The Supreme Court on Friday dismissed a plea of Byju Raveendran, the promoter of Think and Learn Private Limited that operates ed-Tech firm Byju, challenging an NCLAT order which has mandated that the settlement of the BCCI's claim be placed before the Committee of Creditors.
The Insolvency and Bankruptcy Code (IBC) Amendment Bill 2025 has failed to introduce specific timelines for the National Company Law Appellate Tribunal (NCLAT) to dispose of appeals, the select committee on the IBC Bill has said in its report.
Think & Learn, which owns edtech brand Byju's, on Monday moved the National Company Law Appellate Tribunal against the NCLT order, which last week declined its plea to restrain Aakash Educational Services from convening its EGM for the rights issue.
Mining conglomerate Vedanta on Friday beat Gautam Adani's Group to make a winning bid for the acquisition of debt-ridden Jaiprakash Associates (JAL) for Rs 17,000 crore, according to sources. The bid value translates into Jaiprakash Associates' net present value of Rs 12,505 crore.
The Supreme Court on Friday upheld JSW Steel's Rs 19,700-crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years.
The Central Bureau of Investigation has filed a case against Reliance Communications and its promoter-director Anil Ambani, for an alleged bank fraud that caused a loss of over Rs 2,000 crore to State Bank of India, officials said on Saturday. The agency is carrying out searches at the residence of Anil Ambani and premises linked to RCOM in connection with the case, they said.
After the State Bank of India, Bank of India has classified the loan account of insolvent Reliance Communications as fraudulent and named its former director, tycoon Anil Ambani, citing alleged fund diversion in 2016, according to a regulatory filing. State-owned Bank of India granted a Rs 700 crore loan in August 2016 to Reliance Communications for its ongoing capital and operational expenditure and repayment of existing liabilities.
The recent notification by the Insolvency and Bankruptcy Board of India (IBBI) allowing part-resolution of stressed assets of companies under the insolvency process has sent many resolution professionals (RPs) and committees of creditors (CoCs) back to the drawing board to reassess their strategies for resolving corporate insolvencies.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
Five companies have submitted resolution plans for Jaiprakash Associates Ltd (JAL), the flagship company of the beleaguered Jaypee group, the company has said in a stock exchange filing. The Adani group, Vedanta, Jindal Steel & Power, Dalmia Bharat, and PSP Projects are the final bidders and the offers range from Rs 10,000 crore to Rs 11,000 crore, said a source close to the development.
In a significant development, the Supreme Court on Thursday recalled its controversial May 2 verdict that had ordered liquidation of Bhushan Power & Steel Limited (BPSL) while setting aside a resolution plan of JSW Steel Limited for the ailing firm. A bench comprising Chief Justice B R Gavai and Justice Satish Chandra Sharma observed that the May 2 judgment, authored by Justice Bela M Trivedi, since retired, did not "correctly consider the legal position as has been laid down in the catena of judgments".
The famous 'tareekh pe tareekh' dialogue from the Hindi movie Damini captures where we are now.
Former Resolution Professional of insolvency-bound edtech firm Byju's has moved appellate tribunal NCLAT challenging disciplinary action recommended against him by the Bengaluru bench of NCLT.
The Supreme Court's ruling in the BPSL case exposes deep flaws in the IBC's institutional framework and raises concern about judicial overreach, notes Rajeswari Sengupta.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Go First, the budget carrier that stopped flying nearly three years ago after being bogged down by financial woes. In May 2023, the airline filed for a voluntary insolvency resolution process citing financial woes. The tribunal, in a 15-page order, said it is ordering the liquidation of the corporate debtor Go Airlines (India) Ltd.
In a significant verdict, the Supreme Court on Wednesday set aside the National Company Law Appellate Tribunal's (NCLAT) verdict that had stopped insolvency proceedings against embattled ed-tech firm Byju's. A bench of Chief Justice D Y Chandrachud, and Justices J B Pardiwala and Manoj Misra also reversed the order of the NCLAT approving Byju's Rs 158.9 crore dues settlement with the Board of Control for Cricket in India (BCCI) and directed the cricket board to deposit the settlement amount of Rs 158.9 crore with a committee of creditors.
The NCLAT has set aside a petition filed by the state tax department claiming dues from Reliance Communications (RCom) observing that it was based on the assessment made after the initiation of insolvency resolution process against the debt-ridden firm. A two-member NCLAT bench upheld the earlier order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which had rejected the state tax department's second claim of Rs 6.10 crore. Corporate Insolvency Resolution Process (CIRP) against RCom was initiated on June 22, 2019. The state tax department had filed two claims.
The Supreme Court on Friday agreed to list for an early hearing the appeal of US-based creditor Glas Trust Company LLC against a judgment of the NCLAT, which had stayed insolvency proceedings against ed-tech firm Byju's and approving its Rs 158.9 crore dues settlement with the BCCI. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was urged by senior advocate NK Kaul, appearing for the ed-tech major, that the case needed to be heard at the earliest.
Edtech company Byju's parent Think & Learn will challenge the National Company Law Tribunal's (NCLT's) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, a source claimed. With the NCLT appointing Pankaj Srivastava as the interim resolution professional (IRP), time is running out for Byju's as the committee of creditors (CoC) begins to be formed.
The Insolvency and Bankruptcy Board of India (IBBI) has lifted the restriction to allow the same insolvency professional for the resolution process of a company as well as its personal guarantor for a better harmonisation and effective coordination of both processes. The changes made to IBBI - Bankruptcy Process for Personal Guarantors to Corporate Debtors, Regulations, 2019 -- came into effect on January 31. IBBI has also amended the provision regarding the meetings of the Committee of Creditors to make them mandatory in insolvency matters about personal guarantors.
Byju's audit firm BDO had suggested backdating of reports, which the company refused, and their resignation is more of optics, a top official of the edtech firm alleged on Saturday. Speaking on the resignation of BDO as its audit firm, Byju's CEO Byju Raveendran told PTI that the auditors are the first to know about insolvency proceedings but they did not inform about it to the court-appointed insolvency resolution professional (IRP). "They have asked us to do multiple backdating of reports.
In a recent townhall meeting, creditors of WazirX pressed founder Nischal Shetty and the restructuring legal team for solutions, seeking representation on the committee of creditors (CoC) and expeditious restructuring within four months, and asked for clarity on redistribution of potential gains from future crypto market upswings.
Mauritius-based Hinduja group firm IndusInd International Holdings (IIHL) has informed the administrator of Reliance Capital that it is ready with its equity contribution of Rs 2,750 crore in cash to acquire the bankrupt firm, but it wants certain conditions to be met in accordance with the resolution plan before transferring the amount. IIHL has also filed an application with the Mumbai Bench of the National Company Law Tribunal (NCLT), seeking directions for the administrator and the committee of creditors (CoC) to complete all pending activities to close the transaction and not let the lenders invoke the bank guarantees provided by the firm earlier.
Insurance sector regulator IRDAI has given conditional approval to Hinduja Group firm IndusInd International Holdings Ltd (IIHL) for the takeover of debt-ridden Reliance Capital. "We are happy to acknowledge the receipt of approval from IRDAI yesterday (May 10, 2024) on the auspicious occasion of Akshay Tritiya. "The approval is subject to certain 'regulatory, statutory, and judicial' clearances/compliances," an IIHL spokesperson said in a statement.
The government is contemplating changes to the Insolvency and Bankruptcy Code (IBC) to deal with environmental claims and liabilities of defaulting companies to make the law future-ready and meet climate action goals, sources told Business Standard. Currently, the IBC has various categories of claims and creditors, including those related to environmental liabilities.
Grounded Go First's CEO Kaushik Khona has put in his papers, nearly seven months after the no-frills airline filed for insolvency proceedings. In an e mail to the airline's employees on Thursday, Khona said that November 30 is his last day at the company. Khona had returned to Go First in August 2020 as its CEO.
In a relief to homebuyers, assets in a real estate project that have been handed over to the allottee would be kept out of the liquidation process of the company, the latest amendment to the rules by the Insolvency and Bankruptcy Board of India (IBBI) has said. The notification dated February 12 said: "For the purposes of clause (e) of sub-section (4) of section 36, wherever the corporate debtor has given possession to an allottee in a real estate project, such asset shall not form a part of the liquidation estate of the corporate debtor." Real estate experts call it a "pragmatic approach" by the regulator. "However, there are many cases where possession has not been given because the property is stuck in insolvency.
Jet Airways CEO-designate Sanjiv Kapoor on Monday said the new management does not want to be "in a rush" to restart operations while asserting that the airline will be unique and different. The ownership transfer of the airline under the insolvency resolution plan is facing hurdles over differences between the winning bidder and lenders. "We don't want to be in a rush," Kapoor said.
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. As the Committee of Creditors (CoC) rejected the sole resolution plan submitted by Space Mantra after four extensions in the deadline to complete the corporate insolvency resolution process (CIRP), the RP of the company has now approached NCLT to initiate liquidation of Future Retail (FRL). "The resolution plan submitted by Space Mantra Private has not been approved by CoC of FRL, kindly note that, the Resolution Professional (RP) has filed an application, before the National Company Law Tribunal, Mumbai Bench, for initiation of liquidation of FRL," said a regulatory filing from FRL.
IBC has been revolutionary in many ways and is a formidable instrument for stress resolution. And despite the room for improvement, the overall effectiveness of IBC in the distress space is unmatched, notes Saloni Kothari.
Go First's lenders have agreed in principle to support the airline's request for Rs 400 crore interim funding to restart its operations. The airline temporarily halted operations on May 2, and its insolvency plea was admitted by the National Company Law Tribunal (NCLT) on May 10. On Wednesday, the airline's resolution professional Shailendra Ajmera submitted a business plan and a request for over Rs 400 crore funding to airline's committee of creditors (CoC).
The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks.
Lenders of debt-ridden Reliance Capital have voted in favour of a resolution plan submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL) which made the highest cash offer of Rs 9,661 crore in the second round of bidding. As much as 99 per cent votes were in favour of IIHL as lenders expected to recover cash upfront of Rs 9,661 crore from the Hinduja Group entity, sources said. Besides, sources said cash balance with Reliance Capital (RCAP) of over Rs 500 crore would also go to lenders. So, in all lenders are expected to receive about Rs 10,200 crore for distribution as against Rs 16,000 crore principal secured debt, resulting in 65 per cent recovery for the lenders, sources said.
Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. Meanwhile, a senior executive at the airline expressed hope of resuming ticket sales -- which was paused by DGCA following the grounding of the carrier -- from July 7 or July 8 and subsequent relaunch of the operations from middle of next month.
The NCLT has granted Future Retail Ltd (FRL) an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. Allowing FRL's plea the Mumbai bench of the National Company Law Tribunal (NCLT) has extended the deadline to July 15, 2023, for concluding the CIRP of FRL. "... NCLT on April 13, 2023, heard the application and granted the said exclusion of 90 days from CIRP of FRL and consequent extension for completion of CIRP till July 15, 2023," said a regulatory filing from the company.
Lenders have postponed the second auction to sell bankrupt Reliance Capital's assets by a week to April 11, even as the Torrent group, the highest bidder in the first round, pursues litigation in the Supreme Court. Lenders are expecting the Hinduja group and Torrent to participate in the second auction and maximise the value of the assets. American financial services major, Oakteee may also join the race, said a source.
The National Company Law Appellate Tribunal (NCLAT) on Monday dismissed the petition filed by an employee association of debt-ridden Jet Airways, challenging the sale of two floors of office space in Mumbai's business district of Bandra Kurla during the insolvency process of the grounded carrier. Jet Aircraft Maintenance Engineers Welfare Association (JAMEWA had challenged the orders passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on June 11, 2021, allowing the sale of the office space for Rs 490 crore. The association had contended that the sale of BKC property, was not permissible under the Insolvency & Bankruptcy Code (IBC) as a moratorium was declared over the assets of the company after an order dated June 20, 2019.
A Hinduja Group firm on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction, sources said. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 crore offer made by Torrent Investments in the first round of auction held in December last year. The other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
Lenders of debt-ridden Jet Airways on Tuesday filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against implementation of the resolution plan by the Jalan-Kalrock consortium, according to sources. The sources said the lenders have maintained that the condition precedent mentioned in the resolution plan of the consortium has not been met. And therefore, the plan is not valid. "The lenders want the plan to be circled back to the committee of creditors (CoC) for fresh consideration," the sources said.
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