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New Delhi: In a significant development in the Jet Airways insolvency case, the Supreme Court on Thursday ordered the liquidation of the grounded airline, forfeiting Rs 200 crore invested by the successful bidder, Jalan Kalrock Consortium (JKC), and allowing the lenders led by SBI to encash a Rs 150 crore performance bank guarantee (PBG).
Exercising its extraordinary powers under Article 142 of the Constitution, a bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra concluded the insolvency proceedings of the airline by overturning the decision of the National Company Law Appellate Tribunal (NCLAT). The bench criticised the NCLAT for…
Reserve Bank of India (RBI) Deputy Governor Rajeshwar Rao. File.
| Photo Credit: Reuters
Reserve Bank Deputy Governor M. Rajeshwar Rao on Saturday (December 7, 2024) 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 mechanism, Mr. Rao also said significant improvements are needed with respect to the area of CoC.
CoC has a key role in implementing the corporate insolvency resolution process under the IBC.
Mumbai: In a major relief to V Hotels (formerly M/s. Tulip Hospitality Services Ltd), the Bombay High Court has quashed an attachment order issued by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA). This order followed a provisional attachment issued by the Enforcement Directorate (ED).
V Hotels had challenged the provisional attachment order dated April 25 by the ED and the subsequent complaint filed by the central agency on May 22 before the Adjudicating Authority. The adjudicating authority confirmed the attachment of 12 properties, including the V Hotel near Juhu Beach, on May 27.
The hospitality company contended that it had undergone a successful…
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 on a plea by ICICI Bank.
The NCLAT bench, comprising chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, upheld the NCLT’s decision, saying, “After answering all the issues, we are of the view that no grounds have been made…
The Committee of Creditors rejected the e-voting for the appointment and fees of PVRN & Co. and Nangia & Co. LLP for conducting the Corporate Insolvency Resolution Process Cost Audit of Jaiprakash Associates Limited, with votes receiving 49.07% and 46.63% respectively.
The National Company Law Appellate Tribunal upheld the National Company Law Tribunal’s decision to admit Jaiprakash Associates Limited to the Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016, following a petition from ICICI Bank Limited.
Austrian real estate, media and retail investor and founder of Signa Holding Rene Benko is seen prior to the Formula One Austrian Grand Prix at the Red Bull race track in Spielberg, Austria on July 2, 2023.
Georg Hochmuth | Afp | Getty Images
Rene Benko, the fallen property tycoon whose Signa empire toppled in a series of high-profile insolvencies, has filed for insolvency himself at an Austrian court, a court spokesperson told Reuters on Thursday.
Benko lodged his application for sole trader insolvency with a regional court in Innsbruck, the spokesperson said, confirming a report in Austria’s APA news agency.
This would allow Benko to apply for reorganisation proceedings, unlike filing for personal bankruptcy.
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.
