This has helped creditors of debt-ridden firms in FY23 to realise 36 per cent of their total admitted claims of Rs 1,42,543 crore for the year ended March 31, 2023
Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under IBC
The insolvency process of RCAP has been going on for more than 450 days, which is much longer than the statutory time limit of 330 days
Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under IBC
Last week, SEBI put in place a framework for an upfront collection of funds from eligible issuers of debt securities to build the Settlement Guarantee Fund of the LPCC
On quarter-on-quarter basis, the second quarter of FY23 saw 256 cases in NCLTs (National Company Law Tribunals), massively down from the yearly run-rate of 2,000 cases in FY20
The order came after NFRA received a letter from the Serious Fraud Investigation Office (SFIO) which had investigated the affairs of SRS Ltd and the group companies
The other secured lenders of the company are Union Bank of India, Bank of Baroda, Exim Bank and Indian Overseas Bank, among others
The corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017 over an application by an IDBI Bank-led consortium
Sandip Garg, Executive Director at IBBI, said the Code has kept pace with the emerging market requirements and will remain pertinent for all times to come
The Committee of Creditors (CoC) of Sintex Industries has unanimously voted in favor of the resolution plan by Reliance Industries and ACRE.
