IBC Financial News

NEW DELHI : The Union government is likely to press ahead with legislative reforms in the winter session of Parliament, targeting changes to the Insolvency and Bankruptcy Code (IBC) and the Companies Act on which substantial groundwork has already been done, a person familiar with the development said. Separately, an expert committee of the ministry of corporate affairs (MCA) is set to finalize its recommendations for a digital competition law, after which it will be circulated for inter-ministerial discussions and then for consideration by the Union cabinet, the person, who spoke on condition of anonymity, said.

Pyramid Technoplast IPO: Bidding for initial public offering (IPO) of Pyramid Technoplast Limited opened on 18th August 2023 and it will remain open for bidders till 22nd August 2023. Means Pyramid Technoplast IPO subscription will end on tomorrow and investors have just two days in hand to apply for the initial offer. As per the Pyramid Technoplast IPO subscription status, by 12:15 PM on day two of bidding, the public issue has been subscribed 3.40 times whereas its retail portion has ben subscribed 3.98 times.

₹10,220 crore of allegedly questionable past transactions of insolvent companies have been taken to tribunals by resolution professionals appointed by creditors. So far, 947 such ‘voidable’ transactions worth ₹2.95 trillion have been questioned by resolution professionals, of which 200 transactions worth ₹44,871 have been dealt with by the tribunals, and over ₹5,200 crore have been recovered, IBBI data showed.

Pyramid Technoplast IPO: The Initial Public Offering (IPO) of Pyramid Technoplast Limited is going to hit primary market today. The public issue has become open for subscribers today and it will remain open for bidders till 22nd August 2023. The company has fixed Pyramid Technoplast IPO price band at ₹151 to ₹166 and one log of the IPO will comprise 90 shares of the company.

Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application «has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP,» said a regulatory filing from Future Retail Ltd (FRL).

NCLAT) on Thursday agreed to hear IDBI Bank’s plea against Zee Entertainment in payment dispute case on August 31, 2023. The private lender has challenged an NCLT order, which had on May 19 rejected its plea to initiate insolvency proceedings against the media major.

The issue of ease of exit in India is not new. The Insolvency and Bankruptcy Code (IBC) overhauled the involuntary liquidation process of companies. However, companies not only close because of bankruptcy or a court order.

Future Retail Ltd has approached the National Company Law Tribunal (NCLT), seeking a further extension till September 15 to complete the corporate insolvency resolution process (CIRP) of the debt-ridden firm. The RP of the company has moved an application before the Mumbai bench of NCLT to exclude a period of 29 days from CIRP of Future Retail Ltd, according to a regulatory filing. «The Resolution Professional of Future Retail Limited (FRL) has filed an application before National Company Law Tribunal, Mumbai seeking exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL,» it said. If approved, this would be a third extension for FRL which, according to some reports, is struggling to attract a buyer despite changes in the bid conditions. Last month, NCLT extended the deadline to August 17, 2023, after allowing the plea of FRL to exclude 33 days from the CIRP. In April, NCLT granted FRL an extension of 90 days till July 15, 2023, for concluding the CIRP.

European Union has raised data privacy concerns at the meta information portal that India has proposed for the micro, small and medium enterprises (MSME) of the G20 countries. The portal is sought to have details of MSMEs of every G20 member including the sectors and products they deal with. Establishing an online digital portal is crucial as it would offer integrated research, trade and business information for market research by the MSMEs. «Some members, including the EU, have raised data privacy concerns. They have asked how will the portal and data be managed,» said an official. Officials said that setting up the MSME portal is one of the three high-ambition goals, an outcome on which is being seen at the upcoming G20 Trade and Investment Ministerial meeting in Jaipur from August 24 to 25.

Association of Asset Reconstruction Companies (ARCs) has sought the finance ministry's intervention to issue advisory to state governments to direct authorities to build in adequate safeguards in initiating criminal cases against lenders and its officials while pursuing their duty as per prescribed recovery norms. The letter follows an increasing number of criminal cases against lenders, which are aimed to intimidate and stall recovery efforts.

₹54.5 crore in open market, the company said in a stock exchange filing. With this move, the shareholding of the company in RHFL has reduced to 2.47%. Besides, the RHFL has ceased to be an Associate of the Company with effect from 9 August.

RBI)," it said. Desai, who would have been 58 on 9 August, took his life on 2 August in his studio. According to the HT news report, he had left 11 audio clippings in a voice recorder that the Raigad police have sent for forensics analysis.

New Delhi: The Resolution Professional (RP) of the Go First Airline informed the Delhi high court about their appeal to the Supreme Court against a division bench order. This order, upheld by the division bench, allowed lessors to inspect aircraft and rejected Go First’s plea.

Reuters, MB Patil further noted that the manufacturing facility will be spread across 100 acres in the state, said in a post on social media platform X. Bloomberg News reported on Tuesday that the company would manufacture lithium-ion cells at the facility.

₹2.8 trillion. It has been a rare law to have seen unanimity of policy goals across government agencies. A series of amendments have strengthened the law.

IBC) has proposed a recyclable Lithium-ion battery manufacturing unit in Karnataka with an investment of Rs 8000 crore ($ 1 billion). Venkatesh Valluri, IBC India President and S Selvakumar, Principal Secretary at the Industries department signed an MoU in the presence of Industries Minister MB Patil.

Insolvency and Bankruptcy Code (IBC), final resolution orders have been passed by the National Company Law Tribunal (NCLT) in 510 cases during the same period, according to data from the ministry. In order to make it easier for businesses seeking to exit, the government has set up a Center for Processing Accelerated Corporate Exit (CPACE), which centralizes and expedites voluntarily exit of companies under Section 248(2) of the Companies Act.

insolvency resolution of an airline, persons aware of the details said. Under the Insolvency and Bankruptcy Code (IBC), once resolution proceedings are initiated, the transfer or disposal of assets of the stressed firm is effectively barred through a moratorium.

"Growth is coming in a reasonably good proportion. Investment cycle has just picked up. So, you have both triggers of investment cycle as well as the retail credit growing, which is a very robust," says Vikas Khemani, Carnelian Capital.What about the view when it comes to banks? Do you think that it will continue to remain a compounding story in this market?Absolutely.

NEW DELHI, MUMBAI : The National Company Law Tribunal (NCLT) has granted relief to bankrupt Go First, allowing the grounded airline to utilize leased aircraft as it prepares to resume operations. In an order issued on Wednesday, NCLT said that the civil aviation regulator Directorate General of Civil Aviation (DGCA), has not deregistered the aircraft, which means that they are available to the airline to resume operations.

NEW DELHI : Budget carrier SpiceJet has told the National Company Law Tribunal (NCLT) on Friday that Willis Lease Finance is not among the four operational creditors of the airline and hence, its petition against the airline to initiate a corporate insolvency resolution process is dismissable. After the hearing, the court deferred the proceedings and the tribunal is now scheduled to hear the matter on 31 July. Challenging the maintainability of the petition, senior counsel representing SpiceJet Krishnendu Dutta said Willis isn’t among the airline’s four operational creditors.