Insolvency Guardian Media Centre
Relief for giant Moi-era construction firm put under liquidation Business Daily
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JAL was admitted into the Corporate Insolvency Resolution Process (CIRP) through the National Company Law Tribunal, Allahabad Bench, order dated June 3, 2024.
Gautam Adani’s group, Anil Agarwal’s Vedanta Group, and yoga guru Baba Ramdev’s Patanjali Ayurveda are among the 26 entities that have shown interest in acquiring…
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Quantron is out of insolvency: founder Andreas Haller has taken over the company Sustainable Bus
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IDBI Bank’s insolvency appeal against ZEEL dismissed by NCLAT MSN
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However, the appellate tribunal granted liberty to IDBI Bank to move a fresh plea for default outside of the period mentioned in section 10A of the Insolvency & Bankruptcy Code.
Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by…
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The National Company Law Appellate Tribunal (NCLAT) on Monday (Apr 7) dismissed an appeal filed by IDBI Bank challenging the order of the National Company Law Tribunal (NCLT) which dismissed an insolvency plea against Zee Entertainment Enterprises Limited (ZEEL). NCLAT is the appellate body for the decisions of the bankruptcy court NCLT.
As per Bar and Bench, the matter relates to an agreement signed on August 3, 2012, in which ZEEL was a corporate guarantor for a working loan facility provided by IDBI Bank to Siti Networks Ltd. Later, Siti Networks defaulted on the loan facility of Rs 149.6 crore, after which IDBI Bank filed an insolvency plea against ZEEL. In 2019, the main borrower Siti Networks’ account…
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New Delhi, April 7: Billionaire Gautam Adani’s group and FMCG major Patanjali Ayurveda are among 26 companies that have shown interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings. Jaiprakash Associates, a key player in sectors like real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024.
The proceedings were initiated after the company defaulted on repayment of massive loans. According to a stock exchange filing, companies such as Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement, Oberoi…
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Section 10A mandates that no application for initiation of the corporate insolvency resolution process (CIRP) can be filed against any debtor by…
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In the case of Bhushan Power & Steel Limited (BPSL) v Union of India & Another (2025), Delhi High Court has held that once a resolution plan is approved and a change in management occurs, a corporate debtor cannot be prosecuted for offences committed prior to commencement of the Corporate Insolvency Resolution Process (CIRP).
The court was hearing a writ petition filed by BPSL, seeking to quash the enforcement directorate complaint.
Background
The Punjab National Bank initiated a CIRP against BPSL before the National Company Law Tribunal (NCLT). Sometime afterwards, the Central Bureau of Investigations registered criminal cases against BPSL for corruption, cheating and forgery. Subsequently, the Enforcement…