MCA and CERSAI have been notified as ‘repositories’ under Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
September 18, 2019 INSOL INDIA EDITORIAL BOARD
IBBI pursuant to its circular dated 7th September, 2019, has approved MCA 21 and CERSAI database as repositories under Regulation 21 of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.
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The National Company Law Appellate Tribunal permits the committee of creditors to guide the resolution professional of Jet Airways India Limited to discharge his duties in relation to foreign creditors
September 18, 2019 INSOL INDIA EDITORIAL BOARD
Two separate corporate insolvency resolution process (“CIRPs”) proceedings have been initiated against Jet Airways (India) Limited (“Jet”), one in India where the registered office of Jet is situated and one in Netherlands (North Holland) having the regional hub of Jet...
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The National Company Law Tribunal approves JSW Steel’s bid for Bhushan Power and Steel Limited
September 18, 2019 INSOL INDIA EDITORIAL BOARD
The Principal Bench of the National Company Law Tribunal (“NCLT”), vide its order dated September 05, 2019, approved the resolution plan submitted by JSW Steel Limited (“JSW”) in relation to the corporate insolvency resolution process of Bhushan Power and Steel..
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The National Company Law Tribunal gives final approval to Patanjali’s bid for Ruchi Soya Industries Limited
September 18, 2019 INSOL INDIA EDITORIAL BOARD
The Mumbai Bench of the National Company Law Tribunal (“NCLT”), vide its order dated September 04, 2019, approved the resolution plan submitted by Patanjali Ayurved Limited (“Patanjali”) in relation to the corporate insolvency resolution process of Ruchi Soya Industries Limited. The..
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The National Company Law Appellate Tribunal permits promoters of Sterling Biotech (undergoing its liquidation) to take back control
September 18, 2019 INSOL INDIA EDITORIAL BOARD
Vide its order dated August 28, 2019, the National Company Law Appellate Tribunal (“NCLAT”) passed a conditional order permitting the promoters of Sterling Biotech Limited (“SBL”), to regain control of the corporate debtor. SBL was ordered to be liquidated by..
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Supreme Court of India upholds the constitutional validity of the amendment to the IBC which deems allottees as financial creditors
September 18, 2019 INSOL India Editorial Board
The Supreme Court of India (“SC”) in the case of Pioneer Urban Land and Infrastructure Limited and Anr. vs. Union of India and Ors upheld the constitutional validity of the Insolvency and Bankruptcy (Second Amendment) Act, 2018 (“Amendment Act”) and..