Release of publication ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’.

July 15, 2019 INSOL India Editorial Team

Hon’ble Mr. Justice M. M. Kumar, President, National Company Law Tribunal (“NCLT”) released a publication titled ‘Understanding the Insolvency and Bankruptcy Code, 2016: Analysing developments in jurisprudence’, jointly prepared by the Insolvency and Bankruptcy Board of India (“IBBI”) and Vidhi..

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Axis Bank-led group of lenders approves Adani Power's bid for GMR Chhattisgarh Energy

July 15, 2019 INSOL India Editorial Team

Lenders to GMR Chhattisgarh Energy have approved the bid by Adani Power, and the Axis Bank-led consortium of lenders has issued Letter of Intent (LoI) to the bidder. In a statement, GMR Infrastructure on July 4, 2019 said it has entered into..

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SBI takes Jet Airways to NCLT for Resolution

July 15, 2019 INSOL India Editorial Team

A consortium of 26 lenders, led by the State Bank of India had approached the Mumbai bench of NCLT to initiate corporate insolvency resolution process (“CIRP”) against Jet Airways (India) Ltd. Earlier, the lenders have made efforts to find a..

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Clarification on calculation of voting shares of home buyers in committee of creditors of a corporate debtor

July 15, 2019 INSOL India Editorial Team

The case of Jaypee Greens Krescent Homes Buyers Welfare Association vs. Jaypee Infratech Limited was referred by the Allahabad Bench of the National Company Law Tribunal to the Delhi Bench (reference bench) of the National Company Law Tribunal (“NCLT”) to..

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Statutory Dues shall be treated as operational debt under the Insolvency and Bankruptcy Code, 2016 and cannot be subject to waiver by the relevant authorities

July 15, 2019 INSOL India Editorial Team

The National Company Law Appellate Tribunal ("NCLAT”), in the matter of RMS Employees Welfare Trust vs. Anil Goel, has observed that the debt due to the Central Government and/or the State Governments arising out of existing law are operational debt..

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Trade Unions are operational creditors under the Insolvency and Bankruptcy Code, 2016

July 15, 2019 INSOL India Editorial Team

The Supreme Court of India ("Supreme Court”), in the matter of JK Jute Mill Mazdoor Morcha vs. Juggilal Kamlapat Jute Mills Company Limited through its Director & Ors., considered whether trade unions could be said to be operational creditors under..

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