Resolution Financial News

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.

LegalPay has launched an online dispute resolution (ODR) platform Bharat Dispute Resolution (BDR). The startup is focusing on sectors including fintech, banks and even non-banking financial corporations (NBFCs) for resolving disputes through online mechanisms to recover their dues efficiently and manage their portfolio better.

Srei Infrastructure Finance and Srei Equipment Finance as part of the corporate insolvency resolution process. A bench led by Justices Rohit Kapoor and Balraj Joshi, while approving the resolution plan, said the tribunal is satisfied with the resolution plan since it is in accordance with the Insolvency and Bankruptcy Code.

Taco Bell is commemorating the conclusion of the trademark dispute surrounding 'Taco Tuesday' by offering complimentary tacos. The festivity will occur on September 12, fittingly a Tuesday, in collaboration with food delivery service DoorDash. They will allocate $5 million towards orders from participating Mexican food vendors. Specifics of the arrangement will be disclosed soon, as confirmed by the restaurant chain. Prior to this event, Taco Bell will distribute free seasoned beef Nacho Cheese Doritos Locos Tacos on Tuesdays, starting August 15 and extending through September 5. This deal applies at select Taco Bell outlets and for delivery orders through the Taco Bell app. No purchase is necessary, and each person is eligible for one taco daily, while supplies last. Usual delivery fees, taxes and gratuities apply.

Kerala Legislative Assembly has passed a resolution requesting the Central government to change the name of the state from ‘Kerala’ to ‘Keralam’. Chief Minister Pinarayi Vijayan moved the resolution in the Kerala Assembly.

The Kerala assembly, in a unanimous decision, has adopted a resolution urging the BJP-led Central government to refrain from implementing the Uniform Civil Code (UCC) across the nation. The resolution was introduced by Kerala Chief Minister Pinarayi Vijayan, who labeled the proposed UCC as a "unilateral and hasty" step taken by the Central government. Vijayan asserted that the version of the UCC envisioned by the Sangh Parivar did not align with the principles of the Constitution.

Uniform Civil Code., sources close to the development tod PTI. Chief Minister Pinarayi Vijayan will table the resolution in this regard, they said.

National Company Law Tribunal that it had no stand on the Go First’s resolution professional’s plea to refund ticket amount for flights that have been grounded since May 3. “We have no stand on this; the tribunal may decide the matter on merits,” the counsel for IBBI informed NCLT. The counsel for Committee of Creditors also did not raise any objections on the petition to refund tickets, claiming that it was part of the resolution plan approved by the creditors.

National Company Law Tribunal Friday directed Go First's resolution professional to file an additional affidavit informing the tribunal of the progress in resolution process, including a report on maintenance of aircraft and engine lessors' assets, within the next 10 days. Aircraft and engine lessors' of the airline had informed the tribunal that maintenance of assets was not taking place as per the tribunal's directions.

A consortium of KGK Realty (India) Limited and Dhoot Infrastructure Projects Limited has announced the successful implementation of the resolution plan for the Sare Gurugram group housing project, pursuant to NCLT passing the plan in April 23. The consortium, through Eka Life Limited, has taken control of the company since July 24, 2023 and has invested over Rs 140 crore till date.

ITPCL) has been deadlocked with lenders demanding the distribution of cash with the company before a restructuring plan can be implemented. Although the broad contours of a restructuring plan have been agreed upon, its implementation hinges on approval from individual lenders as well as the National Company Law Appellate Tribunal (NCLAT), people familiar with the matter said. ITPCL is a special purpose vehicle promoted by IL&FS, with a 3,180 MW coal-based thermal power plant at Cuddalore in Tamil Nadu.

National Company Law Tribunal (NCLT) seeking permission to refund money to passengers who had booked their tickets for travel on and after May 3, the day when the cash-strapped airline suspended operations. The Resolution professional of Go First has filed a new application before the Delhi bench of NCLT, requesting «to permit the applicant/CD to make payment of refund to passengers of the CD whose airline tickets have been cancelled since May 3, 2023.» Applicant here refers to resolution professional and CD refers to corporate debtor or Go First.

Delhivery, which has challenged the beleaguered airline's voluntary insolvency, its counsel informed the National Company Law Tribunal (NCLT) on Monday. «We are looking at settling with them,» the counsel submitted before the NCLT, while seeking more time to complete the talks.

Trinamool Congress in West Bengal will move a resolution in the West Bengal Legislative Assembly condemning the incidents in Manipur since the last few months. “We will bring a resolution in the state assembly on the Manipur issue in the current session. Along with the entire country, we are deeply anguished by the condition of the women in Manipur.

India and the US have informed the World Trade Organization (WTO) on the mutual resolution all the six trade disputes, in line with the commitment they made last month. In five separate notifications to the WTO on Tuesday, they asked the multilateral trade watchdog to terminate these disputes.

RBI official as saying. The official added that some exporters had approached the commerce ministry saying there are some issues with the generation of e-BRC (electronic bank realization certificate). ALSO READ: RBI cancels registration of four NBFCs, 11 surrender certificates "So we have taken this issue with the RBI.

Web3 is poised to revolutionize digital interactions, but this innovation is moving faster than the conventional legal system can manage it. Unlike traditional infrastructures that rely on intermediaries, Web3 is powered by blockchain, and most rules are enforced by code. How should people build trust in decentralized, trustless systems without an on-chain legal system?

Arunachal Pradesh as an integral part of India. The resolution was introduced by Senators Jeff Merkley, Bill Hagerty, Tim Kaine and Chris Van Hollen on Thursday.

“This pragmatic approach aimed at resolving issues where negotiators had encountered challenges. The visit proved to be critical in overcoming crucial obstacles and charting a path forward towards an ambitious and mutually beneficial trade deal,” the government said in a statement after Commerce and Industry Minister Piyush Goyal met UK’s Secretary of State for Trade Kemi Badenoch. Goyal was on a visit to the UK from July 10-12. The meeting was marked by a shared understanding and a commitment to advancing mutual interests, according to the statement. The ministers also explored opportunities for enhanced collaboration between the two nations.

New Delhi: As Go First draws up plans to resume flight operations, preparations are also underway to find a suitable new owner for the low-cost carrier. The airline's resolution professional Shailendra Ajmera on Monday invited expressions of interest for Go First, registered as Go Airlines (India) Limited.  The last date for the submission of expressions of interest is 9 August, a company advertisement stated.

Jet Airways creditors on Monday told the Supreme Court that the resolution plan of the consortium of Jalan-Fritsch was unviable and unworkable. The ASG said that not even a single penny has been paid to lenders or infused in the debt-laden airline. On the contrary, the lenders have infused public money of around Rs 400 cr including airport dues.