‘Pre pack resolution process has some serious pitfalls’
May 11, 2021
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Financial institutions may forfeit the ‘golden hours’ available for putting the entity back on track, says Bijoy Pulipra
The Pre Pack Insolvency Resolution Process (PPIRP) as an alternative insolvency resolution process for MSMEs may not yet be an effective solution in the prevailing environment for a country such as ours beset as it is with an inadequate legal infrastructure and poor legal literacy.
Introduction of complex laws such as PPIRP could have ideally waited until these faculties mature enough to be able to handle the processes involved, says Bijoy Pulipra, Company Secretary and Insolvency Professional.
Ahluwalia Contracts settles plea filed by operational creditor
May 11, 2021
On its part, A2 Interiors Products applies to withdraw the insolvency process initiated by the NCLT’s Delhi bench
Ahluwalia Contracts (India) Ltd has settled the payment issues with its operational creditor A2 Interiors Products and has sought to withdraw the insolvency process initiated by the National Company Law Tribunal (NCLT).
The matter has been amicably resolved and settled with A2 Interiors Products, who has, in turn, filed for the withdrawal of the Corporate Insolvency Resolution Process (CIRP) with the Interim Resolution Professional (IRP) and NCLT, Ahluwalia Contracts said in a statement.
Jaypee Infra insolvency: NBCC, Suraksha submit revised bids
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Last Updated: May 11, 2021, 08:50 PM IST
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Synopsis
New Delhi, May 11 () State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June 2019.
State-owned NBCC and Suraksha group, which are in the race to acquire Jaypee Infratech under the insolvency resolution process, have submitted revised bids and improved their offers for financial creditors. According to sources, NBCC and Suraksha group submitted their revised bids on Monday.
NCLT admits insolvency petition against textile company Sintex Industries
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Sintex is the largest debtor taken to the NCLT since the one year moratorium on filing fresh cases ended in March. Lenders tried to complete a one time settlement with Mumbai based Welspun Group in order to avoid going to NCLT. However, the Welspun offer involved as much as a 74% haircut and a long pay back period which discouraged lenders from taking the offer, three people familiar with the negotiations said.
Agencies
Delhi-based PNB is the lead lender to Sintex Industries, which also has a twin Sintex Plastics Technology, a household brand name of water tanks in India.
Explore Now
NEW DELHI: Nifty futures on the Singapore Exchange traded 135 points, or 0.91 per cent, higher at 15,003.50 signaling that Dalal Street was headed for a positive start on Monday. Here are a dozen stocks which may buzz the most in today s trade:
Q4 earnings: Zydus Wellness, Intellect Design Arena, HFCL: Zydus Wellness, Intellect Design Arena, Chambal Fertilizers & Chemicals, HFCL, Venky s (India), Paushak, HSIL, Satia Industries, PPAP Automotive, Oriental Aromatics, JMC Projects (India), Sangam Renewables, are among companies that will announce their March quarter results today
Ultratech Cement: The Aditya Birla Group firm reported a 45.2 per cent decline in consolidated net profit to Rs 1,774.13 crore for the fourth quarter ended March 2021 on account of reversal of deferred tax liabilities. The leading cement producer had posted a net profit of Rs 3,236.85 crore in the January-March quarter a year ago, it said in a BSE filing.