Page 4 - Resolution Professional News Today

The Corporate Insolvency Resolution Process (“CIRP”) of a real estate company is fairly divergent from other sectors. The stressed real estate company may have multiple projects that may be at...

The National Company Law Tribunal (NCLT) declared the resolution plan by Wadhwa Buildcon LLPs promoters invalid, citing conduct issues by the Resolution Professional (RP) and the promoters being declared wilful defaulters. Bank of India, the companys financial creditor, raised concerns about irregularities in the approval process, leading to the plans rejection. NCLT found the voting dynamics skewed, favoring homebuyers over financial creditors due to RPs actions.

Wadhwa Buildcon: The matter, brought by the company’s financial creditor Bank of India, highlighted various irregularities in the approval process of the resolution plan, ultimately leading to its rejection.

Citations 2024 LiveLaw (Del) 253 to 2024 LiveLaw (Del) 285NOMINAL INDEXMaster Arnesh Shaw v. Union of India & Anr. 2024 LiveLaw (Del) 253M/s MAC Associates vs Parvinder Singh 2024 LiveLaw (Del) 254My...

The Delhi High Court has issued a show cause notice to the Resolution Professional (RP) of crisis-hit Go Air as to why contempt proceedings be not initiated against him, observing that he was unable...

Justice Tara Vitasta Ganju also noted that the RP must tell the court on March 6 if he is willing to handover the maintenance of the aircraft to the lessors or a third party agency.

The National Company Law Tribunal (“NCLT”), Kolkata Bench, comprising of Smt. Bidisha Banerjee (Judicial Member) and Shri Arvind Devanathan (Technical Member), has directed the Committee of...

Top Events of the Day: Farmers to observe Black Friday over the death of Shubkaran. PM Modi to launch multiple projects in Varanasi. NCLAT stays NCLT order in Dream 11 case till Feb 23. US to impose sanctions on over 500 targets in Russia. Jharkhand budget session to commence today.

Tata Steel and MLA Saryu Roy's vision for holistic development in Jamshedpur | Administration News | The Avenue Mail

When it comes to proposals to withdraw CIRP, it is not enough to only count the opinion of the majority of homebuyers, the NCLAT held.