Once a company is admitted into Corporate Insolvency Resolution Process (CIRP), it is certain that either a Resolution plan will be submitted by a new investor for a definite amount or upon failure of the resolution, the assets of the Corporate Debtor will be sold by the liquidator for a particular amount. But what is that particular benchmark amount which should guide the decision-makers (Committee of Creditors or the Liquidator) to arrive at a decision?
Miseries of homebuyers are never ending. Earlier, it was Amrapali and Jaypee and now it is the turn of Supertech Homebuyers to suffer to chase the Insolvency Process, watch what is happening in Company Courts and pray to the God to give them patience for the time to come.
NCLT is the adjudicating authority in case the loan is taken by a Company and DRT is the adjudicating authority in case the loan is taken by the Individual or a Partnership Firm.
Cross-border insolvency signifies a situation wherein the insolvent debtor has assets in more than one jurisdiction. This article cover Recognition of Indian Proceedings in foreign jurisdictions.
An Insolvency Professional assists them in getting formal approval of the Base Resolution plan from NCLT after approval of classes of creditors for making it legally binding.
Under Insolvency and Bankruptcy code (IBC), the Government is finding ways to completely avoid frivolous bids.
The orders of Liquidation of debt-ridden pharmaceutical company Sterling Biotech by National Company Law Tribunal has created hindrance for its Lenders.
ASC Insolvency Services was part of the recently held INSOL India’s annual conference held on 13-14 November, 2018. ASC was represented by Ms. Anju Agarwal, Director at ASC Group