Page 2 - Insolvency And Bankruptcy Code

Byju's appeals to NCLAT Chennai against insolvency; hearing set for July 29

Byju's owes its creditors - BCCI, OPPO, Surfer Technologies, Cogent E Services, McGraw Hill Education India, and iEnergizer Services - more than Rs 200 crore

Byju's may challenge NCLT's insolvency proceedings order against its parent

Sources say the company may approach NCLAT in the next few days

Edtech major Byju's to appeal against insolvency proceedings this week

Byju's has suffered numerous setbacks in recent years, including boardroom exits and a tussle with investors

Go First heads towards liquidation after failed EaseMyTrip, SpiceJet bids

Go First owes creditors - Central Bank of India, Bank of Baroda, and IDBI Bank - around Rs 6,200 crore

Byju's journey from startup star to facing insolvency: All you need to Know

Byju's, which has denied mismanagement, says the investors don't have the power to vote out its CEO

Edtech firm Byju's on sticky wicket as NCLT admits BCCI's insolvency plea

Edtech company put under moratorium after tribunal finds it defaulted on due owned to BCCI

NCLT admits Byju's parent Think & Learn into insolvency over BCCI dues

Byju's insolvency proceedings were triggered by BCCI's claim of unpaid dues amounting to Rs 158 crore

Can improve recovery rate under IBC to 40%: IBBI chairperson to RPs

In accounting terms, a going concern entity is expected to survive and thrive for at least the next 12 months, even if it is going through insolvency proceedings

No objection to release 4 leased engines to lessors: Go First to NCLT

Go First got a final 60-day extension from the National Company Law Tribunal (NCLT) on June 12 to complete its corporate insolvency resolution process (CIRP)

Long-overdue salaries: 62 ex-staffers plan to take Byju's to NCLT

About 62 former employees of Byju's have come together and sent a notice of filing an insolvency and bankruptcy case against the troubled edtech firm at NCLT if their pending dues are not paid

IBBI proposes amendments to insolvency rules; seeks public comments

The IBBI has proposed amendments to the Insolvency Resolution Process for Corporate Process regulations, to enhance efficiency and reduce costs, and sought stakeholder inputs by July 10. These amendments are expected to enhance the efficiency and transparency of the Corporate Insolvency Resolution Process (CIRP), and benefiting creditors and other stakeholders involved in the CIRP. In a discussion paper released on Wednesday, the Insolvency and Bankruptcy Board of India (IBBI), proposed that the registered valuer should submit a comprehensive valuation report for the corporate debtor as a whole, rather than separate valuations for different asset classes. This proposal seeks to eliminate inconsistencies between the CIRP regulations and the Companies (Registered Valuers and Valuation) Rules. For companies with an asset size of up to Rs 1,000 crore and micro, small and medium enterprises (MSMEs), the board proposes to appoint only one registered valuer for providing the estimates of

NCLAT orders NCLT to hear afresh insolvency plea by APL Apollo Tubes

The National Company Law Appellate Tribunal (NCLAT) has directed the NCLT to hear afresh the insolvency plea filed by APL Apollo Tubes against one of its purchasers of goods. A two-member bench came down heavily on the Bengaluru bench of the National Company Law Tribunal (NCLT) for rejecting claims of APL Apollo Tubes on the "hypothetical interpretation". The NCLAT said the tribunal "should refrain from stepping into the shoes of a litigating party by substituting their own finding in the absence of there being any pleading evidence". The appellate tribunal has directed the NCLT to make all efforts to decide proceedings as expeditiously as possible. The NCLAT order came over a petition filed by APL Apollo Tubes against an order of the NCLT, which, on September 9, 2019, dismissed its insolvency plea filed as an operational creditor against Tanisha Scaffolding. Tanisha Scaffolding was engaged in marketing the products manufactured by APL Apollo Tubes. Some amount against supplies wa

NCLT orders proceeding against Supernova developer Supertech Realtors

The National Company Law Tribunal (NCLT) has ordered initiating an insolvency proceeding against Supertech Realtors, which is developing a residential apartment, office, retail and luxury hotel at its Supernova project. A two-member Delhi bench of NCLT admitted the insolvency plea filed by the Bank of Maharashtra over a default of Rs 168.04 crore and appointed Anju Agarwal as interim resolution professional (IRP), suspending the board of Supertech Realtors, a step-down subsidiary of Supertech. Supertech is also facing a Corporate Insolvency Resolution Process (CIRP). Supertech Realtors is developing Supernova project at a cost of Rs 2,326.14 crore on a land admeasuring 70,002 square metres at Sector 94, Noida. As per the plans, Supernova project will have 80 floors and will be the tallest building in Delhi-NCR at a height of 300 metres. For the project, Supertech Realtors approached a consortium of lenders led by Union Bank of India seeking a financial assistance of Rs 7,35.58 cro

Go First on last leg of extension from NCLT to complete insolvency process

The lenders of the airline include the Bank of Baroda, the Central Bank of India, and IDBI Bank

IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals, and sought stakeholders' comments by July 1. These changes will reduce the amount of information and data that insolvency professionals (IPs) need to submit, thereby enhancing efficiency and reducing redundancy. The Insolvency Bankruptcy Board of India (IBBI) has also proposed to remove duplicate submissions and simplification of the reporting process. Under the discussion paper issued on June 10, the IBBI said the proposed changes will "simplify the compliance process by combining various reporting system on IP and IBBI website into a single, centralised IBBI website, eliminating duplication, and making it easier for stakeholders to access and use". The IBBI -- a statutory body functioning under the corporate affairs ministry -- has invited stakeholders to provide comments on the discussion paper by July 1. The

NCLT extends insolvency resolution process for Go First by 60 days

The National Company Law Tribunal warned the airlines that this would be the final extension offered

High property prices to boost debt recovery from realty projects: Report

Recovery of debt from stressed residential realty projects is set to increase in the current financial year due to higher property prices as well as changes in rules, a report said on Monday. The bad loan recovery rate is estimated to touch 16-18 per cent at the end of FY25 from 11 per cent as on March 31, 2024, domestic rating agency Crisil said in a report. "This will be driven by improved viability of stressed projects due to healthy demand and price appreciation seen in residential real estate and greater investor and promoter interest in reviving such projects," the agency said. It added that recent amendments to the Insolvency and Bankruptcy Board of India (IBBI) regulations for real estate projects should also strengthen resolution of stressed real estate assets in the medium term. The agency said it analysed the performance of its portfolio comprising security receipts of Rs 9,000 crore from 70 stressed realty projects with a saleable area of 66 million square feet while ..

Suspended board of Jaiprakash Associates moves NCLAT over insolvency order

The suspended board of debt-ridden Jaiprakash Associates has moved appellate tribunal NCLAT challenging last week's NCLT order which directed initiation of insolvency proceedings against the firm. The petition was listed before a vacation bench of the National Company Law Appellate Tribunal (NCLAT), which declined to grant an interim stay on the NCLT order. On June 3, the Allahabad bench of National Company Law Tribunal (NCLT) admitted the insolvency plea filed by ICICI Bank. The tribunal also appointed Bhuvan Madan as Interim Resolution Professional of JAL after suspending the board of the company. In September 2018, ICICI Bank had filed an insolvency petition against JAL under Section 7 of IBC. The NCLT rejected JAL's contention that it faced a liquidity crunch and defaulted on debt repayments mainly due to delays in government approvals and prolonged litigation concerning land acquisition for Yamuna Expressway and changes in government policies. It has been held by the Supreme

Go Air crisis: Central Bank set to auction Wadia's land for Rs 1,965 cr

Over 94 acres of land will be sold under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002

IBBI issues new guidelines for appointing IPs as resolution professionals

The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees. Under the new guidelines, issued on June 5, a panel of IPs will be set up, which will be effective from July 1, 2024, to December 31, 2024. The panel will be shared with the National Company Law Tribunal and the Debt Recovery Tribunal (DRT) to avoid administrative delays. The panel will have a validity of six months. To be eligible for inclusion in the panel, the IPs must have no pending disciplinary proceedings or convicted in the last three years by a court of competent jurisdiction. Further, they also hold an authorisation for assignment, which will be valid till the validity of the panel, and submit an expression of interest, along with their consent to act in various capacities. In addition, they should have prior experience in handling assignme