Page 44 - Resolution Professional News Today

63Moons moves NCLT against Piramal ascribing ₹1 value to DHFL’s ‘recoverable’ assets April 25, 2021 × 63Moons Technologies has dragged Piramal Capital and Housing Finance to the National Company Law Tribunal (NCLT) for ascribing ‘₹1’ value to the assets or transactions of Dewan Housing Finance Corporation (DHFL) that, it says, have a recovery potential of more than ‘₹40,000 crore’. DHFL, one of India’s largest housing finance companies, is in the midst of insolvency pro...

Two years since it stopped flying, Jet Airways awaits NCLT clearance April 18, 2021 The airline was grounded on April 17, 2019 “I am hoping we won’t see a third anniversary of Jet’s grounding within the next three to four months,” says Ashish Chhawcharria, the Resolution Professional looking after the airlines sale under the insolvency process. April 17 marked the second year since Jet Airways was grounded over multi-crore unpaid dues after 25 years of operations. Six months ago, on Oc...

Synopsis The Code emphasizes on reorganization and insolvency resolution of the Corporate Debtor, while maximizing the value of assets of the CD and promoting entrepreneurship, availability of credit and balancing the interests of all stakeholders. iStock When the Code was introduced it took time to settle before it was used cautiously by the creditors especially operational creditors. The Government of India by way of an ordinance on April 4 2021 amended the Insolvency and Bankruptcy Code 20...

NCLAT directs liquidation of KS Oils, pulls up NCLT for lapse of 981 days SECTIONS Last Updated: Mar 17, 2021, 05:25 PM IST Share Synopsis The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set aside an NCLT order passed against it. The National Company Law Appellate Tribunal (NCLAT) has directed to initiate liquidation process of leading integrated edible oil company K S Oils Ltd and set asi...

NCLAT orders KS Oils liquidation; raps NCLT for lapse of 981 days March 17, 2021 The insolvency resolution was initiated by the NCLT on 2017   -  Getty Images/iStockphoto× ‘Delay in resolution defeats purpose of Insolvency Code’ The National Company Law Appellate Tribunal (NCLAT) has directed initiation of liquidation process of leading integrated edible oil company KS Oils Ltd and set aside an National Company Law Tribunal (NCLT) order passed against it. Terming it “unfortunate”, t...

Kalrock-Jalan consortium meets DGCA , MoCA over Jet Airways’ slots March 15, 2021 A landing slot at an airport is an important asset for an airline as it gives the airline an edge over its competitors   -  FRANCIS MASCARENHAS A landing slot at an airport is an important asset for an airline as it gives the airline an edge over its competitors   -  FRANCIS MASCARENHAS× New owners assured that their request for reallocation will be considered: Sources Representatives of the Kalrock-Jalan ...

  The victims were travelling to Delhi when an over-speeding oil tanker jumped the divider and rammed into the victims vehicle The collision led to the spilling of oil from the tanker, resulting in a massive fire that engulfed both the vehicles.    Arun Veer Singh, chief executive (CEO) of Yamuna Expressway Industrial Development Authority (YEIDA), sent a letter to the police commissioner of Noida claiming the accident occurred due to alleged inaction on the IRPs part in adhering to road saf...

February 22, 2021 Unions wanted to see plan to know if it protected their rights Jet Airways employee unions’ plea to review the resolution plan submitted by Kalrock-Jalan consortium was rejected by the Mumbai Bench of NCLT on Monday. As many as five employee unions had appealed to the insolvency courts to see the resolution plan. “The respondent ( resolution professional managing Jet Airways) is duty-bound to maintain and ensure confidentiality of the resolution plan as provided under the ...

Centre Cant Use Power To Notify IBC Sections Only As Regards Personal Guarantors, Salve Argues For Anil Ambani In SC Share This - x The Supreme Court on Thursday heard the arguments of Senior Advocate Harish Salve on behalf of Reliance Communications head Anil Ambani on a plea challenging the Central Government notification extending provisions of the insolvency law to personal guarantors."You cannot specify the subject matter as regards which the section comes into force, you can only speci...

Aurangabad HC orders de-sealing of 6 Reliance Infratel towers February 16, 2021 × The Aurangabad High Court has directed Aurangabad Municipal Corporation to immediately de-seal 6 towers of Reliance Infratel Limited. The Corporation had sealed the towers for non-payment of dues. However, Rameshwar Totala and Rahul Totala, legal advocates representing the company had argued that since Reliance Infratel was undergoing a debt resolution process under Insolvency & Bankruptcy Code, 2016, the corpo...