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- Home buyers want to take over debt-laden property developers – An association of apartment-buyers submitted a plan to revive Kindle Developers, which failed to deliver homes after accepting payments. (Mar 04, 2019)
- 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.
- IBBI tightens rules for insolvency pros – According to the amendment, the sole objective of IPE is to provide support services to IPs.
- 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
- The window closes today for submitting comments on Voluntary Liquidation regulations – The Ministry of Corporate Affairs had set-up four working groups of experts and practitioners to facilitate implementation of the Insolvency and Bankruptcy Code, 2016.
- 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
- IBBI penalises five debt resolution professionals -The penalties came for various reasons, including dubious conduct.
- Boost to insolvency process: NCLT asks ED to use borrower’s attached assets linked to fraud – ED had attached Rs 100 crore worth of property of REI Agro, once a prominent rice processing unit, for alleged money laundering. The company could not repay bank loans since 2013 Read
- 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
- IBC helps HBN’s retail depositors claim their dues – This is one of the few cases under IBC where depositors dragged the defaulting company to the court