Resolution Financial News

NCLT) has allowed an exclusion of 936 days from computation of the 270 days for the Corporate Insolvency Resolution Process (CIRP) of realty developer Lok Housing and Constructions in one of the highest such exclusions provided to any company so far. As per the bankruptcy regulation, the lenders and the resolution professional are expected to complete the resolution process within a total of 270 days, failing which the Mumbai-based company will undergo mandatory liquidation. With this exclusion, the company’s liquidation is likely to be deferred as the court has granted additional about two and a half years to complete the resolution process. The bankruptcy court usually provides exclusion to companies under insolvency on a case-to-case basis and in this instance, the decision was taken following a plea from its interim resolution professional (IRP). The tribunal had originally admitted the company for insolvency process based on an application filed by healthcare company USV after the developer defaulted on its dues in 2019. The firm has admitted liabilities worth over Rs 621 crore. The resolution professional was appointed in June 2019.

Kalita on Tuesday said that there have been traditional legacy issues between communities in Manipur, now both communities are completely polarised, more than 4000 looted weapons are still in the hands of people, so they are being used and sporadic incidents continue. There has to be a political resolution to this conflict. Kalita who was in Gauhati Press Club on Tuesday said, “Our aim initially in Manipur was to carry out rescue and relief operations for the people who have been displaced from their houses.

Tamil Nadu Chief Minister M K Stalin on Saturday moved a resolution in the state Assembly to take up for reconsideration, 10 bills passed earlier by the House and returned by State Governor R N Ravi. Stalin, moving the resolution, said without giving any reasons, Ravi had returned the Bills, mentioning «I withhold Assent» to them.

Reliance Capital. The move paves the way for IndusInd International Holdings Ltd (IIHL), the Hinduja Group firm, to acquire the company. This is to inform you that the Administrator of Reliance Capital Limited is in receipt of «No objection» vide letter dated November 17, 2023, from the Reserve Bank of India, the company said in a regulatory filing. IIHL had emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction concluded in April. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC).

NCLT) has approved a proposal jointly submitted by luggage manufacturer Goblin India and financial services firm Khandwala Finstock for the acquisition of bankrupt Television Home Shopping Network. The proposal includes a merger or reverse merger of Khandwala Finstock with the company that operates TV home shopping channels. All the members on the company’s committee of creditors approved the plan at a meeting on August 6. The joint resolution plan includes upfront payments of Rs 19.65 lakh and Rs 35.34 lakh to secured financial and operational creditors, respectively, within 25 days of the NCLT approval, said counsel Nausher Kohli, who appeared in the case for the successful bidders. Each of the operational creditors also has the option to subscribe to 6% of the 1,60,00,000 partly paid (Rs 5 paid) non-cumulative, non-participating, and redeemable preference shares having a face value of Rs 10 each, redeemable at the end of 15 years from the date it becomes fully paid-up. The partly paid preference shares are proposed to be allotted in proportion to the admitted claims which remain unpaid after the upfront cash payment. Formerly known as TV18 Home Shopping Network, Television Home Shopping Network operates TV home shopping channels and an ecommerce marketplace under the brand name HomeShop18. In 2019, real estate firm Skyblue Buildwell acquired a controlling stake in HomeShop18 from Network18, which owned TV18 Home Shopping Network. The tribunal noted that the approval of the resolution plan must not be construed as a waiver of any statutory obligations of Television Home Shopping Network. There had been total claims of Rs 397 crore against the company.

. One of the pleas, filed by HDFC Bank challenging the jointresolution plan of Himadri Speciality Chemical Ltd and the Dalmia Bharat group to acquire Birla Tyres, will be heard on 23 November. The other petition, involving Kesoram Industries Ltd, the parent company of Birla Tyres, contesting the rejection of its claims as a financial creditor in the insolvency process, will be heard on 24 November. Last month, the Kolkata bench of the National Company Law Tribunal (NCLT) approved the resolution plan jointly submitted by Himadri Speciality Chemical and Dalmia Bharat Refractories to acquire Birla Tyres under the Corporate Insolvency Resolution Process (CIRP).

NEW DELHI : Bankruptcy resolution professionals (RPs) have stepped up scrutiny of suspect transactions made before bankruptcy filings, moving tribunals to reverse transactions totalling ₹23,700 crore in the September quarter alone. While 24 such questionable transactions—called voidable or avoidance transactions—were flagged to tribunals in the March quarter, it was followed by 76 and 78 in the June and September quarters.

India has cast its vote in favor of a United Nations resolution denouncing Israeli settlements in the Occupied Palestinian Territory, including East Jerusalem, and in the occupied Syrian Golan, as per media reports. The resolution, which was passed on Thursday, garnered support from various nations, highlighting global concern over settlement activities. According to reports, the resolution faced opposition from seven countries, including the United States and Canada, while eighteen countries opted for abstention.

United Nations General Assembly had adopted a resolution calling for an “immediate, durable and sustained humanitarian truce" between Israel and Hamas terrorists in Gaza. However, during that time, India had abstained from a call for the protection of civilians and upheld legal and humanitarian obligations from the UN General Assembly on a Jordanian-drafted resolution titled ‘Protection of civilians and upholding legal and humanitarian obligations’ that called for an immediate humanitarian truce in the Israel-Hamas conflict and unhindered humanitarian access in the Gaza strip.

corporate resolution process and prevent delay in implementation of the resolution plan, the Insolvency and Bankruptcy Board of India (IBBI) on Wednesday proposed amendments to some regulations. The insolvency and bankruptcy board has proposed to structure the corporate resolution plan into two parts -- inflow of funds and distribution to various stakeholders -- under the Insolvency and Bankruptcy Code (IBC).

real estate. Together, the two industries account for three out of five insolvency cases admitted in India but have thus far yielded vastly contrasting outcomes. Manufacturing made up 38% of all such cases admitted until September 2023 since the Insolvency and Bankruptcy Code (IBC) came into force late 2016, but its share in the resolved cases was as much as 48%.

Hamas for its terrorist attack and the Assembly rejected an amendment supported by New Delhi that would have named the terror group. During this special session, the UNGA adopted a new resolution, calling for an «immediate, durable, and sustained humanitarian truce» between the Israeli troops and the Hamas militants in Gaza. The newly adopted resolution which was initially moved ahead by Jordan, it did not contain any explicit condemnation of the terrorist attacks on 7th October but an amendment was introduced to include this condemnation before the main Resolution's vote.

United Nations resolution calling for a truce in Gaza is «shocking» and shows that it is shaping its foreign policy as «a subordinate ally of US imperialism,» the CPI(M) and the CPI said in a joint statement on Saturday. The CPI(M) said it will hold a protest on Sunday at its AKG Bhawan office to express solidarity with Palestine.

United Nations General Assembly after abstaining from the resolution on the Israel-Hamas war. The United Nations General Assembly on Friday adopted a resolution calling for an “immediate, durable and sustained humanitarian truce" between Israel and Hamas terrorists in Gaza. However, India has abstained from a call for the protection of civilians and upholds legal and humanitarian obligations.

Israel-Gaza War LIVE: Israel intensified its attacks in the Gaza Strip, resulting in a significant disruption of internet and communication services, as reported by The Associated Press (AP).Meanwhile, Hamas announced on Saturday that its fighters in Gaza are prepared to respond with full force to Israeli attacks, as Israel expanded its air and ground operations in the Palestinian enclave.Reuters reported, that the Gaza-based Palestinian militant group, which governs the region, previously stated that its fighters were engaging in clashes with Israeli troops in areas close to the border with Israel. This came in response to Israel's reports of escalated attacks in Gaza."In addition to the attacks carried out in the last few days, ground forces are expanding their operations tonight," Israeli military spokesman Rear Admiral Daniel Hagari said in a televised news briefing on Friday evening.Check all the Israel-Gaza War LIVE Updates here“Deeply concerned" over the deteriorating security situation and the astounding loss of civilian lives in the ongoing conflict between Israel and Hamas, India at the UN urged both parties to “de-escalate, eschew violence."India's Deputy Permanent Representative to the United Nations Yojna Patel on Friday (local time) in her remarks at the United Nations General Assembly Emergency Special Session on the Israel-Hamas war said, “India is deeply concerned at the deteriorating security situation and the astounding loss of civilian lives in the ongoing conflict.

Gayatri Projects have received a single bid for the debt-laden engineering, procurement, and construction (EPC) company from Dubai-based private equity fund Mark AB Capital Investment LLC, offering them about 10% recovery on their total dues of ₹6,000 crore. The bankers had received two expressions of interest (EOIs) earlier this year but the other joint bid from two individuals did not result in a serious offer, people familiar with the process said. Mark AB's offer includes a small upfront payment, with the remaining payment differed after two years. «The offer includes a total of ₹50 crore upfront cash, ₹50 crore capital infusion, and the remaining ₹500 crore to be paid after two years,» said a person aware of the details. «Mark has said that it will partner with an asset reconstruction company to assign the debt and pay recoveries from it after two years.» Last week, Gayatri Projects' resolution professional Sai Ramesh Kanuparthi successfully petitioned the National Company Law Tribunal (NCLT) to expand the resolution timeline, which has been extended by 60 days. Bankers are expected to close the deal by December. «Creditors will look to negotiate a better deal including some commitment for covering the bank guarantees (BGs) issued to the company,» said a person aware of the details.

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Narendra Modi, while addressing the 125th Founders' Day celebrations at ‘The Scindia School’ in Madhya Pradesh's Gwalior on October 21, told the gathering of students that their dream is his "resolution". “India will remove poverty and also become developed.

NEW DELHI : Average fees charged by resolution professionals (RPs) and other consultants involved in insolvency and bankruptcy have declined by as much 70% during the past two years due to competition among professionals and tightening of rules by regulators, market participants said. Back in 2017, when the Reserve Bank of India (RBI) published the ‘dirty dozen’ list of 12 large accounts against which the newly introduced Insolvency and Bankruptcy Code (IBC) would be used, the consultants were charging as much as ₹1-2 crore for each case.

United Nations (UN) resolution that sought to condemn Hamas' attacks on Israel and all acts of violence against civilians, while also urging for humanitarian aid to be provided to Palestinians in Gaza. The vote took place in the 15-member Security Council, with 12 votes in favor of the resolution, the United States opposing it, and two countries abstaining.