In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency. This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based…
The 44th meeting of the consolidated Committee of Creditors (CoC) for Videocon Industries Limited and 12 other Videocon group companies is scheduled for Tuesday, December 10, 2024. This meeting, a pre-facto intimation, adheres to the Insolvency and Bankruptcy Board of India regulations and addresses the ongoing consolidated corporate insolvency resolution process. Updated On Dec 7,…
Australia’s bankruptcy laws will come under the microscope in the most extensive review into insolvency in more than three decades, as the end of pandemic-era support prompts the collapse of financially stretched businesses. The inquiry is likely to recommend ways to simplify the country’s notoriously complex insolvency regime, but the Albanese government says it wants…
Videocon Industries schedules 44th meeting of creditors for corporate insolvency resolution ETLegalworld Read the original article here
Shoosmiths is pleased to announce the appointment of Jonathan Dunkley as a partner in its Corporate Restructuring & Advisory (CR&A) team. Jonathan is based in Shoosmiths’ London office, where he will play a key role in enhancing the firm’s CR&A capabilities. Jonathan joins Shoosmiths from Womble Bond Dickinson, where he led the London Restructuring and…
The Hyderabad bench of the National Company Law Tribunal ( NCLT ) held that the Comittee of Creditors ( CoCs ) can take decision to consolidate the Corporate Insolvency Resolution Process ( CIRP ). The application has been filed by the suspended director of M/s. Manjeera Retail Holdings Private Limited ( MRHPL ),Gajjala Yoganand which,…
Reserve Bank of India Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors under the insolvency resolution process. While emphasising that the Insolvency and Bankruptcy Code, which was introduced in 2016, has gained significant traction as a recovery and resolution mechanism, Rao also said significant…
New Delhi, Dec 7 (PTI) Reserve Bank Deputy Governor M Rajeshwar Rao on Saturday pitched for an enforceable code of conduct for the Committee of Creditors (CoC) under the insolvency resolution process. While emphasising that the Insolvency and Bankruptcy Code (IBC), which was introduced in 2016, has gained significant traction as a recovery and resolution…
It was evident that the appellant could not have adjusted the security deposit given by the corporate debtor towards its pre-CIRP dues after the admission of the corporate debtor into the insolvency The Chennai bench of the National Company Law Appellate Tribunal ( NCLAT ) has held that pre-CIRP dues cannot be recovered once the corporate…
The NCLAT New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Barun Mitra (Technical Member) has held that section 43 of the code can be attracted only when the transaction in question is made by the corporate debtor and not when it is made by the third party in pursuance of a statutory demand.…