IBBI (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018

IBBI has amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Fourth Amendment) Regulations, 2018. The Regulations earlier required the resolution professional to circulate the minutes of […]

ICAI Inks Pact With IFRS Foundation Over Copyrights

Chartered accountants’ apex body ICAI has entered into a pact with the IFRS Foundation in relation to copyrights of accounting standards The foundation issues International Financial Reporting Standards (IFRS). The Institute of Chartered Accountants of India (ICAI) has entered into a Memorandum of Understanding (MoU) with the foundation, a release said Monday. This MoU will formalize the […]

NCLT wants Haldia bid for Nagarjuna tweaked

The Chennai Bench of the National Company Law Tribunal (NCLT) has asked creditors of Nagarjuna Oil Corporation Limited (NOCL) to suggest some acceptable modification and improvements to the resolution plan submitted by Haldia Petrochemicals. The 270 days time-frame for finding a resolution plan under the Insolvency and Bankruptcy Code (IBC) for the company ended in […]

LVB Promoter Moves Sebi Post stock selloff

A collateral damage of a wildly gyrating market is the sudden selloff of pledged shares — a phenomenon that one of the promoters of the 92-year old private sector lender Lakshmi Vilas Bank (LVB) is grappling with. Tangerine Capital Assets Holdings, the shareholder concerned, has moved the capital market regulator Sebi after discovering that IIFL […]

Ess Dee Aluminium Sudip Dutta Bankruptcy Insolvency NCLT Calcutta High Court

The bankruptcy and insolvency law has finally caught up with Sudip Dutta, the promoter of Ess Dee Aluminium, whose incredible rags-to-riches story came to an end. Dutta, a migrant labourer in Mumbai, who went on to own a big chunk of the packaging industry he once worked for, is now re-entering the insolvency process with […]

NCLT Orders Liquidation of Rathna Stores Pvt. Ltd

The Chennai Bench of the National Company Law Tribunal (NCLT) has ordered liquidation of Rathna Stores Pvt Ltd. According to sources, the firm owed ₹80 crore to banks and ₹1 crore to operational creditors and had a tax liability of ₹25 crore. Its major lenders include ICICI Bank and UCO Bank. The insolvency proceedings were […]

NCLT Dismisses Insolvency Petition Against Duncans Industries

The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a plea filed by an operational creditor of Duncans Industries to commence insolvency proceedings against the ailing tea company of The Duncan Goenka Group. The insolvency petition was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC) by AJ Agro Chem, […]

No Swift Resolution In Sight For Essar Steel’s Legal Quagmire

With the Supreme Court directing Numetal Mauritius and ArcelorMittal to settle unpaid liabilities of all connected parties to become eligible bidders for Essar Steel, a swift resolution may be out of sight for now. The judgement has opened up several permutations depending on what course of action the stakeholders choose to follow. To begin with, […]

How Bankruptcy Code Is Helping Deepen Corporate Bond Market

A recent study has noted that India’s corporate bond market, which contributes 17 per cent to the country’s Gross Domestic Product(GDP) and is highly concentrated in the AAA rated bonds, is expected to change once the Insolvency and Bankruptcy Code (IBC) brings about successful resolution of stressed assets in a time-bound manner. As per a […]

Guarantors Too Will Be In Insolvency Net

The insolvency regulator is readying rules that will “enable creditors to go after guarantors” of ailing companies to recover dues a move that will tighten the grip around companies as well as their promoters who had given personal covers. The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that are expected to be […]