The MCA has placed two options on the table — representative voting among home-buyers by treating them as a sub-class among the financial creditors or by stipulating that the majority threshold could be met by just counting
As is known, ArcelorMittal’s resolution plan for Essar Steel has already been approved by the Ahmedabad bench of the National Company Law Tribunal but the final payment to the creditors is still stuck as operational credito
Having received all requisite government approvals, NBCC will assert that its bid does not require any further approvals from any government department, and is thus eligible for consideration under the IBC.
Using parlance from the game of soccer, NCLAT’s chairperson Justice SJ Mukhopadhaya said such discrimination in the distribution is akin to a foul in the game of football, and if that occurs, the appellate tribunal will blo
The appellate tribunal, however, said there appeared a conflict between this RBI norm and the Insolvency and Bankruptcy Code (IBC) rule that a company should continue as a going concern till a resolution of its stress is foun
NCLAT hinted that it might ask ArcelorMittal to deposit the money with an escrow account of either the insolvency court (NCLT) or the appellate tribunal itself in the next hearing, scheduled on April 23.
Last week, the RBI brought to the Supreme Court’s notice that despite a leeway provided by its interim order, none of the petitioners (corporate defaulters) from a variety of industries like power, shipping and sugar manage
A two-member bench, headed by justice SJ Mukhopadhaya, said the acceptance of the resolution plan submitted by ArcelorMittal will be subject to its final order in the appeal filed by the Essar Steel promoters and Standard Cha
A source said the CoC requested the resolution professional, Anuj Jain, to include expenses incurred by members in finalisation of resolution plan as part of the corporate insolvency resolution process costs, as the endeavour
The proposal, submitted on February 15, also promises to pay fixed-deposit holders within 90 days of the approval of the offer of settlement. It also hopes to complete the real estate project in four years.
Lenders to Bhushan Power and Steel (BPSL) will soon approach the National Company Law Tribunal (NCLT) requesting an early hearing for approving the resolution plan of its preferred bidder JSW Steel for the bankrupt company.