In an unusual development, Justice Sharad Kumar Sharma, a judicial member of the National Company Law Appellate Tribunal (NCLAT), has recused himself from an insolvency case citing an alleged approach by “one of the most revered members of the higher judiciary” seeking a favourable order.
Jaypee Group’s flagship firm JAL, which is into cement, power, hotels, construction and real estate businesses, has been admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016
By Seela Subba Rao The government of India enacted the Insolvency and Bankruptcy Code (IBC) Act in 2016 to address the resolution of stressed assets. The most important requirement was a speedy recovery process. The IBC Act, 2016, consolidated, revised and re-established the insolvency-related laws under one umbrella. It superseded all other laws and deals […]
Given the increasing pressure on businesses, it would be imperative to extend the NCLT moratorium until December 2021, the Assocham said in its representation to the Finance Ministry
The Dhoot family -- erstwhile promoters of the group -- expects a final decision on the settlement offer by the end of this year, provided the lenders and the National Company Law Tribunal (NCLT) agree to it.