Order of National Company Law Tribunal (“NCLAT”) in the matter of State Bank of India vs. D.S. Rajendra Kumar & Ors. dated April 18, 2018

May 3, 2018

The State Bank of India (“SBI”) had filed an insolvency petition in the Chennai bench of the National Company Law Tribunal (“NCLT”) for the recovery of financial credit (“Loan”) extended to M/s Brilliant Alloys Private Limited (“Corporate Debtor”). The NCLT..

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Order of Kolkata Bench of the National Company Law Tribunal (“NCLT”) in the matter of State Bank of India vs. Electrosteel Steels Limited dated April 17, 2018

May 3, 2018

Renaissance Steel India Private Limited (“RSIPL”) had objected to the resolution plan of Vedanta Limited (“Vedanta”) in the corporate insolvency resolution of Electrosteel Steels Limited (“Corporate Debtor”), which has been approved by the committee of the creditors of the Corporate..

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Discussion paper by the Insolvency and Bankruptcy Board of India (“IBBI”) on monitoring of the performance of insolvency professional under the Insolvency Bankruptcy Code, 2016 (“IBC”) and the regulations made thereunder

May 3, 2018

The IBBI has released a discussion paper on April 27, 2018 on the monitoring of the performance of insolvency professionals under the IBC and the regulations made thereunder. The IBBI has invited suggestions and comments on the issues discussed in the..

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INSOL India conducted a seminar on "Business Restructuring-Evolving Legal Issues and Imperatives"

May 3, 2018

INSOL India along with the PHD Chamber of Commerce & Industry, New Delhi, conducted a Seminar on“Business Restructuring -Evolving Legal Issues and Imperatives” which was held on Saturday, 21stApril 2018. The seminar focused various issues including the laws relation to (a)..

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The National Company Law Tribunal (“NCLT”) asks the creditors of Bhushan Power and Steel Limited (“BPSL”) to consider Liberty House bid

May 3, 2018

The NCLT, on April 23, 2018, had asked the creditors of Bhushan Power & Steel, to consider the bid submitted by UK-based Liberty House for the debt-ridden company. Allowing the plea of Liberty House, the NCLT has directed the committee of..

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Lenders have questioned the bid evaluation process of Jaypee Infratech Limited (“Jaypee”)

May 3, 2018

India Infrastructure Finance Co Ltd (“IIFCL”), which has a claim of around Rs. 900 crores or 10.57 % of Jaypee's total debt, questioned the valuation arrived at by the valuer appointed for Jaypee’s corporate insolvency resolution process, for assuming significantly..

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