Insolvency

Saturday, Apr 20, 2024 | Last Update : 09:14 AM IST

Mallya is currently in the UK, has been charged by the Enforcement Directorate (ED) with defaulting on bank loans to the tune of Rs 9,000 crore.

Mallya cannot use pendency of plea to stall insolvency proceedings against him: SC

Mallya had approached the apex court on June 27 seeking a stay on the confiscation of properties owned by him and his relatives.

06 Jan 2020 1:49 PM

We are working out a mechanism where the resolution applicant, who through this entire court supervised process is acquiring a stressed asset as a going concern, will not be encumbered by the criminal liability relating to the company which has been caused by the previous management, an official said.

Govt plans to amend IBC to ring-fence buyers of stressed assets from prosecution

The move will help make the insolvency process more attractive for the bidders and instil confidence in them, sources said.

24 Nov 2019 5:29 PM

In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.

Jaypee Infratech insolvency: Lenders to meet on Nov 18 to comply with SC direction

Jaypee Infratech, a subsidiary of Jaiprakash Associates, has an outstanding debt of nearly Rs 9,800 crore.

13 Nov 2019 9:19 AM

NCLT had barred Dutch Court Administrator from taking part in the Jet Airways insolvency proceedings in India. (Photo: File)

NCLAT allows Dutch court administrator to attend Jet Airways CoC meetings

One of the Jet Airways aircraft, parked in the Schiphol Airport in Amsterdam, has already been seized.

26 Sep 2019 12:30 PM

Reliance Infratel, is a subsidiary of RCom, and is presently under corporate insolvency resolution process. (Photo: File | PTI)

NCLAT dismisses contempt petition against Anil Ambani over RCom payment default

A bench headed by NCLAT Chairman Justice S J Mukhopadhaya, dismissed any contempt plea against Ambani and his officials.

23 Jul 2019 3:23 PM

The appellate tribunal has directed to list the matter on July 29, when it is likely to pass the order on this.

Will pay creditors entire outstanding amount; complete projects in 3 yrs: Jaypee Infratech

A two-member bench asked the promoter of Jaypee Infratech to file written submissions over exclusion of time frame.

22 Jul 2019 7:56 PM

In the second round of bidding, the committee of creditors (CoC) had first rejected the resolution plan of Suraksha Realty and then voted against state-owned NBCC's offer.

Jaypee insolvency: NCLAT asks IDBI Bank to furnish conditions for fresh bidding

A two-member bench headed by Chairman Justice S J Mukhopadhaya has asked IDBI Bank to file an affidavit by Friday.

17 Jul 2019 7:01 PM

NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process. (Photo: Representational/PTI)

Insolvency proceedings initiated against Jet Airways

Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.

23 Jun 2019 4:11 PM

State Bank of India is only a lender to Jet Airways (India) Ltd and is not involved in or responsible for the management of the affairs of the said company, SBI told exchanges.

Jet Airways: Etihad's demands for open offer waiver, slots pledge not feasible: SBI

SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid.

21 Jun 2019 8:03 PM

The counsel further alleged that JAL is creating legal hurdles in the IBC proceedings.

Direct NCLT Allahabad for early hearing on insolvency plea against JAL: ICICI Bank

A single member NCLT bench of Justice Bansi Lal Bhat directed to list ICICI Bank's plea on July 1 for hearing.

17 Jun 2019 1:18 PM

The RBI came out with a revised prudential framework for resolution of stressed assets after its February 2018 circular in this regard was struck down by the Supreme Court.

New RBI norms to give more lenders headroom to resolve large NPAs: Report

New framework provides some leeway to lenders and encourages them to refer cases to IBC, said SBI in its report.

11 Jun 2019 7:10 PM

The new norms provide a framework for early recognition, reporting and time-bound resolution of stressed assets, RBI said in a notification on Friday. (Representational Image)

RBI circular a welcome step; provides more freedom to bankers: IBA

RBI has given more freedom to bankers to bring their own resolve, said Indian Banks' Association chief Sunil Mehta.

08 Jun 2019 2:59 PM

On Thursday, a committee of creditors (CoC) had decided to put on vote NBCC's bid to acquire the debt-laden realty firm. (Photo: Representational/PTI)

Jaypee Infra insolvency: Lenders move NCLAT seeking nod to vote against NBCC bid

The voting on NBCC's bid started on Friday and will continue till June 10.

01 Jun 2019 11:12 AM

The CoC is considering NBCC's offer after it rejected Mumbai-based Suraksha Realty's bid on May 3 through voting process under the insolvency law. (Photo: Representational/PTI)

Jaypee Infratech insolvency: Lenders ask NBCC to withdraw some conditions

Lenders wrote a letter to NBCC late on Friday regarding this matter,

12 May 2019 2:39 PM

Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour.

Suraksha's bid to acquire Jaypee Infra fails after creditors reject offer

Jaypee Group's promoters too are keen to retain control over its realty arm and have submitted debt resolution plan under IBC.

04 May 2019 10:44 AM

Gujarat-based conglomerate Adani Group has also expressed interest in bidding for the realty firm, which has been in financial trouble after defaulting on loans.

After govt nod, NBCC asks Jaypee Infratech RP to reconsider offer

The CoC on April 26 had rejected NBCC bid, terming it conditional and without the necessary approval from the government

02 May 2019 11:46 AM

The company entered into the insolvency proceedings of Jaypee Infratech to provide relief to over 20,000 homebuyers, NBCC letter said. (Representational Image/PTI)

Jaypee Infratech insolvency: NBCC gets approvals from govt for revised offer

According to sources, NBCC has got the approvals from the Department of Expenditure and the DIPAM for its revised offer.

01 May 2019 5:14 PM

RCom in February 2019 had announced its decision to opt for insolvency proceedings following its failure to sell assets for paying back its lenders. (Photo: PTI)

RCom withdraws plea against NCLT order allowing bankruptcy proceedings

An NCLAT bench headed by Chairman Justice S J Mukhopadhaya allowed RCom to withdraw its appeal.

30 Apr 2019 5:49 PM

Sources said various options are being explored for rejigging the NPA framework. (Representational Image)

Stressed assets resolution: RBI mulls giving 60 days additional time for repayments

Against backdrop of the Supreme Court quashing an RBI circular, a revised set of rules would be released soon.

25 Apr 2019 7:54 PM

"Despite quashing of the circular, banks will continue to have an option to refer such defaulting borrower under IBC, in case the resolution plans fail," Icra said.

SC order on RBI circular negative for banks, may defer debt resolution

Moody's said the resolution of stressed loans impacted by the circular will be further delayed.

02 Apr 2019 7:42 PM

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Shobhaa De

insolvency