Resolution Financial News

Congress' top decision-making body's resolution comes at a time when Marathas are agitating for reservations in Maharashtra and other communities also raise the demand for reservations time and again and owing to the sensitive nature of the issue, it sometimes even leads to violence. During the press conference after the CWC meeting, the senior Congress leaders accused the government of complete failure on political, economic, and national security fronts. The leaders claimed that under the BJP regime, there is a challenge to India's constitutional, and federal structure of India.

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Reliance Capital’s resolution plan till the Supreme Court passed a final order. In April, the Hinduja Group emerged as the sole bidder for turning around the debt-laden firm, after the lenders completed the extended challenge process. The NCLT must now approve the Hindujas’ resolution plan, to complete the process under the Insolvency and Bankruptcy Code.

leadership of PM Modi. Defence Minister Rajnath Singh moved a resolution congratulating the prime minister on behalf of the entire country for the success of the summit.

Coffee Day Global, its lender IndusInd Bank has decided to withdraw its insolvency resolution application against the company after the private sector lender assigned its loans to ASREC (India), an asset reconstruction company (ARC). The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Wednesday allowed the withdrawal of Coffee Day’s appeal in its oral order after both sides informed that they are settling the matter.

New Delhi: The Delhi high court on Wednesday issued notice to the resolution professional of Go First and the Director General of Civil Aviation (DGCA) on a plea filed by the airline's aircraft lessor BOC Aviation (Ireland) Ltd. The lessor sought further direction from the court on the inspection report submitted by them in the court. The court also noted that assets are valuable and “can't go like that".

Rashmi Metaliks, an iron and steel maker, has submitted a resolution plan for the bankrupt military-focused software exporter Rolta India. It has agreed to pay less than Rolta's liquidation value, and lenders will likely ask the company to revise its offer. Secured creditors have an exposure of ₹7,086 crore to Rolta. The lenders are scheduled to meet on Wednesday to evaluate the Rashmi offer.

PTI. Though, the BJP has hit out at West Bengal Chief Minister Mamata Banerjee saying she has a history of changing history and that they will not accept April 15 as Bengal Day.

IBC) during the Corporate Insolvency Resolution Process (CIRP) of the company. Mumbai-based ND’s Art World was promoted by celebrated art director Nitin Desai, who allegedly committed suicide after the company was admitted under the CIRP by the National Company Law Tribunal. Thereafter, an FIR was filed against the senior officials of Edelweiss Asset Reconstruction Company Ltd and Edelweiss Group along with the company’s interim resolution professional. Subsequently, the company’s IRP Jitender Kothari, through his lawyer Nausher Kohli approached the tribunal to seek immunity against any action by the lenders or the disciplinary committee of the Insolvency and Bankruptcy Board of India (IBBI) for any ‘unintentional delay’ in the matter. The tribunal, in its order of August 28 observed that a police case for abetment of suicide under IPC came to be registered in this matter consequent upon suicide by one of the suspended directors of the corporate debtor on the ground that the initiation of CIRP proceedings caused him to commit suicide.

insolvency code in deceased art director Nitin Desai’s ND's Art World’s insolvency case. In his petition before the NCLT, Nausher Kohli, counsel representing the resolution professional of ND's Art World, said that owing to the sensitivity involved in the matter, the resolution professional will only be able to take necessary steps in discharge of his duties as required to be undertaken under the insolvency code after “normalcy is restored".

smartphones is an ever-evolving one and the latest buzz comes from Samsung, with the upcoming release of the highly anticipated Galaxy S24 Ultra. While rumors and leaks have been circulating, the latest scoop suggests that the phone will come equipped with a revamped 200MP main camera sensor. Recent leaks from the renowned tipster Ice Universe via X (Twitter), suggest that the device will be equipped with a 200MP Samsung ISOCELL HP2SX sensor, an optimized iteration of last year's HP2. «Exclusive: The Samsung Galaxy S24 Ultra will feature a 50MP 3x telephoto camera！» they tweeted. While this new sensor retains the 1/1.3-inch sensor size with 0.6µm individual pixel size, it promises an improvement in picture quality. Though specific details on this enhancement remain unknown, it's expected to deliver a marginally better photographic experience than its predecessor. Meanwhile, on the subject of cameras, the smartphone is expected to include a 12MP ultra-wide-angle sensor, a 50MP telephoto sensor with 3X optical zoom, and a 10MP periscope sensor boasting 10X optical zoom. For selfies and video calls, a 12MP front-facing camera might be on board.

INDIA bloc meeting in Mumbai and became a hot topic of discussion during the meeting. Previously, leaders like Bihar Chief Minister Nitish Kumar and West Bengal Chief Minister Mamata Banerjee have also talked about the possibility of the government calling the Lok Sabha elections early.

Crypto exchange Gemini has objected to Genesis' bankruptcy resolution proposal, claiming that the plan lacks necessary specifics and fails to offer adequate assurances to its major debtors. 

By Pete Schroeder

International Day Against Nuclear Tests is being observed on Tuesday, August 29 across the world. The main aim of observing this day is to increase awareness about the impacts of nuclear tests and nuclear explosions. It also aims to increase awareness about a nuclear-weapon-free world. The U.S.A. is the only country to have used nuclear weapons. It dropped nuclear bombs on the Japanese cities of Nagasaki and Hiroshima during World War II. Though no nuclear weapon has been used since then, many more countries have developed nuclear weapons.

Union Cabinet on Tuesday adopted a resolution hailing the soft-landing of Chandrayaan-3 on the lunar surface, saying the success of the mission is a victory not just for the ISRO but a symbol of India's progress and ascent on the global stage. Briefing reporters on the decisions taken by the Cabinet, Union minister Anurag Thakur said it congratulated the Indian Space Research Organisation on its efforts. The cabinet thanked the scientists and noted that India has become the first country to land near the Moon's south pole. «Landing on the moon, with predicted accuracy, in itself is a momentous achievement. »Landing near the South Pole of the Moon, overcoming the arduous conditions, is a testament to the spirit of our scientists, who since centuries have sought to push the boundaries of human knowledge," read the resolution.

NEW DELHI : The European Union (EU) has proposed an investment court system for dispute resolution as part of the bilateral investment treaty (BIT) under negotiation alongside the free trade agreement, European commissioner for trade Valdis Dombrovskis said. EU officials plan to discuss the proposal with finance minister Nirmala Sitharaman on Saturday, Dombrovskis said in an interview. In a sign of easing trade tensions, the EU trade chief said that settlement of outstanding disputes at the World Trade Organization (WTO) is also on the agenda.

Mizoram Assembly has adopted a resolution opposing the Forest (Conservation) Amendment Act, 2023 passed by the Parliament recently. The resolution adopted on Tuesday stated, «This House unanimously resolves to oppose the Forest (Conservation) Amendment Act, 2023 to protect the rights and interest of the people of Mizoram.” The resolution was moved by Mizoram Environment, Forest and Climate Change Minister TJ Lalnuntluanga. Lalnuntluanga said, „Even though we have made an exhaustive effort to protect our forest from destruction and to safeguard the rights of people of the state, by conveying our concern about the proposed Forest (Conservation) Amendment Act through numerous correspondences to the Centre, it has yielded no result.

Dalmia Group firms have submitted a revised debt resolution plan for ₹1,100 crore of bank loans of Birla Tyres, which is undergoing insolvency resolution, according to people in the know. A person familiar with the new plan told ET that group companies of Dalmia Bharat have offered to repay about ₹300 crore of the outstanding loans of Birla Tyres. This is said to be three times their original offer to creditors.

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).

Authum Investment & Infrastructure, the losing bidder in the takeover battle for the Srei twins, has appealed against the National Company Law Tribunal (NCLT) order approving the resolution plan of the National Asset Reconstruction Co (NARCL). Also, in a new twist, the Mumbai-based NBFC has increased its offer for the Kolkata-based companies by another Rs 450 crore, people familiar with the matter said.