Page 45 - Resolution Professional News Today

IBC: Avoid intricacies, raise awareness to check liquidations February 10, 2021 Brace for surge in filings once freeze lifts, says expert The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year. Latest Insolvency and Bankruptcy Board of...

February 10, 2021 × The Mumbai Bench of NCLT will give its order on February 22 whether or not to share the resolution plan of Jet Airways with its employees. The court has said that it will hear the resolution plan case only post that. The lawyers of Resolution Professional and the Committee of Creditors were asking for a priority hearing. At least five employee associations of Jet Airways including JAMEWA, NAG, Cabin Crew Association amongst others have requested for the resolution plan. The...

Lender” / “ Facility”). In addition to the security provided by the Borrower under the Facility Agreement, Doshion Veolia Water Solutions Private Limited (“ Corporate Debtor”), being the group company of the Borrower, pledged its shareholding (40,160 shares) in Gondwana Engineers Limited (“ GEL”) by executing a pledge agreement in Lenders favour dated 10 th January 2012 (“ Pledge Agreement”). The Corporate Debtor also executed a non-disposal undertaking (“ NDU”) in favour ...

With global economies and businesses transcending boundaries, national laws limited by territorial borders find themselves engulfed in constant strife when it comes to cross-border disputes.

To print this article, all you need is to be registered or login on Mondaq.com. The insolvency resolution process in India has in the past elaborated the simultaneous operation of several statutory instruments. This includes the Sick Industrial Companies Act, 1985, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest, 2002, the Recovery of Debt Due to Banks and Financial Institution Act, 1993 and the Companies Act, 2013. The invo...

January 20, 2021 × With the moratorium on filing fresh insolvency coming to an end this March, the government is working on a pre-packaged insolvency resolution (PPIR) process for Covid-hit India Inc and to give banks a breather. The pre-packaged insolvency process will not only avoid flooding of cases at NCLTs, but will also give existing promoters a chance to salvage their business. A panel of experts led by the Insolvency and Bankruptcy Board of India Chairperson, M.S. Sahoo, has recommende...

Employees at The Asian Age and Deccan Chronicle Face an Uncertain Future With the insolvency process still dragging, employees faced grossly delayed salary payments at a time when they needed it the most. Illustration: The Wire/Reuters. The Asian Age and Deccan Chronicle – two well-known daily newspapers owned by beleaguered Deccan Chronicle Holdings Limited (DCHL), whose recent corporate insolvency resolution process saw a few hiccups – have not been paid their salaries for the last...

Kerala Opposes Privtisation Of Public Sector Undertakings: Chief Minister Kerala Opposes Privtisation Of Public Sector Undertakings: Chief Minister Pinarayi Vijayan also informed the Assembly that though the state government had strongly opposed the sale of stakes of the Hindustan News Print in Kottayam, the centre went ahead with its plans. Kerala will strongly intervene against Centres decision to privatise PSUs, Pinarayi Vijayan said. (File) Thiruvananthapuram: The Kerala government wil...

NHPC gets NCLTs nod to take over Jalpower Corporation January 07, 2021 The Hyderabad bench of National Company Law Tribunal has given its approval to NHPC’s Resolution Plan for taking over Jalpower Corporation Ltd (JPCL). NHPC will make an upfront payment of Rs. 165 crore and the cost of the project is pegged at ₹943.20 crore, an official statement added. JPCL is the second company after LancoTeesta Hydro Power Ltd (LTHPL) to be acquired through the NCLT process by NHPC. "NHPC Ltd., a PS...

NCLT approves resolution plan of Garden Silk Mills Limited, shareholders to get nothing Posted On: 2021-01-02 22:47:09 (Time Zone: Arizona, USA) Garden Silk Mills Limited had earlier announced the approval of Resolution Plan submitted by Resolution Applicant ("RA") by the Committee of Creditors ("COC") of Garden Silk Mills Limited ("GSML" or "Company") in terms of the provision of Insolvency and Bankruptcy Code, 2016 ("IBC") and e-filing of the same with the NCLT Ahmedabad Bench on 28th Se...