The petition has been filed at the Allahabad bench of the National Company Law Tribunal, an exchange filing said
Financial creditor Realpro Realty Solutions slaps Section 7 of Insolvency and Bankruptcy Code on the realtor which constructs builder flats in Delhi for Rs 5-crore default
With the NCLT order, banks can now formally initiate insolvency proceedings against Future Retail and try to recover the more than Rs 5,300 crore owed to them.
Vijaykumar V Iyer of Deloitte will be appointed as the interim resolution professional of Future Retail, the NCLT has said
Minister of State for Finance Bhagwat Karad in a written reply to the Lok Sabha said the occurrence of non-performing assets (NPAs) is normal, although an undesirable, corollary to the business of banking.
IBBI has proposed that the resolution professional and CoC can explore resolutions of part of the assets or businesses by allowing the submission of different resolution plans for them
A consortium of lenders, led by Bank of India, filed the insolvency application on April 14, seeking claims of Rs 5,322.32 crore from Future Retail as of March 31
Bank of India on April 14 filed insolvency proceedings against Future Retail for non-payment of dues. Future Retail owes banks Rs 5,322.32 crore as of March 31, according to Bank of India’s petition in the NCLT.
Future Retail’s counsel also alleged that there was a refusal on part of banks to take control of assets, in order to reduce, if not extinguish, the debt that was owed.
Bank of India on April 14 filed insolvency proceedings against Future Retail for non-payment of dues. Future Retail owes banks Rs 5,322.32 crore as of March 31, according to Bank of India’s petition in the NCLT. Lenders to the company include Union Bank of India, State Bank of India, Bank of Baroda and IDBI Bank.
The court’s June 3 order will give more power to lenders and ensure speedy recovery in cases under the bankruptcy court, according to bankers and legal experts
This is the third time that the court delayed admission of insolvency proceedings against the debt-laden retailer. The case is adjourned for June 10.
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National Textile Corporation defaulted in its payment of dues to an operational creditor, leading to the NCLT admitting the creditor's petition for initiating corporate insolvency resolution proceedings.
Insolvency proceedings against Vipul Ltd were withdrawn in 2020 and Tulip Infratech took over the incomplete mixed-use project in 2021
The matter will now be heard on June 1, 2022 to decide the further course of action.
The dispute relates to a Rs 75 crore loan by ICICI Pru Venture to the Noida-based developer. The National Company Law Appellate Tribunal had earlier stayed the insolvency proceedings initiated by NCLT in March 2022.
While some legal experts say that the apex court’s decision is a shot in the arm for homebuyers, who will now have a greater say in the insolvency resolution of a distressed real estate company, others point out that it is only half the battle won
NCLAT orders to list the appeal on May 23 and says its interim order staying formation of Committee of Creditors would continue till then.
This is the second time that the court delayed admission of insolvency proceedings against the debt-laden retailer. The court will now hear the case next on June 6.
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Bank of India on April 14 had filed insolvency proceedings against Future Retail for non-payment of dues
Supertech has informed the NCLAT that it is settling its dues to Union Bank of India and is in discussions with the bank.
The NCLAT order said that any rejoinder may be filed within two weeks and listed the appeal on May 11, 2022.
On March 25, Supertech had said that it will be approaching NCLAT in appeal against the NCLT order.