In a major step toward improving the insolvency resolution framework, the Insolvency and Bankruptcy Board of India (IBBI) has proposed a mechanism for better coordination of the Corporate Insolvency Resolution Process (CIRP) for interconnected entities.

A discussion paper released by the regulator highlights the inefficiencies, escalated costs and conflicts arising from the absence of a structured approach when multiple related entities undergo CIRP simultaneously. The proposed amendments seek to introduce joint hearings, appointment of a common resolution professional, information-sharing protocols and coordinated timelines to enhance efficiency and value realisation.

This initiative is being viewed as a “mini group insolvency”…

A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the period from July 13, 2021, to January 3, 2022, from the resolution process. The tribunal has also restored Shailesh Verma as the resolution professional (RP) of the company.

The tribunal’s order came in an application filed by the Union Bank of India, a secured creditor of the Lavasa Corporation on behalf of the secured creditors of the company, that sought to restore the…

Les på norsk.

TECO 2030 AS is bankrupt with NOK 204 million in debt. That was reported by Finansavisen earlier this week.

The board submitted the bankruptcy petition on Tuesday, a few hours before the Ringerike, Asker, and Bærum district court was to hear a bankruptcy petition from the Norwegian Tax Agency due to outstanding taxes and duties.

TECO 2030 AS is a subsidiary of TECO 2030 ASA and is a pure management company based in Bærum, near Oslo. The bankruptcy impacts fourteen employees.

“The bankruptcy will, for all intents and purposes, not affect ASA at all. What is sad is that we are losing many talented employees,” said TECO 2030 CEO Tore Enger to the newspaper.

Will not affect companies in Narvik directly

TECO 2030 ASA develops…

Noting that BPSL underwent a successful resolution under the IBC, Justice Manmeet Pritam Singh Arora held that the company could not have been prosecuted for offences committed before the commencement of the Corporate Insolvency Resolution Process (CIRP).

“A plain reading of the above provision would reveal that there is no dispute over the legal position that once a resolution plan has been approved by the adjudicating authority under…

You don’t have permission to access “http://www.business-standard.com/companies/news/delhi-high-court-quashes-ed-proceedings-against-bhushan-power-and-steel-125020601818_1.html” on this server.

Reference #18.7c052017.1738859685.1707fd6d

https://errors.edgesuite.net/18.7c052017.1738859685.1707fd6d

You don’t have permission to access “http://www.business-standard.com/industry/news/experts-differ-on-ibbi-s-move-to-permit-flat-possession-during-insolvency-125020601531_1.html” on this server.

Reference #18.7c052017.1738851704.16d130b1

https://errors.edgesuite.net/18.7c052017.1738851704.16d130b1

Please note that by blocking any or all cookies you may not have access to certain features, content or personalization. For more information see our Cookie Policy.

To enable cookies, follow the instructions for your browser below.

Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser. This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

2….

NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing.

The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing facilitators, involving land authorities in the process, and ensuring better monitoring of resolution plans, according to an official release.

The Insolvency and Bankruptcy Board of India (IBBI) has amended rules governing the corporate insolvency resolution process.

…