The National Company Law Appellate Tribunal (NCLAT), Chennai Bench, comprising of Justice Rakesh Kumar Jain (Judicial Member) and Shreesha Merla (Technical Member) has dismissed an appeal and held that claims of a Financial Creditor and members of CoC cannot be reargued once the order of NCLAT has already attained finality. Background Facts On 02/04/2011, Mahal…
New Delhi: Sustainability is set to become a central consideration for debt resolution under the Insolvency and Bankruptcy Code (IBC), in a move that could make India a pioneer in the decision-making process over whether and how to rescue distressed businesses. Rule-maker Insolvency and Bankruptcy Board of India and the ministry of corporate affairs have…
de Jonge Read founder and executive director Henry Hank de Jonge. At first glance, schooling accountants on saving businesses when one of your own companies is hopelessly insolvent would seem presumptuous. But maybe insights that cannot be acquired without enduring the stigma of unmanageable indebtedness imbue one with unmatched credibility? Certainly the recent placing of…
Experts, however, point out that the norms need to be detailed a little more to ensure innocent promoters with no malafide intent are not affected Certain amendments suggested are targeted specifically to eliminate conflict of interest, according to legal experts. The regulations proposed for Special Situations Funds (SSF) may finally stop promoters from round tripping…
Insolvency regulator Insolvency and Bankruptcy Board of India (IBBI) has a new Executive Director, Jitesh John. John, a 2001 batch Indian Economic Service Officer, previously served as an Economic Advisor in the Ministry of Power. He assumed charge of his new role at IBBI on Friday. John has a post-graduate degree in Economics and has…
Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly restructuring or liquidation that is consistent across the various jurisdictions involved. This note considers the recent Singapore cases that demonstrate this approach and highlights…
NEW DELHI : Go First on Thursday informed the Delhi High Court that it had exhausted the funds provided by the Committee of Creditors and was dealing with a shortage of manpower and financial constraints. The airline had received interim financing of Rs100 crore from the CoC for service maintenance costs. The resolution professional (RP)…
Go First CEO Kaushik Khona announced his exit from the airline in an e-mail to employees six months after it voluntarily entered into insolvency resolution due to a fund crunch it blamed on Pratt and Whitney engine failures. Things have not worked in our favour inspite of huge efforts. Even salaries have not been paid…
Peter Connor, the latest recruit at insolvency and corporate recovery practice Inquesta Insolvency and corporate recovery practice Inquesta has strengthened its team with the appointment of Peter Connor, who has over 25 years experience in the field. Peter has joined Inquesta as a business development manager. He has previously worked in similar roles at firms…
MUMBAI : The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the liquidator of insolvent firm Bharati Defence and Infrastructure Ltd to admit Union Bank of Indias claim amounting to Rs208 crore as an operational debt. The liquidator had rejected the state-owned banks claim in February 2019 saying it did not qualify…