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  • Govt plans pre-pack resolution for 'slightly bigger' companies under IBC March 13, 2023 03:06 PM IST

    Govt plans pre-pack resolution for 'slightly bigger' companies under IBC

    The pre-pack resolution is designed to speed up the resolution process with a deadline for submission of the plan set at 90 days and the next 30 days are fixed for the NCLT to approve it

  • Future Retail directors caused Rs 14,809 cr loss to creditors: Resolution Professional TO NCLT March 10, 2023 11:55 PM IST

    Future Retail directors caused Rs 14,809 cr loss to creditors: Resolution Professional TO NCLT

    In the application filed before the Mumbai bench of the NCLT, the Resolution Professional (RP) has sought direction from the tribunal against the present and erstwhile directors of FRL "to contribute the amount to the company", Future Retail Ltd (FRL) said in a regulatory filing.

  • NCLT gives approval to Max Estates bid to acquire stalled mixed use project 'Delhi One' in Noida March 10, 2023 08:59 PM IST

    NCLT gives approval to Max Estates bid to acquire stalled mixed use project 'Delhi One' in Noida

    "Our resolution plan for Delhi One project has been approved by the NCLT. A Committee of Creditors (CoC) had approved our plan in 2019," Max Ventures and Industries Ltd MaxVIL MD and CEO Sahil Vachani said.

  • MC Explains| NCLT approves Suraksha Group’s plan to take over Jaypee Infratech March 08, 2023 03:01 PM IST

    MC Explains| NCLT approves Suraksha Group’s plan to take over Jaypee Infratech

    Experts say that after the stuck inventory is completed and distributed, it will boost the number of homes available in Noida and Greater Noida, which may trigger a temporary slowdown in real estate price rises in the region. 

  • Zee reaches settlement with IPRS, insolvency plea to be called off March 07, 2023 06:44 AM IST

    Zee reaches settlement with IPRS, insolvency plea to be called off

    IPRS - the representative body of music owners and composers that collects royalty on behalf of artistes - had in January filed an insolvency plea against Zee for alleged non-payment of dues of around Rs 211 crore.

  • NCLAT rejects shareholders' plea against McDowell Holdings' insolvency proceedings March 05, 2023 03:10 PM IST

    NCLAT rejects shareholders' plea against McDowell Holdings' insolvency proceedings

    A two-member bench of the appellate tribunal upheld the order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which on April 8, 2022, directed to initiate CIRP over the plea filed by its financial creditor Sunstar Hotels and Estates.

  • No revival plan yet for Future Retail, lenders to meet soon March 01, 2023 09:30 AM IST

    No revival plan yet for Future Retail, lenders to meet soon

    In the meeting held on November 20 last year it was decided that the last date for submission of resolution plans for FRL was February 20 2023.

  • ZEE Entertainment: What does insolvency proceeding mean for the stock? February 24, 2023 10:06 AM IST

    ZEE Entertainment: What does insolvency proceeding mean for the stock?

    The ZEEL-SPIL merger may get delayed as NCLT accepts IndusInd’s petition

  • MC Explains: Will tweaks in insolvency law help homebuyers? January 20, 2023 11:51 AM IST

    MC Explains: Will tweaks in insolvency law help homebuyers?

    The proposed amendments formally recognise project-wise resolution and will ensure expeditious resolution of a stalled development without hampering the interests of homebuyers of other projects of a builder, say legal experts.

  • RCap Insolvency Case: Torrent’s application should be dismissed, says CoC, admin January 18, 2023 03:37 PM IST

    RCap Insolvency Case: Torrent’s application should be dismissed, says CoC, admin

    Counsels for the Committee of Creditors and RCap administrator said that the NCLT should not intervene in any process in which public interest is impacted. 

  • RCap Insolvency Case: Torrent group writes to admin and CoC, warns of legal action if second action is not recalled January 17, 2023 10:13 PM IST

    RCap Insolvency Case: Torrent group writes to admin and CoC, warns of legal action if second action is not recalled

    he National Company Law Tribunal (NCLT) on January 12 had adjourned Torrent Investments' plea to challenge the Committee of Creditors (CoC)’s proposal to hold a second auction to January 16

  • RCAP Insolvency: Allowing a second auction will set a bad precedent January 10, 2023 06:23 PM IST

    RCAP Insolvency: Allowing a second auction will set a bad precedent

    The fact that applicants in a few Insolvency and Bankruptcy Code (IBC) code cases had to approach the courts to restrain lenders from considering bids that were made after the deadline is shameful. Such bids should automatically be thrown out or delays will be endemic

  • NCLAT dismisses appeal for insolvency by Wave Group January 05, 2023 09:29 PM IST

    NCLAT dismisses appeal for insolvency by Wave Group

    The Wave Group’s Wave Mega City Centre Private Limited had filed for voluntary bankruptcy proceedings on March 26, 2021, leaving homebuyers in the lurch

  • Directors’ disqualification on default is a remedy with severe side-effects December 02, 2022 10:37 AM IST

    Directors’ disqualification on default is a remedy with severe side-effects

    Well intended they may be but harsh company law provisions disqualify directors for five years if their company has incurred certain financial defaults. It’s no surprise that directors jump ship at such companies, worsening their problems

  • NCLAT stays insolvency proceedings against BPTP as realty firm settles dispute with operational creditor November 19, 2022 05:57 PM IST

    NCLAT stays insolvency proceedings against BPTP as realty firm settles dispute with operational creditor

    On November 14, the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against BPTP Ltd, a leading real estate player in Delhi-NCR, on a petition filed by an operational creditor, RBCL Projects.

  • India asks state-owned firms to consider insolvency court to shut units November 15, 2022 04:48 PM IST

    India asks state-owned firms to consider insolvency court to shut units

    The government is looking to close loss-making units in nearly nine months from the day a firm seeks approval to do so.

  • Tax appellate tribunal asks CBIC to frame norms for tax recovery in insolvency cases October 27, 2022 07:18 PM IST

    Tax appellate tribunal asks CBIC to frame norms for tax recovery in insolvency cases

    Giving its ruling in the Ultratech Nathdwara Cement Ltd case, the Ahmedabad bench of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) observed that the revenue department has no proper guideline as to what stand is to be taken in a case where the proceedings under the Insolvency and Bankruptcy Code (IBC) is in progress before NCLT/NCLAT or at higher forum.

  • MC Explains: SBI’s insolvency plea against Jaiprakash Associates may lead to tough times for homebuyers September 29, 2022 07:20 AM IST

    MC Explains: SBI’s insolvency plea against Jaiprakash Associates may lead to tough times for homebuyers

    Going by the pace at which insolvency petitions are admitted and cases are resolved, the wait for thousands of JAL homebuyers may only get prolonged.

  • Moneycontrol Selects: Top stories this evening September 20, 2022 06:52 PM IST

    Moneycontrol Selects: Top stories this evening

    Our specially curated package of the most interesting articles to help you stay at the top of your game

  • Interim resolution professional appointed for CHD Developers September 13, 2022 11:08 PM IST

    Interim resolution professional appointed for CHD Developers

    The case was filed by homebuyers of CHD Vann residential project in Sector 71.

  • Future Enterprises faces second plea to initiate insolvency August 24, 2022 02:11 PM IST

    Future Enterprises faces second plea to initiate insolvency

    The latest petition is filed against Future Enterprises by Retaail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT).

  • Bajaj Hindusthan Sugar shares sink as SBI initiates insolvency August 17, 2022 09:39 AM IST

    Bajaj Hindusthan Sugar shares sink as SBI initiates insolvency

    The petition has been filed at the Allahabad bench of the National Company Law Tribunal, an exchange filing said

  • Sanskar Projects and Housing taken to NCLT over default August 09, 2022 08:27 PM IST

    Sanskar Projects and Housing taken to NCLT over default

    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

  • Explained | NCLT orders insolvency proceedings against Future Retail: Five key questions answered July 20, 2022 06:42 PM IST

    Explained | NCLT orders insolvency proceedings against Future Retail: Five key questions answered

    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.

  • NCLT initiates insolvency proceedings against Future Retail July 20, 2022 03:22 PM IST

    NCLT initiates insolvency proceedings against Future Retail

    Vijaykumar V Iyer of Deloitte will be appointed as the interim resolution professional of Future Retail, the NCLT has said