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Mithun Dasgupta
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Insolvency professionals may step down only on health, legal grounds
There have been a few instances where the NCLT has expressed concerns over resignation or unwillingness of IPs to continue as RP or act as liquidator.
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Adhunik Metaliks: Lenders negotiating with UK-based Liberty House to raise offer
After Adhunik Metaliks (AML) received additional time to complete the ongoing insolvency resolution process, lenders are now negotiating with UK-based Liberty House for exploring opportunity to raise its offer for the bankrupt company.
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UltraTech: Dalmia Bharat delaying Binani resolution
With Dalmia Bharat-controlled Rajputana Properties (RPPL) sticking to its demand for getting a copy of UltraTech Cement’s revised resolution plan, the Aditya Birla Group-owned cement major on Monday alleged that its rival bidder is unnecessarily slowing down the pace of the insolvency resolution process for the bankrupt Binani Cement.
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SBI in a fix over High Court order on defaulting steel firm
The Calcutta High Court’s winding-up order against the defaulting Jai Balaji Industries (JBIL) has put State Bank of India (SBI) in a fix as its insolvency petition against the steelmaker is pending before the National Company Law Tribunal’s (NCLT) Kolkata bench.
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Adhunik Metaliks: NCLT allows 20 more days to complete insolvency process
Bankrupt Adhunik Metaliks has received an additional 20 days to complete the ongoing insolvency resolution process.
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IBBI Regulation: Resolution professionals directed to charge fee that is ‘reasonable’
Insolvency and Bankruptcy Board of India (IBBI) has come out with a regulation to ensure that fees payable to an insolvency professional and expenses incurred by him during the corporate insolvency resolution process (CIRP) are ‘reasonable’.
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Bankruptcy litigation taking focus away from resolution process, says President of MN Dastur & Co
Too many litigations in insolvency resolution process are consuming time and it will eventually dilute the focus of putting the insolvent steel companies back on a productive track.
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Uco Bank to recover ‘major amount’ via NCLT
State-run Uco Bank expects to recover a “major amount” from its bad assets through NCLT route as accounts eligible for insolvency resolution are being explored ‘vigorously’.
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Adhunik Metaliks case: NCLT reserves order on extra time
As per the Insolvency and Bankruptcy Code norms, an insolvent company is to be liquidated if during the moratorium of nine months no successful resolution plan is in place.
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Binani Cement’s lenders opt for UltraTech’s bid
Will mean all financial, operational creditors will get complete dues
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Binani Cement: Dalmia Bharat again moves apex court on NCLAT order
While the committee of creditors (CoC) of Binani Cement is expected to consider a revised offer from UltraTech Cement along with the company’s resolution plan for the debt-laden cement maker on Monday, rival Dalmia Bharat-controlled Rajputana Properties has again moved the Supreme Court, challenging an order of the National Company Law Appellate Tribunal (NCLAT) in this case.
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Binani RP postpones creditors’ meet
The resolution professional (RP) of insolvent Binani Cement has postponed the creditors’ meet, which was scheduled for Thursday, citing that the resolution plan submitted by UltraTech Cement in the “format acceptable” to the creditors is still being negotiated, sources close to the development said.
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Binani Cement: UltraTech moves NCLAT for direction to RP for calling CoC meet
UltraTech Cement on Monday filed an application before the National Company Law Appellate Tribunal (NCLAT), seeking its direction to the resolution professional (RP) of Binani Cement to call a committee of creditors (CoC) meet in order to consider its revised bid for the insolvent cement maker.
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Adhunik Metaliks: NCLT keeps issue of additional time open
According to a source close to the development, “Edelweiss ARC’s plan was rejected in the first round of bidding for Adhunik Metaliks, and in the second round, the company did not submit its plan.”
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Bid for Binani: Dalmia Bharat moves SC against NCLT nod to UltraTech’s new bid
The battle for Binani Cement took another turn on Tuesday with Dalmia Bharat moving the Supreme Court.
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Binani Cement: Dalmia Bharat moves NCLAT against NCLT direction
Dalmia Bharat filed an application before the appellate tribunal, challenging the NCLT order dated May 2.
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Race for Binani Cement: Consider UltraTech’s new bid – NCLT to CoC
Bringing UltraTech back in the race for Binani Cement,the National Company Law Tribunal (NCLT) on Wednesday asked the resolution professional (RP) and the committee of creditors (CoC) to consider the revised offer from the country’s largest cement maker.
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Adhunik Metaliks RP seeks additional 20 days to consider Liberty House plan
The 270-day deadline under the corporate insolvency resolution process for the debt-laden steel maker expired on Sunday, and during this period, no resolution plan for the company was approved by its Committee of Creditors.
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Insolvency process: Adhunik Metaliks RP likely to seek more time
What is of grave concern for the bankrupt company is the fact that the mandated 270-day deadline under the CIRP expired on Sunday, and during this period no resolution plan for the insolvent company was approved by its lenders.
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Adhunik Metaliks may head for liquidation as resolution deadline approaches
The mandated 270-day deadline under the corporate insolvency resolution process will end on April 29
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‘Flawed’ negative marking cost us H1 slot: UltraTech
UltraTech Cement on Thursday urged the Kolkata bench of the National Company Law Tribunal (NCLT) to reject rival bidder Rajputana Properties’ plan and accept its revised resolution plan for debt-laden Binani Cement on the ground that the process of approving Dalmia Bharat-controlled Rajputana Properties’ resolution plan by the creditors’ committee was ‘flawed’.
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Attaining closure: Vedanta gets NCLT nod for Electrosteel
The entire amount, the company said in a statement, would be used to pay financial creditors. This implies the lenders are taking a fairly large haircut of 60% given the company’s outstanding debt is Rs 13,175.15 crore.
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Binani Cement resolution: Exim Bank claims ‘discrimination’ in process
Significantly, the tribunal heard the case on Monday after Binani Industries (BIL), the promoter of Binani Cement, on last Friday withdrew its appeal for termination of the insolvency process against its subsidiary, with the Supreme Court unwilling to interfere in the IBC proceedings.
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Electrosteel Insolvency case: IBBI fines Electrosteel resolution professional
National Sales’ claims fell in the category of 31 operational creditors for which claims are under ‘dispute’ in the pre-corporate insolvency resolution process.
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Race for Binani Cement: Binani withdraws termination plea
In early April, the NCLAT had instructed the NCLT to follow the IBC guidelines while resolving the Binani Cement case. On March 16, the CoC had approved the resolution plan submitted by Dalmia Bharat-controlled Rajputana Properties.
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Race for Binani Cement: Majority lenders may opt for out-of-tribunal plan
Some lenders to Binani Cement have raised objections to the out-of-court settlement proposal of Binani Industries, sources close to Dalmia Bharat, a bidder for the beleaguered cement maker, said on Wednesday. “Some banks have told other banks in the consortium that this is beyond established norms of ethical conduct in the banking industry, and also […]
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Dalmia seeks RBI intervention in Binani Cement settlement case
Dalmia Bharat on Tuesday wrote to the Reserve Bank of India, urging that it “directs the banks not to deviate from the insolvency and bankruptcy process” as they are “committed to contract” with it.
