insolvency

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

Trial Against Former Promoters Continues

A PIL petitioner has informed the Supreme Court that while officials of Anil Dhirubhai Ambani Group (ADAG) companies are being arrested, the main perpetrator in the alleged Rs 40,000 crore loan siphoning case remains untouched. The Solicitor General cited new facts for probe delays.

The Supreme Court has taken suo motu action, highlighting severe infrastructure and vacancy issues plaguing the National Company Law Tribunals (NCLT). These deficiencies are causing significant delays in crucial insolvency and bankruptcy cases, potentially undermining the insolvency and Bankruptcy Code's objectives. The court emphasized the urgent need for immediate remedial measures to prevent further frustration of the IBC's purpose.

Indian aviation faces unprecedented turbulence due to a perfect storm of factors. From pandemic fallout and engine failures to airspace closures and a Middle East war driving fuel prices sky-high, airlines are struggling. Passengers face rising fares and cancelled routes as the sector grapples with deep financial distress and operational chaos.

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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.

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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.

Group's resolution plan for the takeover of insolvent Jaiprakash Associates Limited.

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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.

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.