Reliance Capital: CoC's counsel asks Indusind International Holdings to roll out IBC plan before Mar 31
It is to be noted that Hindujas-backed IndusInd International has submitted a proposal that includes an upfront cash payment of Rs 9,650 crore, which is 37.03 per cent of the initial amount claimed. The NCLT approved the resolution plan on February 27. Key Points
Business TodayUS vetoes Arab-backed UN resolution for Gaza ceasefire
The US on Tuesday vetoed an Arab-backed and widely supported UN resolution demanding an immediate humanitarian ceasefire in the Israel-Hamas war in... Key Points
The Tribune IndiaThousands of debtors resolving cases before admission under insolvency law: IBBI
The Insolvency and Bankruptcy Code (IBC), introduced in December 2016, provides for a time-bound and market-linked resolution of stressed assets. The credible threat of the Code, that a CD may change hands, has changed the behaviour of debtors. Thousands of debtors are resolving distress in early stages of distress. Key Points
Economic TimesPM Modi implemented concept of Ram Rajya, says BJP resolution
BJP resolution praises PM Modi for implementing Ram Rajya, elevating India's economy, and ensuring security. Aim to surpass 400 seats in upcoming elections. | Latest News India Key Points
Hindustan TimesNCLAT stays NCLT order in Dream 11 case, directs IRP not to take any step till Feb 23
The National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT Mumbai bench's order to initiate a Corporate Insolvency resolution Process (CIRP) against Sporta Technologies, the operator of the fantasy sports platform Dream11. The stay will remain in effect until the next hearing on February 23. Key Points
Economic Times
PM Modi 'Jan Nayak', catalyst of new era: Cabinet's Mandir resolution
India News: Union Cabinet hails PM Modi for the 'pran pratishtha' ceremony at the Ram temple and congratulates him for boosting the nation's morale and cultural self-confidence. The resolution describes the ceremony as a day of national accomplishment and praises PM Modi as a 'Jan Nayak'. Discover the significance of the event and the mass movement it has sparked. Key Points
Times Of IndiaJet Airways resolution: SC asks Jalan Kalrock Consortium to deposit Rs 150 cr before Jan 31
The Supreme Court has directed the Jalan-Kalrock consortium to deposit Rs 150 crore with the State Bank of India escrow account by January 31, 2024, or face non-compliance with the resolution plan for Jet Airways takeover. The PBG will continue until the National Company Law Tribunal decides. Key Points
Economic TimesFormer promoters and directors can submit bids if not ineligible under Section 29A of IBC: NCLAT
The National Company Law Appellate Tribunal (NCLAT) has ruled that former promoters and directors of a company undergoing insolvency are not automatically barred from submitting resolution plans. The decision came as NCLAT set aside an order from the Mumbai bench of the National Company Law Tribunal (NCLT) that invoked Section 29A of the Insolvency and Bankruptcy Code to restrict such individuals from submitting a resolution plan. Key Points
Economic TimesIndia joins Russia, China in voting against resolution on Iran human rights at UN
Simultaneously on the same day, India abstained on a UN resolution on the situation of human rights in the temporarily occupied territories of Ukraine . It joined 79 countries from across the continents in doing so. While 78 countries backed the resolution, 15 member states of the UN voted against the resolution. Key Points
Economic TimesIndia backs Russia's UN resolution condemning Nazi propaganda
The document was drafted by Russia and co-authored by several other countries, including Belarus and Syria. Among other things, it includes provisions on the resolute condemnation of any incidents related to the glorification and propaganda of Nazism, the welcoming of efforts on preserving the historical truth and a recommendation to take measures in order to prevent the denial of crimes against humanity or revising history and what happened in the Second World War. Key Points
Economic Times
MoF to meet PSB chiefs over IBC resolution delays
According to the IBBI data, 67% of the insolvency cases where the resolution process was ongoing until September 2023 have exceeded the 270-day time frame. Resolutions in another 13% of the cases went beyond 180 days but were still under 270 days. Earlier this month, the government told banks that their top executives should monitor large-value cases of bank fraud more closely and that bona fide credit decisions should be shielded from investigations. Key Points
Economic TimesUproar in Pakistan’s Senate over resolution backing military courts to try Imran Khan’s supporters
A five-member Bench of Supreme Court had ordered that 102 accused arrested under Army Act be tried in criminal court. Scores of senators from three major political parties in Pakistan have staged a protest in the Senate against the hasty passage of a resolution which rejected the Supreme Court’s verdict on military courts, and called for its immediate withdrawal, media reports said on Wednesday. Key Points
The Tribune IndiaIndia votes in favour of UN resolution against Israeli settlements
India has thrown its support behind a United Nations resolution condemning Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and in the occupied Syrian Golan, as per media reports. The resolution, successfully passed on Thursday, drew attention to global apprehension over settlement activities in the region. Key Points
Economic TimesUNGA meet: India abstains from vote on Gaza ceasefire
Unprecedented move by New Delhi as demand to specifically condemn Hamas not taken up. India abstained from vote on a UN General Assembly resolution after its stand of specifically condemning Hamas was not included, said sources here. India’s unprecedented abstention from the resolution calling for an “immediate, durable and sustained humanitarian truce leading to a cessat Key Points
The Tribune IndiaIndia abstains from voting on UN resolution calling for 'truce' in Gaza over failure to condemn Hamas
Apart from India, UK, Canada & 42 others also abstained from voting. Canada proposed an amendment to the resolution seeking explicit condemnation of Hamas, which India supported. Key Points
ThePrint
India abstains from UN vote calling for truce in Israel without mentioning Hamas
India supported Canada's proposal to amend the resolution to include condemnation of Hamas attack. But the amendment failed to pass majority test. | Latest News India Key Points
Hindustan TimesMCA tweaks rules; new promoters of bankrupt firms can easily shift registered offices
The Indian government has amended rules to allow insolvent firms to easily shift their registered offices to another state or union territory if there are no pending investigations or appeals against the resolution plan. The move is expected to provide relief to new promoters who want to achieve better operational synergy with their other businesses. Key Points
Economic TimesJet's lenders move SC against JKC's conduct, matter to be heard on Thursday
The State Bank of India-led consortium of lenders has filed an application with the Supreme Court, seeking the winding up of debt-laden Jet Airways and initiation of the liquidation process. The consortium alleges that the Jalan-Kalrock consortium, which recently infused Rs 350 crore into the bankrupt airline, has not taken appropriate steps to meet its obligations as per the approved resolution Plan. Key Points
Economic TimesResolutions under insolvency law likely to touch 300 this year: IBBI chief
The number of resolutions of stressed assets under the insolvency law is expected to reach 300 this year, according to Ravi Mital, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI). Mital urged resolution professionals to expedite the cases. He also highlighted that creditors have recovered around Rs 3 lakh crore through the Insolvency and Bankruptcy Code (IBC) and emphasized that the IBC is a resolution mechanism, not a recovery mechanism. Key Points
Economic Timesresolution introduced in US House to declare Aug 15 as National Day of Celebration
The resolution invoked Prime Minister Narendra Modi’s visit to the US on June 22. It said that the official state visit ensured a new level of trust and mutual understanding between the countries. Key Points
Business Today
Pancard Clubs gets three firm offers for ₹5,034-cr debt
The company, which develops and operates hotels and resorts, is undergoing an in-court resolution process and more than 1.5 million financial creditors (timeshare subscribers) will be voting on these plans in the next couple of days to decide the successful resolution applicant. Key Points
Economic TimesAMW Motors admitted for insolvency as Triton fails to implement revival plan
“Triton Electric Vehicle has failed to fund and implement the resolution plan and has thus contravened the resolution plan,” the division bench of judicial member Shammi Khan and technical member Ajai Das Mehrotra observed in its order of July 27. “We are of the view that the present (liquidation) application deserves to be allowed.” Key Points
Economic TimesBankruptcy court approves Darwin Platform's resolution plan for Lavasa Corporation
The Mumbai bench of the National Company Law Tribunal (NCLT) Friday approved a revised and improved resolution plan submitted by Darwin Platform Infrastructure for the revival of Lavasa Corp., which was formed to build Indias first modern hill town after Independence. Key Points
Economic TimesMumbai realtor illegally sells 82 flats during insolvency process
The NCLT had admitted the company under insolvency and had appointed OP Agrawal as the interim resolution professional to take over the operations of the defaulter company in 2018 while suspending its directors and intimating them about implications of the moratorium under the code. In February 2019, one of the employees of the company had requested the resolution professional through an email to authorise the suspended directors to sign pre-CIRP sale agreements. Key Points
Economic TimesHyderbad NCLT rejects Viceroy Hotels plan, directs RP to restart sale process
In an order dated June 9. the division bench of the National Company Law Tribunal (NCLT) directed the resolution professional Viceroy Hotels to restart the sale process and complete is within 60 days of the order. Key Points
Economic Times
Go First lenders select EY-backed Ajmera as RP
Ajmera's selection is subject to approval from the National Company Law Tribunal (NCLT). The selection was communicated at a meeting of the committee of creditors of Go First on Friday. If approved by NCLT, Ajmera will replace an interim resolution professional who is currently running the company and was originally recommended by Go First's former management, according to sources aware of the matter. Key Points
Economic TimesGo First extends suspension of flight operations till May 26
Go First has extended the suspension of its flight operations till May 26. In its announcement, the airline cited operational reasons and expressed hope that it will be able to resume bookings shortly. Key Points
India TodayPartial sale of companies won't be default under Insolvency and Bankruptcy Code
The Indian government may permit the partial sale of a stressed company only if it fails to attract a buyer for the entire entity under the Insolvency and Bankruptcy Code (IBC), in an effort to reduce delay in resolution and prevent the decay of stressed asset value. The ministry of corporate affairs suggested changes to the IBC that would provide a provision to allow multiple resolution plans for various parts of an insolvent firm to maximise value realisation. Key Points
Economic TimesKotak Mahindra wins case to liquidate ARSS Infrastructure Projects Ltd even as 76% of lenders approved it
Kotak Mahindra Bank, which had 0.64% voting rights, objected to Ocean Capital Markets resolution plan since it would compel them to release third-party guarantees in favour of the resolution applicant without recovering their entire dues. Key Points
Economic TimesKGK Realty takeover of Anudan Properties gets NCLT approval
KGK Realty (India) has been granted permission by India's bankruptcy court to acquire Anudan Properties after the Committee of Creditors approved its resolution plan. The acquisition highlights the trend of property sector deals involving financially sound developers via the insolvency process. Data from the Insolvency & Bankruptcy Board of India shows that 805 real estate firms received resolution plans from bidders out of 1,240 firms brought into administration by September-end 2021. Key Points
Economic Times
CCI approves SREI Infra Finance's acquisition by NARCL, IDRCL
The Competition Commission of India (CCI) has approved the acquisition of Srei Infrastructure Finance by National Asset Reconstruction Company (NARCL) and India Debt resolution Company (IDRCL) under the green channel route. NARCL submitted a resolution plan to acquire the majority of the equity share capital of Srei Infrastructure Finance and its wholly-owned subsidiary, SREI Equipment Finance. Key Points
Economic TimesGeorgia becomes 1st American state to pass resolution condemning Hinduphobia
Georgia has become the first American state to pass a resolution condemning Hinduphobia. The resolution said Hinduism encompasses an array of diverse traditions and belief systems with values of acceptance, mutual respect and peace. Key Points
India TodayUS: Georgia legislature passes resolution condemning Hinduphobia
Condemning Hinduphobia and anti-Hindu bigotry, the resolution said Hinduism is one of the world's largest and oldest religions with over 1.2 billion adherents in over 100 countries and encompasses an array of diverse traditions and belief systems with values of acceptance, mutual respect and peace. Key Points
Economic TimesAfter Future Retail, now Future Enterprises admitted for insolvency
The Mumbai bench of the NCLT has ordered the ‘ordered the commencement of corporate insolvency resolution process’. The firm will now be auctioned in order to recover unpaid dues. Key Points
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