Bankruptcy

IBBI data suggests that the share of CIRPs initiated by corporate debtors or companies is declining over time

NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it. Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. After they defaulted, the financial creditor Yes Bank invoked the guarantee of Rs 450 crore each given for both loans. However, the RP of Tulip Hotels submitted that during the prescribed timeline of 180 days, no bids (resolution plan) were submitted for Tulip Hotels during the Corporate Insolvency Resolution Process (CIRP) and the Committee of Creditor (CoC) has also passed no for extension of the period. Hence, he was left with no other ...

Of the 13 admitted cases so far, one has been withdrawn, and resolution plans have been approved in five case

The name of the founder of Hin Leong Trading Pte. and his children Lim Huey Ching and Lim Chee Meng were listed as having been issued a bankruptcy order on Dec. 19, the government gazette showed

The negotiations, with a supermajority of the noteholders, have remained productive, advanced materially and are resuming in the near term

"As on September 30, 2024, the total debt discharged to creditors of the Respondent No 1 (IL&FS) Group aggregates to Rs 38,082 crore," the status report said

Bid propels RE firm to the forefront of power generation in Chhattisgarh

Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in court papers

The court was told that the said debt has been acknowledged by the airline and yet there has been no compliance

The company, which started in the US in the early 1940s and later set foot in India almost 30 years ago, has seen its sales slowly dwindle, and in FY23, its bottom line was in the red

Lenders urged Tupperware to avoid bankruptcy and accept a simple foreclosure instead, court documents show

The company behind Tupperware, the plastic kitchenware that revolutionized food storage after World War II and became inextricably linked to the parties where women seeking a measure of financial independence and fun in midcentury America sold the colorful products, has filed for bankruptcy. Tupperware Brands, the Orlando, Florida-based consumer goods company that produces the iconic line of containers, said it was seeking Chapter 11 bankruptcy protection after struggling to revitalize its core business and failing to secure a tenable takeover offer. Despite enjoying the same cultural ubiquity as Kleenex, Teflon and other brands whose trademarked names are eponymous with entire product categories, Tupperware has suffered from waning sales, rising competition and the limitations of the direct-to-consumer marketing model that once defined its success. The company said Tuesday in its bankruptcy filing that consumers shifting away from direct sales, which make up the vast majority of it

The zero-coupon debenture issue will open and close on Monday and attract a yield rate of 14.5 per cent

The development was surprising and in conflict with insolvency proceedings in India

Adani has offered Rs 27,000 cr for Chhattisgarh project

After the hearing, Morton said his Miami-based Camshaft Fund has run out of cash and owes money to creditors

A senior executive of a private bank, which has a small exposure to the airline, said voting for the proposal is through and the airline will be recommended for liquidation soon

Over 94 acres of land will be sold under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002

In a big relief to over 20,000 homebuyers, Suraksha Group has taken control of the debt-ridden realty firm Jaypee Infratech by constituting a three-member board and will soon infuse Rs 125 crore equity fund to start construction of stalled housing projects across Delhi-NCR. The takeover follows insolvency appellate tribunal NCLAT decision on May 24, upholding Suraksha Realty's bid to acquire Jaypee Infratech while directing it to pay an additional Rs 1,334 crore as farmers' compensation. According to a regulatory filing by Jaypee Infratech on Wednesday, Suraksha Group informed the IMC (Implementation and Monitoring Committee) that May 24, 2024, i.e., the date of the NCLAT order should be treated as the 'Approval Date' as defined in the approved resolution plan. The IMC in its meeting held on Tuesday approved the appointment of Sudhir V Valia, who is promoter of Suraksha Group, as a Non-Executive Director. It approved the appointment of Aalok Champak Dave as Executive Director and

The haircuts taken by creditors in bankruptcy resolutions have increased to 73 per cent in FY24 from the 64 per cent in FY23, a report said on Friday. A total of 269 resolution plans were approved by the National Company Law Tribunals (NCLTs) in FY24, up from 189 in the year-ago period, the report by domestic rating agency Icra said. The new admissions declined to 987 in FY24 from the 1,263 in FY23, the agency said, attributing the same to a higher base in the previous fiscal because of the Covid-19 pandemic-related stress. It can be noted that the haircuts, or sacrifices, in comparison to the total dues, which are done by lenders when it comes to corporate insolvency resolutions has led to some concerns in the past about the value at which a new bidder is getting the assets. Its group head for structured finance ratings, Abhishek Dafria said there has been a "worsening" of the haircuts which are taken by the creditors through the Insolvency and Bankruptcy Code (IBC) process to a .