Insolvency & Bankruptcy Code, 2016

SC restrains NCLAT from finalising bids on Bhushan Power and Steel Ltd without its nod

Press Trust of India  |  New Delhi Last Updated at July 18, 2018 20:50 IST

The Supreme Court has restrained the National Company Law Appellate Tribunal (NCLAT) from taking a final decision on bids for the debt-stricken Bhushan Power and Steel Ltd (BPSL) without its permission.

A bench of justices R F Nariman and Indu Malhotra sought response from the Centre and others on a plea filed by BPSL ch…

Debt-hit Bhushan Power and Steel hits yet another hurdle

The NCLAT on Tuesday stayed the meeting of Committee of Creditors (CoC) of Bhushan Power and Steel Ltd to vote on finalisation of bids of the debt-ridden firm.

  The NCLAT on Tuesday stayed the meeting of Committee of Creditors (CoC) of Bhushan Power and Steel Ltd to vote on finalisation of bids of the debt-ridden firm. Image source: Reuters By PTI Updated: Wed, Jul 18, 2018 10:51…

Revive Jaypee’s insolvency process: IBBI and Jaypee to SC

Additional Solicitor General Tushar Mehta, who appeared for the Insolvency Board, submitted that the case involved “genuine interests” of homebuyers and must be decided by NCLT as per statutory framework Last Published: Thu, Jul 19 2018. 11 26 AM IST Aditi Singh

Photo: Pradeep Gaur/Mint

New Delhi: The Insolvency and Bankruptcy Board of India and the insolvency resolution professional…

Here is how and why the Hyderabad High Court suspended an order of the NCLT

Here is how and why the Hyderabad High Courtsuspended an order of the NCLT FacebookTwitterWhatsAppShare16

The parameters under which a high court can interfere in orders passed by a National Company Law Tribunal (NCLT), under article 227 are yet to be clearly defined.

While some high courts have refused to entertain reviews on the ground that an alternative remedy by way of an appeal before…

NCLT nod for revival of Sirpur Paper Mills

IANS  |  Hyderabad Last Updated at July 19, 2018 21:05 IST

The National Company Law Tribunal (NCLT) has approved the proposal for the revival of Sirpur Paper Mills in Telangana, state Industry Minister K. T. Rama Rao said on Thursday.

With this, JK Paper Ltd will take over the 80-year-old mill located in Kaghaznagar town in Komaram Bheem Asifabad district.

The state government extended certain…

Aion Investment, JSW Steel get NCLT nod to buy Monnet Ispat

SURESH P IYENGART+ T-  JSW-AION Capital team gets letter of intent for Monnet Ispat

MUMBAI, JULY 19

The Mumbai Bench of the National Company Law Tribunal (NCLT) on Thursday approved the resolution plan of Aion Investment-JSW Steel consortium to acquire Monnet Ispat and Energy.

The lone successful bidder increased its bid by about ₹25 crore for MSME vendors, taking its total bid…

Liquidation of Jaypee Infratech won’t help anyone: SC

IANS  |  New Delhi Last Updated at July 19, 2018 21:00 IST

The Supreme Court on Thursday said that the liquidation of real estate major Jaypee Infratech will not help anyone, even as it reserved order on a plea for protecting home buyers’ interest under the bankruptcy code.

A bench of Chiefs Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud echoed the view of the counsel 

Processing framework for cross-border insolvency norms, says IBBI chief

Press Trust of India/New Delhi 19 Jul 18 | 02:53 PM

Government introduced the Insolvency and Bankruptcy Code in 2016

IBBI Chief M S Sahoo on Thursday said the process to put in place a framework for cross-border insolvency cases is underway.

The government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which would also make India an…

NCLT approves Liberty House’s plan for acquiring Adhunik Metaliks

IANS  |  Kolkata Last Updated at July 18, 2018 00:30 IST

The Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday approved the resolution plan of the Britain-based Liberty House for acquiring debt-laden steelmaker Adhunik Metaliks under the Insolvency and Bankruptcy Code (IBC).

The lenders’ committee had approved the plan on the last day of the extended timeline for the corporate 

Even as the government has stood firm on resisting a call for easing the exclusion norms under the insolvency resolution process to retain its integrity — the latest amendments to the Insolvency and Bankruptcy Code (IBC) have only buttressed these checks — the Supreme Court has admitted a frontal challenge to the code by the promoters of Bhushan Power and Steel (BPSL) and ordered that the…

Financial creditors of Essar Steel have filed claims worth Rs 54,917 crore, while those for Bhushan Steel had submitted claims worth Rs 56,079 crore, data from the companies’ websites showed. Written by Shamik Paul | Mumbai | Published: July 18, 2018 3:01:07 am

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The company reported a net loss of Rs 2,709 crore on net sales of Rs 13,743 crore in FY17, which was a 15-month…

Jaypee homebuyers to SC: An insolvent company cannot place a bid for another insolvent company

Homebuyers want a new promoter to be inducted for the resolution of JIL. Seek for extension of the insolvency resolution period by 45 to 60 days for induction of a new promoter. Vandana Ramnani@vandanaramnani1

Stating that an insolvent company cannot place a bid for another insolvent company, as many as nine associations of Jaypee homebuyers representing about 5,000 people,…

PTI @PTI_News 17 July 2018, 11:24 PM17 July 2018, 11:24 PM

Russia’s VTB Capital-backed Numetal today said Ruia family scion Rewant will never be in management of Essar Steel Ltd. even though the rules do not bar blood relations of delinquent promoters from bidding for loan defaulter companies being auctioned to recover dues.

During the proceedings of the National Company…

PTI @PTI_News 17 July 2018, 3:41 PM17 July 2018, 3:31 PM

The NCLAT today stayed the meeting of the Committee of Creditors of Bhushan Power and Steel Ltd. to vote on finalisation of bids for the debt-ridden firm.

The National Company Law Appellate Tribunal also pulled up the resolution professional of the company, Mahendra Kumar Khandelwal, for not following its previous…

Essar Steel auction: Points to ponder from the NCLAT proceedings

The next hearing is on Monday, July 16 Prince Mathews Thomas@prince0879

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As the National Company Law Appellate Tribunal (NCLAT) hearing on the eligibility of bids by ArcelorMittal and Numetal for Essar Steel heads for another round of submissions from July 16, important questions now hang in the air.

For instance, does it matter that ArcelorMittal, which had sold…

Ministry of Skill Development and Entrepreneurship launches training programme for ‘Insolvency Associate’

IndiaToday.in

New Delhi

July 13, 2018

UPDATED: July 13, 2018 17:11 IST

The Ministry of Skill Development and Entrepreneurship (MSDE) on July 11 announced the launch of training programme for the new job role of ‘Insolvency Associates’, in partnership with Insolvency and Bankruptcy Board of India (IBBI).

The programme will provide youth with an opportunity to be a part of the growing…

Plea to stay Bhushan Steel resolution dismissed

The plea was after the NCLT directed Bhushan Power’s lenders, led by Punjab National Bank, to consider the bid submitted by Liberty House.

 : 13th July 2018 01:58 AM  |   Last Updated: 13th July 2018 02:36 PM  |  A+A A-

Representational image. Men ride their bicycles in front of the Bhushan Steel plant in Odisha. (File | Reuters)

By Express News Service

MUMBAI: In a setback to…