Why going concern status of corporate debtor important for resolution under IBC
By Archit Gupta & Vrinda Rehan A business takes capitals from different players in the market including banks, shareholders, investors,...
Month: December 2020
CBI files Rs 5,000 cr loan fraud case against IVRCL undergoing liquidation
Another company, undergoing insolvency proceeding, finds itself on the wrong side of the law. This time the Hyderabad-based infrastructure company...
Resolution professional can’t reclassify financial creditor as operational on his own: Allahabad HC
Can the resolution professional reclassify the status of a financial creditor to Operational Creditor based on ‘expert’ opinions despite that...
Broad contours of the proposed structure of pre-packs scheme in India
Dr SK Gupta and Jay Kothari The Union Government has been considering the introduction of pre-packs in India since 2019....
Canara Bank clarifies exposure to Transstroy (India) only Rs 678 crore
Government-owned Canara Bank has clarified that it has a total exposure of Rs 678.28 crore in Transstroy (India) Ltd, which...
Another insolvent firm found involved in bank fraud; CBI charges Transstroy (India), CMD for Rs 7926-cr loan fraud
The Central Bureau of Investigation (CBI) has registered a case against Hyderabad-based Transstroy (India) Ltd and its directors for committing...
Insolvency regulator releases guidelines for hiring professionals during CIRP
There are a variety of self-styled advisors, who may not be qualified or regulated and that they cannot be hired...
Can a CoC member be asked to contribute towards CIRP cost?
By Arvind Mangla The question is whether CoC member(s) is/are required to or can be forced to, provide interim finance...
My history is not patchy and poor, says US-based NRI who has bid for Air India
Laxmi Prasad, chairman at Interups Inc, who has submitted his bids for national carrier Air India, has taken to social...
A financial creditor is liable to pay CIRP cost only for the period it was part of CoC
If a financial creditor is part of the committee of Creditors (CoC) then it has to pay the CIRP cost,...