IBC Financial News

The Dharampal Satyapal (DS) Group has completed the acquisition of Viceroy Bangalore Hotels Pvt. Ltd as part of the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, said a lawyer aware of the matter. Viceroy Hotels owns the Marriott-managed Renaissance Bengaluru Race Course Hotel and had a debt of over Rs1,000 crore.

₹149.60 crore from Zee Entertainment. The case has been filed with the court registrar, but is yet to be listed for hearing. The public sector lender had filed the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), which allows a financial creditor to file an application for initiating Corporate Insolvency Resolution Process (CIRP) against a corporate debtor before the adjudicating authority.

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Reliance Capital on Wednesday said the RBI-appointed administrator has submitted the name of IndusInd International Holdings Limited (IIHL) as a successful bidder to National Company Law Tribunal (NCLT) for consideration. It is to be noted that the Committee of Creditors (CoC) has voted in the favour of resolution plan submitted by Hinduja Group company IIHL.

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Hinduja family has sounded out global credit funds to raise up to $1 billion (about ₹8,200 crore) to finance the potential acquisition of Reliance Capital for which it is the favored bidder after lenders to the insolvent financial services company approved Hinduja's resolution plan, sources familiar with the matter told ET.Farallon Capital, Oaktree, Ares Asia and Cerberus are among the funds that have been tapped in recent weeks to discuss the modalities of the proposed arrangement if the Hindujas were to get requisite court approvals for their bid, sources said. The financing could be backed by shares of Reliance Capital's life and general insurance arms, and the credit funds are likely to seek assurances from the Hinduja Group that such an arrangement will have the consent of the insurance regulator.Timeline Could Vary from 3-6 Mths However, timeline for closing such a financing could vary from 3-6 months depending on how quickly legal hurdles toward completing the acquisition are crossed.

National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that the petition filed by Ligare Aviation Ltd against Religare Enterprises was «not maintainable» and does not fall under the definition of «Corporate Debtor», which means a corporate person who owes a debt to any person.

Insolvency and Bankruptcy Code (IBC) to lift the moratorium on idle spectrum in insolvency resolution cases involving telecom companies, people familiar with details said. The government last month tweaked the IBC rules to exempt production and revenue-sharing contracts, exploration licences and mining leases of insolvent petroleum firms from moratorium, raising expectations of a similar dispensation for the telecom sector even ahead of the proposed Telecom Bill.

The resolution professional of Go First is set to challenge a Delhi High Court order that restricts the airline from removing parts from planes, said people with knowledge of the matter. The order will make revival of the airline difficult, they said. Separately, the Go First resolution professional Thursday pleaded before the National Company Law Tribunal (NCLT) not to extend the Delhi High Court order allowing eight lessors to inspect planes and carry out maintenance of the airline's aircraft.

NEW DELHI : The Delhi bench of National Company Law Tribunal (NCLT) on Tuesday adjourned the ongoing case involving aircraft engine lessor Willis Lease Finance Corporation’s petition to initiate the corporate insolvency resolution process against SpiceJet. The matter is now scheduled to be taken up by the tribunal on July 21. While doing so a bench led by Justice Mahendra Khandelwal questioned the maintainability of the petition since a similar petition was already filed by the lessor in May this year.

The blockchain interoperability concept made rounds during the 2021 crypto bull run, and was championed by the likes of the Cosmos network. Unfortunately, they had to pump the brakes when crypto winter came. However, Cosmos is now attempting to revive the hype once again.

The price of Terra Luna Classic has fallen to $0.00012616 today, representing a drop of 4% in the past 24 hours and a decline of 5% in the past week.

The Cosmos community has voted in favor of a proposition known as prop 187, which has the potential to benefit ATOM stakers and holders. Due to sufficient votes, the proposal is now expected to go live on March 15.

On 2 March, Messari revealed Osmosis‘ plans to integrate Bitcoin [BTC] into its network for additional security. Osmosis is a major part of the Cosmos [ATOM] ecosystem, and improvements in the Osmosis protocol could possibly be reflected in the Cosmos Hub.

According to an announcement made by the Interchain Foundation (ICF) on February 20 in a Medium post, the nonprofit organization that was responsible for the creation of the Cosmos (ATOM) interblockchain communications (IBC) ecosystem has committed to spending approximately $40 million in 2023 to develop its core infrastructure and applications. Around fifty different blockchains, such as Tendermint Core (which has since been renamed CometBFT), Cosmos SDK, Cosmos Hub, and the IBC protocol, all make use of the Interchain Stack.

Terra Luna Classic price prediction is bearish, as the LUNC/USD pair faces major resistance at $0.000147, a level extended by 61.8% Fibonacci retracement level. 

Co-founder of the inter-blockchain communication (IBC) ecosystem Cosmos, Ethan Buchman, announced the existence of a “critical security vulnerability” on 13 October that affects all Cosmos chains which support IBC and all IBC versions.

Solana [SOL] seems to have been long forgotten recently with other blockchains, such as Ethereum [ETH] and Cardano [ADA] grabbing the headlines. The network has long been scrutinized for its outages over the years.

Terra Classic [LUNC] is among the more interesting cryptocurrencies that has been in our watch list especially in the first half of September. It has undergone a retracement since then as expected but there are still opportunities around this cryptocurrency.

With tokens licking their wounds and healing from the unexpected bloodbath witnessed in May, some tokens haven’t exactly followed the “slow and steady” path to recovery. One such token is ATOM, and the token witnessed a huge spike in its price in the past 24 hours. The sudden spike accounted for a frantic yet rewarding couple of hours for the Cosmos blockchain.

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