Key Points
The Supreme Court is involved in a dispute between Torrent Investments and Hinduja Group bids.Agencies..
The bankruptcy court in Mumbai allowed an application on Tuesday filed by the administrator of Reliance Capital to approve the Anil Ambani-promoted companys acquisition by IndusInd International Holdings Ltd through the insolvency resolution process...
The order comes in the backdrop of the development wherein the veteran lawyer Shardul Shroff had approached the Supreme Court on behalf of Torrent Investments in October last year to speed up the hearing on the company's application to stay the second challenge mechanism in a corporate insolvency resolution process (CIRP) for the Anil Ambani-promoted Reliance Capital...
Now, Torrent Investments has challenged the view taken by NCLAT about Regulation 39 (1A) of the Insolvency and Bankruptcy Board of India (IBBI) that it does not restrict the rights of lenders to continue negotiation on financials and the decision to do a Second Challenge Mechanism even after its conclusion is not violative of Regulation 39(1A) of the CIRP Regulations...
As per Regulation 39(1A), the bidder must prepare a resolution plan in accordance with the bankruptcy code and submit the resolution plan to the RP within the time given in the invitation made by the RP or administrator in the current case.. In November 2019, the tribunal allowed an application to initiate an insolvency process against the debt-laden financier...
