Some promoters escape tight insolvency norms – Mumbai: Promoters of at least four small companies managed to pass their resolution plans before New Delhi tweaked the bankruptcy code, limiting the ability of erstwhile defaulting owners from buying back their assets at the conclusion of time-bound recovery proceedings.
In a first, firm liquidated as a going concern – The NCLT for the first time had directed that a liquidator is appointed in place of an existing RP in the case of a firm which has no feasible resolution plan.
Insurers now offer cover for insolvency professional – Policies cover kidnap, ransom apart from offering professional indemnity to insolvency professionals. They are appointed as acting CEOs of companies by lenders. Read
Manor Floatel Hotel took to NCLT for loan default – IDBI Bank dragged the company to the National Company Law Tribunal as it failed to repay more than Rs 32 crore loans taken to set up a floating hotel on the Hooghly
Will Visa Power head for successful revival? – The committee of creditors will hold its first meeting in the third or fourth week of January amid concerns that the company’s incomplete thermal project would dim the revival prospects
LML stares at successful resolution, gets five bids – Bidders include Lohia Corp, Rimjhim Ispat, Panem Steel, Neil Industries and a joint offer by Dolphin Developers and Mohani Teal, two people familiar with the matter told ET
Another twist in Insolvency as NCLT passes a new order – NCLT has directed that a liquidator be appointed in place of an existing resolution professional in the case of a company which has no feasible resolution plan in sight
