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, a Surat-based […]

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 […]

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 […]

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 […]

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 […]

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, […]

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 […]

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 […]