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Exactly a year ago, I wrote that the bankruptcy law badly needs fixing. At that time, the government appeared to be serious about overhauling the legislation in the 2023 Budget.
Sharma said some lacunae, like the CoC comprising only financial creditors, still need to be addressed as it reduces operational creditors to being silent spectators in the entire CIRP.
In recent times, several noteworthy judgments have been rendered by the Indian Courts and Tribunals in matters relating to the Insolvency and Bankruptcy Code, 2016 (IBC). Some decisions rendered from...
RKFL, which has a registered and corporate office in Calcutta and plants in Jamshedpur, is expecting the acquisitions of JMT Auto, an Amtek Auto Group firm, from the insolvency court and Multitech Auto, by negotiation, will usher a new phase of growth, apart from its ongoing expansion
The bankruptcy court has approved Ramkrishna Forgings' bid to acquire JMT Auto, a subsidiary of the Amtek Group, through the corporate insolvency resolution process. Ramkrishna Forgings will offer INR 125 crore to acquire JMT Auto, which has admitted financial liabilities of over INR 165 crore. This acquisition is seen as a positive development in the manufacturing sector and may lead to more acquisitions through the Insolvency and Bankruptcy Code (IBC).