The National Company Law Appellate Tribunal (“NCLAT”) to expedite the hearing of the pleas of the resolution applicants of Essar Steel Limited (“ESL”)

June 1, 2018

The resolution applicants of ESL i.e. NuMetal and ArcelorMittal, had filed applications before the NCLAT challenging the disqualification of their respective bids submitted under the corporate insolvency resolution process of ESL. The NCLAT, on May 22, 2018, had admitted the petitions..

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The lenders of Binani Cement Limited approve UltraTech Cement Limited’s bid

June 1, 2018

The creditors of Binani Cement Limited (“BCL”) have approved the resolution plan submitted by UltraTech Cement Limited (“UCL”), on May 28, 2018 for the acquisition of BCL by UCL for Rs. 7950 Crores. The acquisition of BCL by USL is, however,..

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Tata Steel’s acquisition of Bhushan Steel- payment of government dues

June 1, 2018

The resolution plan submitted by Tata Steel Limited was approved by the committee of creditors of Bhushan Steel Limited with a majority of 99.8% and was approved by the National Company Law Tribunal on May 15, 2018. TSL has, vide its..

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Cabinet approves ordinance to amend the Insolvency and Bankruptcy Code, 2016

June 1, 2018

The Union Cabinet has approved an ordinance, making further changes to the Insolvency and Bankruptcy Code, 2016 (“IBC”). It is understood that these changes have been proposed on the basis of recommendations by the Insolvency Law Committee (ILC) report issued..

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Supreme Court asks Jaypee to deposit Rs. 1,000 crore to avert liquidation of subsidiary

June 1, 2018

The Supreme Court directed Jaiprakash Associates Ltd (“JAL”) to deposit Rs1,000 crore with its registry by 15 June to avert the liquidation of its subsidiary Jaypee Infratech Ltd and to provide refunds to the homebuyers of Jaypee Infratech Ltd (“JIL”). As..

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Insolvency Professionals Conclave

June 1, 2018

The Insolvency and Bankruptcy Board of India (“IBBI”) held the 2nd Insolvency Professionals Conclave, in Mumbai, on May 26, 2018.The conclave was organized in association with the Indian Institute of Insolvency Professionals of ICAI, the ICSI Institute of Insolvency Professionals..

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