Bankruptcy Court approves listed-firm parental drugs India’s acquisition by IHL Lifescience, ET LegalWorld
The bankruptcy court in Mumbai approves IHL Lifesciences Pvt Ltd’s acquisition of the listed firm Parental Drugs India Ltd. Before the tribunal’s approval, the Company’s Committee of Creditors (CoC) had approved IHL Lifesciences’ resolution plan for Parental Drugs India with 100% of the vote. “It (resolution plan) shall be binding on the corporate debtor (Parental […]
Bankruptcy Court admits Oban Fashions under insolvency resolution, ET LegalWorld
The bankruptcy court in Mumbai has admitted Oban Fashions Pvt Ltd, a wholly-owned subsidiary of listed Knitwear brands Rupa & Co Ltd under the Corporate Insolvency Resolution Process (CIRP) in an application filed by its operational creditor Sunrise Knitting Mills Pvt Ltd. The Mumbai bench of the National Company Law Tribunal (NCLT) admitted the company […]
Regular IBC tweaks needed to address bankruptcy challenges, says Corporate Affairs Ministry, ET LegalWorld
The corporate affairs ministry has underscored the need for a “continuous refinement” in the Insolvency and Bankruptcy Code (IBC) to address future challenges in corporate recast effectively. In an internal communication dated October 30, the ministry said: “The Code’s adaptability to evolving business landscapes ensures that it remains dynamic and responsive, while its continuous refinement […]
Bankruptcy court rejects plea to implement Zee-Sony merger, Legal News, ET LegalWorld
The Mumbai bench of the bankruptcy court recently disposed of an application filed by Phantom Studios India (PSIPL), which sought to implement a merger scheme between Zee Entertainment Enterprises (ZEEL) and Sony Group companies Bangla Entertainment Private (BEPL) and Culver Max Entertainment (CMEPL). The National Company Law Tribunal bench ruled that the application from a […]
Byju’s affiliate drained cash from US units in violation of bankruptcy rules: lawsuit, ET LegalWorld
A software company controlled by Indian entrepreneur Byju Raveendran drained cash from US affiliates in violation of US bankruptcy rules, according to a lawsuit filed Tuesday in federal court in Delaware. Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in […]
Bankruptcy court admits insolvency resolution plea against four Future Group affiliates, ET LegalWorld
The bankruptcy court has recently admitted four companies affiliated with the Future Group including Future Corporate Resources Pvt Ltd and Central Departmental Stores Pvt Ltd under the corporate insolvency resolution process (CIRP) in an application filed by the Central Bank of India. The other companies include Ojas Tradelease and Mall Management Pvt Ltd and Iskrupa […]
NCLAT stays order to restart Rajesh Business’ bankruptcy process, ET LegalWorld
The National Company Law Appellate Tribunal (NCLAT) has stayed a lower court’s order asking creditors of Rajesh Business & Leisure Hotels to restart a bankruptcy process after an appeal by lead lender ICICI Bank. The Rs 492 crore resolution plan by a Rare ARC-Check-Inn Hotels Pvt Ltd consortium had envisaged about 79% recovery on lender […]
Bankruptcy court directs to restart Lavasa insolvency process, excludes delayed timeline, ET LegalWorld
A bankruptcy court Friday allowed an application filed by the secured creditors of the Lavasa Corporation to restart a Corporate Insolvency Resolution Process (CIRP) for the company. The Mumbai bench of the National Company Law Tribunal (NCLT), while directing the revival process to be re-initiated, also directed the Committee of Creditors (CoC) to exclude the […]
Bankruptcy Filings Rise 16.2 Percent
Personal and business bankruptcy filings rose 16.2 percent in the twelve-month period ending June 30, 2024, compared with the previous year. According to statistics released by the Administrative Office of the U.S. Courts, annual bankruptcy filings totaled 486,613 in the year ending June 2024, compared with 418,724 cases in the previous year. Business filings rose […]