BANKRUPTCY RESOLUTION
Omkara, Oaktree pay Rs 1,200 crore to buy GTL debt from Edelweiss
Omkara Asset Reconstruction Company and Oaktree Capital Management have acquired GTL Infrastructure's debt. The deal, valued at ₹1,200 crore, was a cash transaction. Edelweiss Asset Reconstruction Company exited the exposure. Investors anticipate improved recovery prospects for the telecom tower company. Omkara aims for an exit within two years through asset sales or settlement.
Faster insolvency process proposed with creditor-led resolution framework
A new Creditor-initiated Insolvency Resolution Process (CIIRP) aims to expedite debt resolution, allowing financial creditors with 51% debt share to initiate proceedings. This bypasses the NCLT admission process, with the tribunal's role limited to moratorium and plan approval. The entire process is targeted for completion within 150 days, a significant reduction from the current 330 days.
India plans special NCLT bench for cross-border insolvency cases to speed up resolutions
India plans to set up a special NCLT bench with trained members to handle cross-border insolvency cases once new rules under the Insolvency and Bankruptcy Code are notified. The move, based on a modified UN model law, aims to speed up resolution and improve coordination with foreign courts.
NCLT orders insolvency proceedings against Venugopal Dhoot as personal guarantor
Insolvency proceedings have begun against Venugopal Dhoot, former chairman of Videocon. The National Company Law Tribunal directed this action due to his default on loans totaling over Rs 6,157 crore. Dhoot acted as a personal guarantor for two Videocon group companies. The tribunal appointed a resolution professional to manage the process.
Vedanta questions metrics behind Adani’s winning bid for JAL
Vedanta Group is challenging the selection of Adani Enterprises' bid for Jaiprakash Associates Ltd. Vedanta claims its offer was significantly higher in value. The insolvency appellate tribunal is hearing the case. Lenders defended their decision, stating multiple factors were considered. Jaiprakash Associates has substantial assets across real estate, cement, and hospitality.
After 15-year wait, JAL homebuyers pin hopes on Adani plan for long-delayed homes
Homebuyers who booked properties 15 years ago with Jaiprakash Associates Limited (JAL) are anticipating possession following the Supreme Court's refusal to halt Adani Group's Rs 14,500 crore debt resolution plan. The approved plan offers buyers a choice of home delivery within two years or a refund, aiming to resolve one of India's largest bankruptcy cases.
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IBBI panel suggests project-wise insolvency resolution for real estate sector
A panel suggested restricting real estate insolvency proceedings to stressed projects, not entire companies, to protect homebuyers in solvent projects. The Insolvency and Bankruptcy Board of India (IBBI) panel also recommended raising the minimum default threshold to Rs 5 crore and developing project-wise lending frameworks.
IBC study calls for auction reform to boost MSME insolvency resolution
A new study suggests changes to how bankrupt micro, small, and medium enterprises are rescued. It proposes a single objective auction model to award bidders offering the highest recovery. The study also advocates for a priority rule for distributing funds, recognising financial creditors' security interests.
Defaulting company promoters to be given new lease of life? All eyes on a big new IBC proposal
IBC: India's insolvency regulations could soon see a significant shift. The proposed changes could allow company promoters facing defaults to maintain leadership roles during the resolution phase. Enter the Creditor Initiated Insolvency Resolution Process, where creditors will be at the helm, overseeing the operations.
Supreme Court refuses to stay Adani’s ₹14,500 cr JAL resolution plan
The Supreme Court has declined to halt Adani Group's ₹14,500-crore plan for Jaiprakash Associates. Vedanta's challenge to the resolution plan was noted. The court directed the National Company Law Appellate Tribunal to hear Vedanta's appeal on an expedited basis. Major policy decisions by the monitoring committee require NCLAT permission. The NCLAT had previously refused to stay the plan's implementation.
NeSL enabling real-time access to digital debt & claims data in insolvency cases
NeSL is providing instant access to digital default records for insolvency cases. This helps authorities quickly verify debt and claims. Amendments to the Insolvency and Bankruptcy Code make NeSL a central gateway for all insolvency proceedings. The firm is also developing electronic insurance surety bonds to aid MSMEs. NeSL aims to build digital infrastructure for high-trust transactions.
Personal guarantors to bankrupt firms will need to declare crypto holding, art collections in IBC proceedings
New draft rules will require personal guarantors of stressed companies to declare all personal assets. This includes crypto, jewellery, and foreign holdings. The Insolvency and Bankruptcy Board of India is tightening disclosure requirements. These regulations aim to cover assets indirectly owned or controlled by guarantors. This move will impact thousands of applications filed under IBC.
Insolvency process against Raheja Shilas project in Gurugram to continue, says NCLAT
The National Company Law Appellate Tribunal has rejected Raheja Developers' request to end insolvency proceedings for its Raheja Shilas project. The tribunal noted that issues with flat buyers remain unresolved. An application to withdraw the insolvency process can only be filed after all disputes are settled.
New creditor-led IBC framework to put in place safeguards for stressed firm's management
New creditor-led insolvency rules will impose strict financial transaction limits on stressed companies, requiring committee of creditors' approval. This aims to safeguard the rescue process and prevent misconduct. Management will continue operations under a resolution professional's supervision, with enhanced oversight and reporting obligations to ensure transparency and protect creditor interests.
Don’t be misled: The IRS fresh start program won’t wipe out all your debt
The IRS Fresh Start program helps taxpayers manage tax debt but does not erase everything. It makes it easier to apply for payment plans, settlements and lien relief. Eligibility depends on income, assets and tax compliance. Not everyone qualifies and approval is not automatic. Taxpayers must apply with documents, and the IRS decides based on ability to pay and financial situation.
Committee of creditors can invite land authorities in realty insolvency cases: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman announced amendments to insolvency regulations, allowing land authorities to join creditor meetings. This aims to speed up resolution for hundreds of real estate projects, benefiting thousands of homebuyers. The Insolvency and Bankruptcy Code (Amendment) Bill, 2025, also introduces stricter timelines for case admission and plan approval, emphasizing resolution over mere recovery.
Parliament passes amendments to IBC to quicken resolution process, reduce backlog
Parliament has approved changes to the Insolvency and Bankruptcy Code. These amendments aim to speed up resolutions and improve the financial system. The Rajya Sabha passed the bill after the Lok Sabha's approval. Finance Minister Nirmala Sitharaman highlighted the IBC's success in asset recovery. The changes include provisions to reduce the time for admitting insolvency applications.
Lok Sabha clears bill to recognise Amaravati as Andhra Pradesh’s sole capital
The Lok Sabha has passed a bill to make Amaravati the sole and permanent capital of Andhra Pradesh. This legislation ends years of uncertainty regarding the state's administrative center. Amaravati will officially succeed Hyderabad as the capital from June 2, 2024. The move restores Amaravati's status, fulfilling a key promise and bringing clarity to governance and planning.
Lok Sabha passes Insolvency and Bankruptcy Code (Amendment) Bill
The Lok Sabha has passed the Insolvency and Bankruptcy Code (Amendment) Bill, replacing the underutilized fast-track process with a new creditor-initiated insolvency framework. Finance Minister Nirmala Sitharaman highlighted that the IBC has facilitated the resolution of 1,376 companies, recovering Rs 4.11 lakh crore. The amendments aim to expedite insolvency applications and introduce provisions for group and cross-border insolvency.
Vedanta tells Supreme Court its revised Jaypee bid tops Adani offer
Vedanta Ltd has approached the Supreme Court challenging the rejection of its bid for Jaiprakash Associates Ltd. The mining giant claims its revised offer was financially superior to the Adani Group's accepted bid. Vedanta alleges lenders acted arbitrarily and questions the resolution professional's role. The National Company Law Tribunal had previously approved Adani's plan, a decision Vedanta is contesting.
Bill to declare Amaravati as Andhra Pradesh capital to be introduced in Lok Sabha tomorrow
The Union Government will introduce a bill in the Lok Sabha tomorrow. This bill seeks to officially declare Amaravati as the capital of Andhra Pradesh. It amends the Andhra Pradesh Reorganisation Act, 2014. The move aims to provide legal certainty on the state's capital. This legislation will end years of debate. Amaravati will be the administrative and legislative center.
IBC helped banks recover 52% bad loans: Nirmala Sitharaman
India's insolvency law has significantly boosted the banking sector. The Insolvency and Bankruptcy Code has helped rescue struggling companies and recover bad loans. A new amendment bill passed in the Lok Sabha introduces fresh resolution frameworks. This aims to speed up the rescue of stressed firms and improve loan recovery processes across the country.
Vedanta moves Supreme Court seeking stay on Adani's JAL resolution plan
Challenging the rejection of its revised bid, Vedanta told the apex court that the insolvency process lacked transparency and failed to maximise value for creditors. It alleged that the process followed by the JAL's committee of creditors in approving the plan of Adani Enterprises (AEL) was "unfair, opaque, and inequitable."
NDA, opposition spar in Lok Sabha over efforts to free country of Naxalism
Lok Sabha members debated left-wing extremism. BJP and NDA members criticized the previous UPA government's handling of Naxalism. Congress members defended their past actions and noted significant losses to extremism. The government aims to eliminate Naxalism by March 2026. The number of affected districts has reduced.
Vedanta moves Supreme Court seeking stay on Adani’s takeover of Jaiprakash Associates
Vedanta Group has approached the Supreme Court seeking a stay on Adani Group's takeover of Jaiprakash Associates Ltd (JAL). Vedanta claims it was initially declared the highest bidder for JAL, but the decision was later reversed. Lenders, however, defend their choice of Adani's bid, citing upfront cash and faster repayment, despite Vedanta's higher financial offer.
Anil Agarwal says Vedanta got written win for Jaypee Group asset bid, later reversed
Mining baron Anil Agarwal stated Vedanta was initially declared the highest bidder for a Jaypee Group asset. However, the decision was later reversed. Gautam Adani's group was the only other bidder. The National Company Law Tribunal approved Adani's bid, which Vedanta has challenged. The National Company Law Appellate Tribunal is hearing the case.
NCLAT dismisses BSE pleas challenging NCLT’s power to defreeze demat accounts in insolvency cases
NCLAT dismissed BSE’s appeals against NCLT orders to defreeze demat accounts of insolvent firms, ruling that NCLT has jurisdiction under the IBC. The tribunal said dues leading to account freezes qualify as debt, allowing resolution professionals to access shares and proceed with recovery during insolvency proceedings.
Bankruptcy court admits BSE-listed Supha Pharmachem under Insolvency Resolution Process
The Mumbai bench of the National Company Law Tribunal has admitted Supha Pharmachem into the Corporate Insolvency Resolution Process (CIRP) over a payment default, and appointed Rajesh Jhunjhunwala as interim resolution professional.
Finance Minister Nirmala Sitharaman moves Bill to amend IBC, speed up resolution
A new bill aims to speed up bankruptcy resolution in India. Finance Minister Nirmala Sitharaman introduced amendments to the Insolvency and Bankruptcy Code. The proposed changes focus on creditor-led, out-of-court settlements. This aims to reduce delays and improve the process for resolving insolvent companies. The bill also addresses cross-border and corporate group insolvency cases.
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