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The court quashed and set aside the judgment and orders dated 05.09.2019 and 17.02.2022 passed by the NCLT and the NCLAT
The Supreme Court rejected the Resolution Plan submitted by JSW Steel for Bhushan Steel and Power Ltd holding that the Resolution Plan was illegal and contrary to the provisions of the Insolvency and Bankruptcy Code ( IBC ).The Court ordered the liquidation of Bhushan Steel and Power Ltd.
A two-judge bench comprising Justice Bela M. Trivedi and Justice Satish Chandra Sharma found that the Committee of Creditors(CoC) should not have accepted it. The bench also faulted the National Company Law Tribunal for approving the Resolution Plan.
Justice Bela Trivedi found that the resolution professional had utterly failed to…
The Supreme Court on May 2 rejected the resolution plan submitted by JSW Steel for Bhushan Steel and Power Ltd (BSPL) on May 2 and ordered the liquidation of BSPL under the IBC.
A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) — for enabling what it termed a “flagrant violation” of the IBC.
Justice Bela Trivedi, pronouncing the verdict, said the resolution professional failed to perform his statutory duties during the corporate insolvency resolution process, as mandated under the IBC and its associated…
The Supreme Court on May 2 rejected the resolution plan submitted by JSW Steel for Bhushan Steel and Power Ltd (BSPL) on May 2 and ordered the liquidation of BSPL under the IBC.
A bench comprising Justice Bela M Trivedi and Justice Satish Chandra Sharma criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the Committee of Creditors (CoC), and the National Company Law Tribunal (NCLT) — for enabling what it termed a “flagrant violation” of the IBC.
Justice Bela Trivedi, pronouncing the verdict, said the resolution professional failed to perform his statutory duties during the corporate insolvency resolution process, as mandated under the IBC and its associated…
The National Law Company Tribunal (NCLT) in Bengaluru on Thursday once again deferred its order on a petition seeking the initiation of insolvency proceedings against hyperlocal delivery platform Dunzo, as per reports by Bar & Bench.
This marks the third postponement by the Tribunal, despite the urgency outlined under India’s Insolvency and Bankruptcy Code (IBC).
The insolvency plea, filed by invoice discounters of the Reliance Retail-backed startup, was first scheduled for pronouncement on April 4, then pushed to April 28, and again to May 1. On each occasion, the Tribunal cited the inability to finalise the written order. It has now scheduled the pronouncement for May 27.
The plea was originally filed in 2024, seeking the admission of…
A bankrupt landlord has been handed a suspended sentence after he “took advantage” of a taxpayer-backed Covid loan scheme by applying for tens of thousands of pounds – despite his pub closing before the pandemic.
The bounce-back scheme was introduced to help small businesses through the pandemic by allowing applicants to borrow up to £50,000 at a low interest rate.
But Wright’s pub closed down in September 2019, six months…
Most creditors oppose restructuring, court to hear case in May
British specialty steelmaker Liberty Specialty Steel UK may face bankruptcy proceedings after all Greensill’s creditors and more than three-quarters of other creditors voted against the company’s restructuring plan. This was reported by Argus.Media, citing sources in the company.
The restructuring plan was considered at a hearing on April 30. Now the final decision is to be made by the court at a sanction hearing scheduled for May 15-16. If the judge finds the creditors’ position unreasonable, he can legally reject their vote. However, sources attending the hearing…
The Supreme Court’s verdict ordering the liquidation of Bhushan Power and Steel (BPSL) has reignited uncertainty over one of India’s largest insolvency resolutions, dragging the acquirer JSW Steel into potentially a complex legal and financial quagmire, say experts.
The apex court on May 2 rejected JSW Steel’s resolution plan to acquire Bhushan Power and Steel, four years after the takeover was completed, ordering liquidation of the debt-ridden firm. Shares of JSW Steel ended the trading session sharply lower by close to six percent, following the verdict.
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Despite having successfully completed the acquisition and operated the company since 2021, JSW Steel…
GrowthOps, the parent company of agencies including AJF Partnership, Khemistry, and APD, has entered administration and is undergoing liquidation for most of its entities.
Administrators, Katherine Sozou and Damien Pasfield of McGrathNicol, were appointed on 31 March to oversee the voluntary administration process of three business units – GrowthOps Limited, Asia-Pacific Digital (APD) and a third entity known as ACN 123287025 Pty Ltd – after directors of the company voted in favour of winding up the business.
McGrathNicol were also appointed liquidators for 19 entities on the same day, including AJF Partnership, Voodoo Creative, JTribe and 3wks. The advisory form was subsequently appointed yesterday as liquidator for a further two…
