Insolvency Guardian Media Centre
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The National Company Law Tribunal (NCLT) at Kochi has recently held that the pendency of an appeal or any other proceeding before a different forum cannot be a valid ground for missing the strict deadlines for filing claims under the Insolvency and Bankruptcy Code (IBC), while refusing to condone a delay of 787 days by the Customs Department
A coram of Judicial Member Vinay Goel and Technical Member Madhu Sinha observed,
“The pendency of an appeal or other proceeding before a different forum cannot be considered a sufficient or valid ground for non-filing of a claim within the prescribed period. If such a plea is accepted, it would defeat the very purpose of a time-bound liquidation process and open the floodgates for stale claims…
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The deal was strict but straightforward: if municipalities paid their current Eskom accounts in full for 12 consecutive months and met other technical conditions (such as restricting borrowing and implementing smart metering), the Treasury would assume their historic debt in three annual tranches.
However, information released to BizNews by DG Duncan Pieterse’s team at the National Treasury following a recent lockup presser confirms that for the majority of applicants, the discipline required to maintain these conditions has proven elusive.
The Western Cape clean sweep
The data reveal distinct differences in governance quality across provinces. The Western Cape achieved a 100% success rate for its applicants.
Four Western Cape…
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eThekwini Municipality’s debt relief programme boosts property transactions in Durban IOL
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MUMBAI: A former managing director of Provogue India Ltd has accused a resolution professional, ex-colleagues and several business associates of orchestrating a years-long scheme that allegedly depressed the company’s value during insolvency, concealed foreign assets, and siphoned dues from export clients.
Provogue’s Collapse and a Trail of Suspicion
When Provogue India Ltd entered insolvency proceedings nearly a decade after a fire crippled its Daman factory, few expected the retail brand once a mainstay in Indian malls to reappear in police case files. But according to a complaint filed by Nikhil Chaturvedi, the company’s former managing director, the years following the 2014 fire created an opening for what he describes as a…
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The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has held that assessment of provident fund dues during moratorium under Section 14 of the Insolvency and Bankruptcy Code (IBC) is impermissible.
Dismissing appeals filed by both the Resolution Professional (RP) and the Employees’ Provident Fund Organisation (EPFO), the Tribunal ruled that post‑moratorium claims based on fresh assessment orders cannot be admitted in CIRP.
The dispute arose in the corporate insolvency resolution process (CIRP) of Premshree Prime Properties Pvt. Ltd., admitted on 17 February 2023. CA Pankaj Shah was appointed as Interim Resolution Professional and later confirmed as Resolution Professional.
During …
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New Delhi: Business tycoon Gautam Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its Rs14,535 crore acquisition proposal for the bankrupt infrastructure group. Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL.
“The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL),” AEL said in a stock exchange filing.
Adani got the maximum 89 per cent votes from creditors, followed by Dalmia Cement (Bharat) and Vedanta Group, it added. Without…
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New Delhi: Business tycoon Gautam Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its Rs 14,535 crore acquisition proposal for the bankrupt infrastructure group. Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL.
“The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises Limited (AEL),” AEL said in a stock exchange filing.
Adani got the maximum 89 per cent votes from creditors, followed…
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Adani Enterprises share price: Shares of Adani Enterprises are expected to hog the limelight on Thursday, November 20, as, according to a PTI report, Gautam Adani has won the approval of creditors of Jaiprakash Associates (JAL) for its ₹14,535 crore acquisition proposal for the bankrupt infrastructure group.
Adani Enterprises, the flagship firm of Adani Group, outbid Vedanta and Dalmia Bharat to win the bid for JAL, the report added.
“The Committee of Creditors (COC) of Jaiprakash Associates Limited (JAL), a company undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 (IBC), has approved the Resolution Plan submitted by Adani Enterprises…