corporate insolvency resolution

Co Submitted Resolution Plan In Oct 2024, Reached Settlement With Lender In Jan

The Enforcement Directorate seized crores in cash and valuables from a Delhi real estate firm accused of cheating homebuyers. Searches at multiple locations revealed a massive alleged fund diversion, even as the company was under insolvency proceedings. The firm collected over Rs 2,000 crore from thousands of buyers, with projects left incomplete and funds reportedly siphoned off.

Thousands of homebuyers in Haryana face years of delay as Piyush Group projects remain unfinished. Allegations suggest buyer funds were diverted for new land acquisitions, with promoters reportedly transferring project assets to family during insolvency. The Enforcement Directorate has filed a chargesheet and attached properties worth Rs 944 crore.

In a surprising twist, Justice K.V. Viswanathan of the Supreme Court opted to recuse himself from a case that had reached the judgment reservation stage. Upon reflection, he realized his prior role in representing the petitioner, Alchemist Asset Reconstruction Company, throughout his distinguished legal career.

The Lok Sabha has approved the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, a move lauded by Finance Minister Nirmala Sitharaman for revitalizing India's banking sector. The amendments aim to expedite case admissions and curb system misuse, building on the IBC's success in resolving over half of stressed assets and improving corporate governance for rescued firms.

The insolvency resolution of Jaiprakash Associates Ltd. is embroiled in a dispute over the approval of Adani Enterprises' bid over Vedanta's higher offer. Vedanta alleges procedural unfairness and a "commercial conspiracy," challenging the Committee of Creditors' reliance on "commercial wisdom" over value maximisation.

A Bench of Justice J.B. Pardiwala and Justice R. Mahadevan delivered the judgment while deciding appeals arising from insolvency proceedings initiated against Takshashila Heights India Private Limited, the developer of the real estate project Takshashila Elegna in Ahmedabad.

Hero Electric Vehicles Pvt. Ltd. has been ordered for liquidation by the NCLT after insolvency resolution efforts failed. No resolution proposal secured the necessary 66% creditor approval, leading to the tribunal's decision under the IBC. The company's insolvency proceedings began in December 2024.

The government has reclaimed prime Delhi land worth Rs 410 crore from news agency UNI after 46 years due to non-compliance with allotment terms. The Delhi High Court upheld the eviction, stating that a private entity's acquisition post-insolvency doesn't excuse decades of non-performance. This move sets a precedent against unauthorized land transfers.

News agency UNI's central Delhi office has been sealed. This follows the Delhi High Court's dismissal of UNI's plea against an eviction order. The court noted UNI failed to fulfill land allotment conditions for 45 years. Valuable public land was held hostage by the licensee. The cancellation of the allotment was justified.

In a jolt to the Jaypee Group, the Supreme Court on Wednesday directed completion of corporate insolvency resolution process within 90 days for Jaypee Infratech Ltd and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.