After NBCC salvo, Jaypee s CoC to meet on May 24 ahead of voting on Suraksha bid
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After NBCC salvo, Jaypee s CoC to meet on May 24 ahead of voting on Suraksha bidPTI
Last Updated: May 23, 2021, 03:50 PM IST
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Synopsis
On May 20, the Committee of Creditors (CoC) approved Suraksha group s bid and rejected the offer made by NBCC, which on May 22, shot off a strongly-worded letter to JIL s Interim Resolution Professional (IRP) questioning his jurisdiction.
Homebuyers claim amounting to Rs 13,364 crore and lenders claims worth Rs 9,783 crore were admitted last year.
The creditors panel of
Jaypee Infratech Ltd (JIL) will hold a meeting in the morning on May 24 to discuss submissions made by state-owned
Homebuyers associations have approached the insolvency resolution professional with their demand to adhere to the timelines without offering any further extensions and avoid litigations to ensure the resolution is successfully completed this time.
SC upholds provisions of IBC on corporate debt recovery from personal guarantors
By IANS |
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SC upholds provisions of IBC on corporate debt recovery from personal guarantors. Image Source: IANS News
New Delhi, May 21 : The Supreme Court on Friday upheld the Centres notification of November 15, 2019, which allowed financial institutions to proceed against individual corporate guarantors for recovery of loans of a company under Insolvency and Bankruptcy Code (IBC) proceedings.
A batch of 75 petitions had challenged the validity of this notification, which brought into force provisions of the Part III of the IBC, extending insolvency and bankruptcy for individuals and partnership firms to the promoters too.
Big victory for banks! SC upholds IBC rule, says personal guarantors liable for corporate debt
The apex court s order will clear the decks for the lenders to recover their remaining debt from personal gurarantors following the conclusion of the Corporate Insolvency Resolution Process (CIRP)
BusinessToday.In | May 21, 2021 | Updated 13:14 IST
SC on Friday, May 21 upheld IBC provisions of corporate debt recovery from personal guarantors
The Supreme Court on Friday upheld the constitutionality of the Centre s November 15, 2019, notification that had allowed financial institutions to pursue proceedings against personal guarantors, commonly promoters, of stressed companies facing insolvency.
The apex court s order will clear the decks for lenders to recover their remaining debt from personal guarantors following the conclusion of the Corporate Insolvency Resolution Process (CIRP).