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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Reserve Bank of India issues revised prudential framework for resolution of stressed assets
July 15, 2019 INSOL India Editorial Team
RBI by its circular on a Revised Framework for Resolution of Stressed Assets dated February 12, 2018 (“February 12 Circular”) had established a more stringent regime for debt resolution in a timebound manner. The lenders were required to restructure the..
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The liquidator is only an additional person and not an exclusive person to file a scheme of arrangement under section 230 of the Companies Act, 2013
May 13, 2019 INSOL India Editorial Team
In an effort to explore the possibility of revival of debt ridden companies and address the interests of various stakeholders, instead of directing such companies under liquidation on failure of the corporate insolvency resolution process, the National Company Law Tribunal..