Synopsis
This May, the Insolvency and Bankruptcy Code (IBC) completed five years since it was passed by Parliament. It was a law envisaged to give a quicker, time-bound alternative for recovery of bad loans for banks.
Agencies
This May, the Insolvency and Bankruptcy Code (IBC) completed five years since it was passed by Parliament. It was a law envisaged to give a quicker, time-bound alternative for recovery of bad loans for banks. Since its implementation, it has no doubt given an effective tool to recover loans but has not been able to live up to the expectations of a time-bound recovery. Following are the key numbers from the IBC journey so far.
Abhijit Sen, Sanjay Bhandarkar and Vineet Nayar set to join NSE board
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Synopsis
The candidature of Vineet Nayar, former chief executive of HCL Technologies; Abhijit Sen, former chief financial officer of Citibank India; and Sanjay Bhandarkar, veteran banker and head of Rothschild in India, will be formally announced in the coming days before being put to vote at the annual general meeting scheduled next month, said people aware of the matter.
TOI.in
After weeks of intense negotiations and jostling, the management, the nomination committee and the large institutional shareholders of the National Stock Exchange (NSE), have zeroed in on a techie, an investment banker and a finance professional to add to the board.
Amtek Auto resolution takes new twist
April 18, 2021
NCLAT has dismissed the petition and has imposed a penalty of ₹1 lakh on DVI
NCLAT has dismissed the petition and has imposed a penalty of ₹1 lakh on DVI×
NCLAT rejects Deccan Value Investors condition on land lease
The three-year-old insolvency case of Amtek Auto has taken yet another interesting twist with the National Company Law Appellate Tribunal (NCLAT) dismissing the petition of the successful resolution applicant, Deccan Value Investors (DVI), and imposing a penalty of ₹1 lakh to be paid in 15 days.
NCLT’s approval
The National Company Law Tribunal (NCLT) of Chandigarh had approved DVI’s ₹2,700-crore resolution plan last July. DVI offered to pay Amtek’s creditors around ₹450 crore in cash upfront.
NCLAT dismissed DVI plea over resolution plan for Amtek Auto indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
NCLAT dismisses Deccan Value Investors’ plea against Amtek Auto resolution plan
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Amtek Auto, which owed lenders Rs 12,700 crore, was among the first cases referred by the Reserve Bank of India to the National Company Law Tribunal (NCLT) in 2017.
In February last year, the Committee of Creditors approved DVI’s resolution plan.
The National Company Law Appellate Tribunal (NCLAT) on Friday dismissed Deccan Value Investors’ (DVI) appeal against the implementation of its resolution plan for debt-ridden auto parts-maker
Amtek Auto. It also imposed a Rs 1 lakh cost and said the appeal was yet another effort on the part of DVI to wriggle out of its obligations and seek withdrawal of the resolution plan in a different garb.