Enforcement Directorate searches premises of realty firm in Chennai

Enforcement Directorate searches premises of realty firm in Chennai

The Enforcement Directorate (ED) on Friday, January 19, 2024, launched searches at the premises of Syvanus King Peter, Managing Director and Chief Executive Officer, Ocean Lifespaces India Private Limited, in Chennai. According to police sources, the Central agency opened an Enforcement Case Information Report (ECIR) based on a case registered by the Central Crime Branch … Read more

Average resolution time under IBC touches three-year high in June quarter: Report

Average resolution time under IBC touches three-year high in June quarter: Report

The average time taken for resolution of stressed assets under the insolvency law reached a three-year high in the June quarter, according to a report. The longest delay was 643 days for the Financial Creditors (FCs) in the first quarter of this fiscal, as per the report by India Ratings based on an analysis of … Read more

NCLT approves demerger of financial services unit of Reliance

NCLT approves demerger of financial services unit of Reliance

Reliance Industries Ltd on Thursday said the National Company Law Tribunal has given its nod to the demerger of the company’s financial services undertaking and its listing. Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). … Read more

Insolvency resolution requires innovation; over regulation is not a solution: IBBI chief Ravi Mital

Insolvency resolution requires innovation; over regulation is not a solution: IBBI chief Ravi Mital

Amid instances of long delays in insolvency resolution process of various companies, IBBI chief Ravi Mital on Thursday said resolution requires innovation and “over regulation is not a solution”. Around 650 resolutions of debt-ridden corporates have happened since the implementation of the Insolvency and Bankruptcy Code (IBC) in late 2016. While acknowledging that the IBC … Read more

NCLT division bench to hear Reliance Capital case on January 16

NCLT division bench to hear Reliance Capital case on January 16

Torrent Investments had emerged the highest bidder with its offer of ₹8,640 crore December 21, 2022, for debt-ridden Reliance Capital in the auction conducted as part of its resolution process.     | Photo Credit: Special Arrangement The division bench of National Company Law Tribunal (NCLT) on January 16 is set to decide Reliance Capital’s proposed reauction … Read more

Govt appoints 15 judicial, technical members at NCLT

Govt appoints 15 judicial, technical members at NCLT

The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges. The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law. As many as 9 judicial members and 6 technical members have been appointed … Read more

Insolvency and Bankruptcy Code changes to hasten, maximise recovery

Insolvency and Bankruptcy Code changes to hasten, maximise recovery

Multiple amendments and clarifications to the Insolvency and Bankruptcy Code by the Insolvency and Bankruptcy Board of India (IBBI) will help creditors fetch better value for distressed assets and lift sagging recovery rates, consultants and bankers said. In separate notifications over the weekend, IBBI allowed creditors to sell part assets in case they get more … Read more

PVR-Inox merger proposal gets Sebi, stock exchange nods. What’s ahead?

PVR-Inox merger proposal gets Sebi, stock exchange nods. What’s ahead?

New Delhi: PVR and have received approval from Sebi and stock exchanges regarding the proposed merger, three months after the merger announcement. The next step for the two multiplex owners is to get clearance from the National Company Law Tribunal (NCLT), which as per Nirmal Bang Institutional Equities, could take another six months. The Competition … Read more

Insolvency cases: After missed timelines in 2021, process likely to speed up with improved infrastructure

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The insolvency resolution process, which seeks to address stressed assets in a quick and time-bound manner, appeared to lose its steam in 2021 with delays and eyebrows were also raised over actual realisations as creditors took steep “hair cuts” in some cases. The National Company Law Tribunal, the designated authority under the insolvency law, and … Read more

NCLT has jurisdiction to adjudicate disputes solely relating to insolvency of corporate debtor: Supreme Court

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The Supreme Court on Monday held that the NCLT has jurisdiction to adjudicate disputes, which arises solely or relates to the insolvency of a corporate debtor. The top court, however, cautioned the National Company Law Tribunal (NCLT) and its appellate tribunal (NCLAT) to ensure that they do not usurp the legitimate jurisdiction of other courts, … Read more