New Delhi, May 4 (IANS) Adani Group’s resolution plan for Jaiprakash Associates Limited (JAL) has received approval from the National Company Law Appellate Tribunal (NCLAT), which dismissed Vedanta’s appeal challenging the process.A Bench comprising Chairperson Justice (Retd.) Ashok Bhushan and Technical Member Barun Mitra upheld the earlier order of the National Company Law Tribunal (NCLT), and said there were no grounds to interfere with the decision of the adjudicating authority.The tribuna…
Latest Committee of Creditors News & Updates
New Delhi, April 9 (IANS) Former Jaypee Group chairman Jaiprakash Gaur on Friday expressed confidence in the Adani Group’s takeover of Jaiprakash Associates Ltd (JAL), following “the fair and transparent process conducted by the Committee of Creditors.”“The Committee of Creditors has selected the Adani Group as the successful Resolution Applicant, and we fully respect this decision,” Gaur said in a statement.“I have every confidence that under the leadership of Gautam Adani, the lega…
New Delhi, April 6 (IANS) In a setback to Vedanta Group, the Supreme Court on Monday declined to stay the implementation of Adani Enterprises’ resolution plan for debt-ridden Jaiprakash Associates Ltd.A bench, led by Chief Justice (CJI) Surya Kant, noted that the insolvency proceedings are already listed for final hearing before the National Company Law Appellate Tribunal (NCLAT) on April 10, and therefore found no reason to intervene at this stage.”In view of the fact that company appeals are n…
New Delhi, March 23 (IANS) Finance Minister Nirmala Sitharaman is set to table two key bills — the Finance Bill, 2026 and the Corporate Laws (Amendment) Bill, 2026 — in the Parliament on Monday.The Finance Bill, 2026 aims to give effect to the financial proposals of the Central Government for the 2026–2027 fiscal year. Finance Minister will move for the bill’s consideration and seek its passage.This will mark a key step in implementing the government’s budgetary plans and economic poli…
New Delhi, March 10 (IANS) The Union Cabinet has given its approval for amendments to the Insolvency and Bankruptcy Code, potentially clearing the way to introduce the IBC Amendment Bill in the ongoing parliamentary session, according to sources.The proposed legislative updates are based on the recommendations of a Select Parliamentary Committee chaired by Bharatiya Janata Party MP Baijayant Panda.The committee was tasked with reviewing the current bankruptcy framework. Upon completion, the comm…
Gurugram, Feb 5 (IANS) A Special PMLA Court in Gurugram sent a private company’s former resolution professional (RP), arrested for illegal diversion of funds, to ED custody for eight days, an official said on Thursday. The Directorate of Enforcement (ED), Gurugram Zonal Office, had arrested Arvind Kumar, former RP of Richa Industries Limited, under the provisions of the Prevention of Money-laundering Act (PMLA), 2002, on February 3, an official statement said.He was produced before the Special…
New Delhi, Feb 5 (IANS) In a relief to the ED, the National Company Law Tribunal (NCLT), New Delhi, has recalled the Corporate Insolvency Resolution Process (CIRP) initiated against M/s Alchemist Limited, holding that the insolvency proceedings were vitiated by fraud, collusion and malicious intent, a statement said on Thursday.The order was pronounced on Wednesday, with the Tribunal exercising its powers under Section 65 of the Insolvency and Bankruptcy Code (IBC), 2016.The NCLT categorically h…