NEW DELHI: The Supreme Court on Monday re-initiated the insolvency resolution proceedings against Jaypee Infratech, while asking its parent company Jaiprakash Associates to deposit Rs 2,000 crore by October 27. Handing over the management of Jaypee Infratech back to the insolvency resolution professional (IRP), the apex court has asked the professional to submit an interim…
An Allahabad High court ruling involving troubled automaker LML has put the spotlight on the need for neat sequencing of recovery initiatives by lenders, with both banks and company managements often rushing to dedicated tribunals to start bankruptcy proceedings. The court barred parallel proceedings in the National Company Law Tribunal (NCLT) and the Debt Recovery…
The bid by Australian billionaires Lachlan Murdoch and Bruce Gordon for the Ten Network just didnt stack up against the offer from Americas CBS, according to administrators KordMentha. The American broadcast giant, a key content provider to Ten and one of its biggest creditors, is paying a minimum of $201.1 million for the Ten Network.…
MUMBAI: An Allahabad High court ruling involving troubled automaker LML has put the spotlight on the need for neat sequencing of recovery initiatives by lenders, with both banks and company managements often rushing to dedicated tribunals to start bankruptcy proceedings. The court barred parallel proceedings in the National Company Law Tribunal (NCLT) and the Debt…
‘Closure was never an option,’ says former Deputy Mayor Tom Antonio Node Tools (L-R) Senator Nick Xenophon, Korda Mentha administrators Mark Mentha and Sebastian Hams, and Tom Antonio. (second from right) with. 11 September 2017 Theodora Maios Last Friday was a great day for an estimated 5,500 Arrium workers who were finally reassured that their…
On June 13, the Reserve Bank of India (RBI) came up with an advisory asking banks to file insolvency and bankruptcy proceedings for 12 loan accounts, in which banks had an exposure of more than 5,000 crore each. This constituted about 25% of the systems bad loans whose total is estimated at 7 lakh crore.…
The National Company Law Tribunal, Chennai, on Saturday, reserved an order that would clarify whether a PSU would fall within the ambit of a corporate person under the Insolvency and Bankruptcy Code. The matter before the Tribunal pertains to Petitions filed by power producers Ind. Bharath Power Gencom Ltd, Ind. Bharath Thermal Limited and Aarkay Energy (Rameshwaram) Limited against…
The National Company Law Tribunal, Chennai, on Saturday, reserved an order that would clarify whether a PSU would fall within the ambit of a corporate person under the Insolvency and Bankruptcy Code. The matter before the Tribunal pertains to Petitions filed by power producers Ind. Bharath Power Gencom Ltd, Ind. Bharath Thermal Limited and Aarkay Energy (Rameshwaram) Limited against…
The National Company Law Tribunal (NCLT), Chennai, has reserved orders in a batch of petitions filed by power producers Ind Bharath Power Gencom Ltd, Ind Bharath Thermal Limited and Aarkay Energy (Rameshwaram) Limited against Tamil Nadu Generation and Distribution Company Ltd (Tangedco), the State government-owned power distribution company, according to legal…
Insolvency and Bankruptcy Board to formulate dedicated framework for SMEs soon New Delhi, Sept 9 (KNN) Eyeing at addressing the concerns of the Micro, Small and Medium Enterprises (MSMEs) in the country under the Insolvency and Bankruptcy Code (IBC), the IBC Board of India is in the process of formulating a dedicated insolvency framework…