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insolvency levels to remain stable amid the pandemic, but recent data shows significant surges as crisis-era support is withdrawn.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…
The government on Tuesday said that financial creditors have realised Rs 2.45 lakh crore or 36 per cent of their total claims under the insolvency resolution process till the end of June. As many as 4,540 companies were admitted under the corporate insolvency resolution process as of June 30 this year. The process is initiated…
MUMBAI: The National Company Law Tribunal (NCLT) Mumbai on August 6 dismissed an application seeking the closure of Rolta Indias Corporate Insolvency Resolution Process under the Insolvency and 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, saying that…
The National Company Law Appellate Tribunal (NCLAT)s April 13 order in the Aircel matter has precipitated various issues which will have implications on financing of assets such as telecom spectrum and restructuring of corporate debtors entitled to use said assets. The case has added relevance at this point of time as Vodafone Idea battles for…
The Mount Gambier Private Hospital will cease to operate in late August and instead will dissolve into the public service where it is co-locatedafter a decision yesterday during a meeting with creditors and administrators. Key points: The co-located private service will cease operations entirely on August 21 Hospital directors decided the hospital was no longer…
By Vishnu Makhijani New Delhi, Aug 9 (IANS): India’s laws relating to insolvency and arbitration are in sync with global practices, but are not a “cure for all problems” and would undergo reform over time to keep pace with the needs of the economy, says Vivek Sood, a Senior Advocate of the Supreme Court who…
The amendments “should pave the way for corporate India into the future”, Sood said, adding: “Of course, many other areas need reform too” and the Insolvency and Bankruptcy Code and the Arbitration and Conciliation Act “are not a cure for all problems”. “Free play in the joints ought to be given to the legislature and…
KIRK HARGREAVES/Stuff The companies were placed in liquidation following a High Court order, the liquidator says. Two companies in the Sacred Hill wine group have been placed into liquidation, with one of the companies owing staff $290,000. In May and June the group, including Sacred Hill Vineyards, Sacred Hill Marlborough Vineyards, Sacred Hill Family Vineyards…
The Parliamentary Standing Committee on Finance has called out the Ministry of Corporate Affairs on persistent vacancies in National Company Law Tribunals (NCLTs) leading to delays in corporate insolvency under the Insolvency and Bankruptcy Code (IBC). The committee has also recommended that the IBC be amended to prevent frivolous litigation and non-adherence to deadlines under…