The apex court had permitted only voluntary use of Aadhaar for welfare programmes including MGNREGA, all pension schemes, provident fund and Pradhan Mantri Jan Dhan Yojna.
The NCLAT's order is offensive because it goes against every tenet of bankruptcy reorganisation. If Justice Sudhansu Mukhopadhyay's tenets are accepted by the Supreme Court, we will not only regress in modern bankruptcy reorganisation but also slide back in the Doing Business rankings, says Omkar Goswami.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Uttam Galva Steels is a part of the Reserve Bank of India's second list of cases, which will be referred to the bankruptcy tribunal for insolvency proceedings after lenders failed to resolve the account by December 2017.
Retail investors have put at least Rs 2,296 crore in listed companies facing proceedings under the Insolvency and Bankruptcy Code (IBC). A median such-company had 16,163 retail investors as shareholders many of whom apparently have bought a stake on the hope of making money if the firm revives. They own a fifth of the total stake in the companies under consideration. The analysis looked at 75 listed firms for whom shareholding data was available for March 2022.
Property buyers fund the project cost and the entire debt and entire equity servicing, and yet, have no locus standi in the IBC process, points out Debashis Basu.
A bench headed by Justice R F Nariman, which disposed of a batch of over 180 petitions filed by various builders, said the RERA act which regulates the real estate sector should be read harmoniously with the amendments made in the IBC and in case of conflict the code will prevail.
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.
The Delhi high court on Friday directed the civil aviation regulator to deregister planes leased to Go First within five working days, giving respite to the lessors. This means that the airline will have to give back all 54 aircraft to the lessors if its resolution professional (RP) does not challenge the order or ask for a stay. Justice Tara Vitasta Ganju also refused the request of the RP, represented by advocate Diwakar Maheshwari, to keep the operation of the order in abeyance for a week to enable them to file an appeal before the division Bench of the court.
Crisis-hit Go First has sought various interim directions from the National Company Law Tribunal, including restraining lessors from taking back aircraft and regulator DGCA from taking any adverse action against the airline. The Wadia group-owned airline, which has liabilities worth Rs 11,463 crore, has sought voluntary insolvency resolution proceedings and the plea is set to be heard by the Delhi bench of the NCLT on Thursday. Go First has cancelled all its flights for three days starting from May 3.
The National Company Law Tribunal (NCLT) on Wednesday admitted Go First's voluntary plea to initiate the insolvency resolution process against the airline. A two-member bench comprising President Justice Ramalingam Sudhakar and L N Gupta also appointed Abhliash Lal as interim resolution professional (IRP) to run the debt-ridden company. It has also put the company under protection of moratorium and directed the suspended board of directors to assist the IRP to run the company during insolvency proceedings.
The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
The time-bound nature of the bankruptcy code, envisaging resolution within 180 to 270 days, would put enormous pressure on the existing judicial infrastructure.
'It would be reasonable to assume that Modi 3.0 would be more focused on projects and schemes which do not require any legislative change or which have the support of its coalition partners,' asserts A K Bhattacharya.
Central Bank of India classified its loans to Go First as non-performing assets (NPAs) in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24). The no-frills carrier has been under insolvency proceedings since May 2023 and ceased operating flights on May 3 this year. The public sector lender's exposure, including government-guaranteed emergency credit to the ailing airline, amounts to about Rs 2,000 crore.
India can become a $6.7 trillion economy by 2031, from $3.4 trillion currently, if the country clocks an average growth of 6.7 per cent for 7 years, an S&P Global report said on Thursday. India had clocked a 7.2 per cent GDP growth in 2022-23 fiscal. But a global slowdown and lagged effect of a policy rate hike by RBI could slow down growth to 6 per cent in the current fiscal, S&P Global said in a report titled 'Look Forward: India's Money'.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
India's debt recovery and restructuring framework is still a work in progress, even six months after the President's assent to the Insolvency and Bankruptcy Code 2016.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
The Stayzilla episode raises questions over the regulations around the closure of a business, says Sudipto Dey.
Banks have Rs 10 trillion in stressed assets - Rs 7.8 trillion of bad loans and Rs 2.2 trillion of restructured ones.
In between spells of adjournments, the House conducted business for a brief period and passed two Bills -- the Mineral Laws (Amendment) Bill and the Insolvency and Bankruptcy Code (Second Amendment) Bill - amid continuous protests by the Opposition.
'We can hope to see a lot of creation of jobs in the days to come.'
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
A bankruptcy appeals court has scrapped billionaire Anil Agarwal-led Twin Star Technologies' winning bid to take over Videocon Industries Ltd on a plea by some creditors that the money offered imposed a steep Rs 62,000 crore haircut upon banks. The National Company Law Appellate Tribunal (NCLAT) asked creditors to initiate the fresh sale of Videocon, a consumer durables company manufacturing products ranging from air-conditioners to washing machines, for recovery of their unpaid Rs 64,637.6 crore. While a majority of lenders had previously accepted Twin Star Technologies' Rs 2,962.02 crore offer, Bank of Maharashtra (BoM) and IFCI Ltd dissented, saying the amount offered was close to the liquidation value of the bankrupt firm and that they cannot be paid less than the liquidation value.
Insolvency tribunal NCLT on Wednesday rejected Go First lessors' petitions to take back the planes leased to the grounded airline, and said the aircraft are available for resumption of operations since aviation regulator DGCA has not deregistered them. A two-member bench of the National Company Law Tribunal (NCLT) held that physical possession of the aircraft/engines would be "indisputably" with Go First and lessors cannot claim possession during the Corporate Insolvency Resolution Process (CIRP) of the carrier. According to the tribunal, aircraft and its engines are the sole essence of Go First's business and if taken away, it would result in its "corporate death" leaving no scope for its resolution.
'One of the aspects for transparency and fair governance is to give the industry being represented the chance of lobbying with the regulator.'
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.
We must stop stigmatising business failures. Particularly when startups are mushrooming all around, the financial system, backed by the RBI and the government, can explore ways of extending support to restart the journey of a failed entrepreneur by finance as well as counselling, recommends Tamal Bandyopadhyay.
Priorities include the amendments of the Companies Act and the Motor Vehicle Act
Insolvency and Bankruptcy Code bound stocks have witnessed a steep fall in 2018.
An employees' consortium has demanded that the Committee of Creditors should look at providing one month's salary as an interim financial assistance.
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Finance ministry advises banks to invoke personal guarantees of all promoters whose companies have gone to NCLT for debt resolution.
Shareholders of the six listed Future Group companies voted on Wednesday. Bankers said all the large lenders had rejected the proposal.
The finance ministry has asked public sector banks to monitor cases where insolvency proceedings could be initiated against individuals who are guarantors of corporate debtors that have defaulted on loans.
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