta, represented by advocates Rohit Gupta and Nausher Kohli, had opposed a plea for closure of the process,…
The dedicated bankruptcy court dismissed the plea for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) against the IT firm Rolta India on Tuesday, observing that the court could not ignore the substantial claims of Financial Creditors because of the purported settlement of employees of the company. One of Rolta Indias employees had filed…
Forecasts predicting an impending tsunami of corporate insolvencies are alarmist, though the need for ongoing alertness remains, according to UK insolvency specialists. Government support measures have allowed insolvency levels to remain stable amid the pandemic, but recent data shows significant surges as crisis-era support is withdrawn. According to statistics released by the Insolvency Service, June…