Resolution Financial News

UN Security Council scheduled a Wednesday vote on a resolution that initially condemned «the heinous terrorist attacks by Hamas» on Israel as well as all violence against civilians, while calling for «humanitarian pauses» to deliver desperately needed aid to millions in Gaza. Negotiations on wording of the draft resolution sponsored by Brazil continued throughout Tuesday, and the final version to be voted on had not been released by late Tuesday. The vote follows the council's rejection Monday evening of a Russian-drafted resolution that condemned violence and terrorism against civilians and called for a «humanitarian cease-fire» but made no mention of Hamas.

SKS Power will meet next week to review the resolution plan offered by Torrent Power following a directive by the bankruptcy court, which observed that the decision by the lenders to sell the power company to Sarda Energy and Minerals was based on incomplete financial data, said people with knowledge of the matter. Lenders of bankrupt SKS Power unanimously voted on May 16 in favour of a plan given the stock exchange listed Sarda Energy.

Lok Sabha speaker Om Birla told European Parliament vice-president Nicola Beer in a bilateral meeting here on Saturday. Birla said this in protest against European Parliament's July resolution on the human rights situation in India in the backdrop of violence in Manipur.

REC Ltd have sought approval from the Department of Investment and Public Asset Management or DIPAM for a debt resolution plan for KSK Mahanadi Power project, which is currently under the insolvency process. The state-owned lenders, with NTPC Ltd as the technical partner, had earlier given expression of interest for the 1,800 MW coal-based power project in the Champa district of Chhattisgarh along with companies like Vedanta Ltd, Adani Power Ltd, and Jindal Power Ltd. While the PFC-REC duo had submitted its bid for the project, it was later clarified that they needed DIPAM's approval to participate in the resolution process, three people in the know said. The two non-banking financial companies had given a similar proposal for the stressed Lanco Amarkantak Power project, initially without the approval from the department. Later the department accepted it as 'fait accompli', two of the people said.

Mutahida Majlis-e -Ulema patron Mirwaiz Umar Farooq on Wednesday expressed great anguish and grief at the loss of lives during the ongoing escalation in the Palestine-Israel conflict lamenting that the international community and the United Nation have failed the people of Palestine. The Hurriyat leader stated that ‘people of Kashmir stand united in unwavering solidarity with the people of Palestine as they share a deep hope for the resolution of the conflict' and an end to the profound human sufferings it has caused.

Congress on Tuesday said there are no differences in the party on the CWC resolution on Hamas and reminded the BJP of former prime minister Atal Bihari Vajpayee favouring the cause of Palestinian people, after the ruling party slammed it for not referring to the terror attack on Israel in its resolution. The Congress came under attack from the Bharatiya Janata Party (BJP) for allegedly supporting Hamas and the Palestine cause, without referring to the attack on Israel. Congress's deputy leader in the Lok Sabha Gaurav Gogoi said there are no differences within the party over the CWC document, which has favoured a resolution of the Palestine issue through dialogue.

₹1,890 crore. Earlier, larger conglomerates including Adani and Reliance had evinced interest in the company.

Supreme Court has said resolution professionals (RPs) do not have the power to file appeals against the decisions of bankruptcy courts as they are «neutral» persons appointed to assist the tribunals. The top court's observation could help speed up insolvency resolutions, legal experts said.

Vijaykumar Iyer sought a fresh opportunity to seek new bids for Future Retail, springing a surprise for the lenders that rejected Space Mantra's ₹550-crore buyout offer Saturday evening, people aware of the development told ET. Instantly and unanimously, lenders rejected his proposal to restart the process, the people said. Kishore Biyani-promoted Future Retail, which is undergoing a corporate insolvency process, received only one eligible resolution plan from Space Mantra even as large conglomerates such as Adani Group and Reliance Industries had made expressions of interest. «After the voting lines closed at 9.00 pm Saturday, the resolution professional conducted a virtual meeting with lenders and insisted that the process to find a buyer should be restarted,» said one of the persons cited above.

NEW DELHI : The debt resolution capacity under Insolvency and Bankruptcy Code (IBC) should be stepped up by more than three fold to handle about 1,000 cases a year, said a senior government official. Speaking at seventh foundation day of Insolvency and Bankruptcy Board of India (IBBI), the rule maker and regulator, ministry of corporate affairs secretary Manoj Govil said pace of debt resolution under IBC was steadily increasing and expectation is that number of corporate rescue will go up to 300 cases this financial year from 180 cases last financial year.

IBC) has surged from Rs 2 lakh crore to about Rs 6 lakh crore, the chief of the insolvency regulator said on Sunday, citing an IIM-Ahmedabad study. Speaking at the seventh annual day event of the Insolvency and Bankruptcy Board of India (IBBI), its chairman Ravi Mittal said the sales of these firms also jumped by 75% after resolution, stressing that the sick companies are doing very well following their resolution. “This is a very big contribution of the IBC and this has led to growth in the economy,” Mittal said. The study was commissioned by the regulator to gauge the efficacy of the IBC regime. Mittal said a record 185 cases have been resolved via the IBC in the last fiscal year.

announced at RIL's annual general meeting held last month. Reliance has now sent out a postal ballot to shareholders seeking a nod for their appointment as board of directors of the company.

To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects.The surety bond issued by a general insurance company is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).The surety is a company that provides the financial guarantee to the obligee (usually a government entity) that the principal (business owner) will fulfil their obligations.

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Jet Airways said on Friday, September 22, that it has not received any money from the Jalan Kalrock Consortium (JKC). The lenders also said that the insolvency resolution plan is yet to be implemented, according to a report by business daily Economic Times. The consortium has however claimed that it will have to shell out additional amount than what was approved if Punjab National Bank’s additional liability ₹202 crore is accepted.

₹90.87 crore. The terminal, situated within the government-owned V O Chidambaranar Port Trust (VOCPT) in Thoothukudi, Tamil Nadu, had ceased operations in 2018 and was abandoned.

Insolvency and Bankruptcy Code (IBC). “We do not find any ground to interfere with the impugned order dated 28 April 2023," said a bench led by chairperson Ashok Bhushan and Justice Barun Mitra. “The adjudicating authority may now proceed to consider the application filed for approval of the Resolution Plan." Independent Sugar Corp.

NEW DELHI : The bankruptcy regulator has amended the rules to speed up debt resolution of companies by reducing litigation and giving greater clarity on the obligations of parties involved in the process. The Insolvency and Bankruptcy Board of India (IBBI) also strengthened the role of professionals administering bankrupt businesses by codifying the process by which the records of a company’s assets can be taken over from any person, not just promoters and managers.

Lenders to Bengaluru-based wood panel and laminates maker Associate Decor are awaiting the go-ahead from the National Company Law Tribunal (NCLT) more than three years after they approved a bid for the company, in what is an example of legal issues plaguing the seven-year-old Insolvency and Bankruptcy Code (IBC). Tanzania-based METL was declared the preferred bidder by lenders led by Union Bank of India (UBI) in March 2020. Its offer of ₹245 crore for the ₹604 crore debt of the company meant a recovery of 40% for lenders.

Hollywood strikes, Drew Barrymore has now reversed her decision. The actor-producer and show host said she is pausing The Drew Barrymore Show until the writers' strike is resolved. Drew Barrymore had announced the return of her talk show for Season 4 beginning September 18, 2023. She had apologized to the Writers' Guild of America (WGA), the union behind the writers’ strike in the US, for doing so. She explained in a video on September 15 saying that she needs to keep her show running to pay the crew. But the actor deleted the video the same day, after backlash from her fans and the film industry. Considering her decision was harming the show and her image, Drew Barrymore seems to have reversed her call. Drew Barrymore released a statement on Instagram on September 17, 2023, saying, «I am making the decision to pause the show’s premiere until the strike is over.»

Congress on Saturday called for increasing the existing upper limit of reservations for scheduled castes, scheduled tribes and OBCs. In a resolution adopted at its first meeting after being reconstituted, the Congress Working Committee (CWC) also called for the conducting of a caste census. The Congress' top decision-making body expressed grave concern at «increasing unemployment and continuous rise in prices, especially of essential commodities». «The prime minister's so-called Rozgar Melas are a hoax to cover up the abject failure to create, as promised, two crore jobs a year.