Mumbai, April 21 (IANS) JSW Energy Limited on Tuesday said its subsidiary, JSW Mahanadi Power Company Limited, has received a demand notice of Rs 1,447.34 crore from the Water Resources Division in Janjgir, Chhattisgarh, towards water charges, most of which relate to the period before the approval of its resolution plan under the Insolvency and Bankruptcy Code, 2016.The company stated that the National Company Law Tribunal (NCLT), Hyderabad, had approved the resolution plan on February 13, 2025,…
Latest Insolvency and Bankruptcy Code News & Updates
New Delhi, April 20 (IANS) The Central Bureau of Investigation (CBI) has arrested two senior executives of Anil Ambani-controlled Reliance Communications (RCom), D. Vishwanath and Anil Kalya, in connection with the Rs 19,694 crore bank fraud case registered against the company, according to an agency statement on Monday. The CBI had registered a regular case against Reliance Communications Limited, Anil D Ambani, and unknown others on the complaint of State Bank of India (SBI), on the allegation…
New Delhi, April 19 (IANS) The Insolvency and Bankruptcy Code (IBC) has fundamentally changed how business failures are handled in India by enabling timely resolution and restoring asset value, Sanjay Singhania, Vice President of PHD Chamber of Commerce and Industry (PHDCCI) said on Sunday.Speaking at “IBC Pulse: Trends, Transitions & Trajectories,” organised by PHDCCI at PHD House here, Singhania said that earlier, business failures were often delayed, leading to significant erosion of …
New Delhi, April 10 (IANS) Strengthening India’s real estate insolvency framework needs a fundamental shift from entity‑level resolutions to a project‑centric model that prioritises completion and delivery of homes, a report said on Friday.The report from ICRA called for strengthening coordination between the Insolvency and Bankruptcy Code, 2016 and the Real Estate (Regulation and Development) Act, 2016 to achieve this transition.The Committee on Framing Guidelines for Insolvency Proceedings…
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 30 (IANS) The Enforcement Directorate has investigated 1,105 bank fraud cases under the Prevention of Money Laundering Act (PMLA) and has attached proceeds of crime worth Rs 64,920 crore, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday. She also said that action had been taken under the Fugitive Economic Offenders Act (FEOA) against those evading Indian law by staying abroad.This was a reference to high-profile cases such as the Nirav Modi case, including …
New Delhi, March 30 (IANS) The Lok Sabha on Monday approved the Insolvency and Bankruptcy Code (Amendment) Bill, aimed at speeding up insolvency proceedings to resolve cases related to defaulting companies.The Bill introduces a mandatory 14-day timeline for admitting insolvency applications once a company’s default has been established.Finance Minister Nirmala Sitharaman said that the government has proposed a set of 12 amendments to the Insolvency and Bankruptcy Code to further strengthen the…
New Delhi, March 29 (IANS) The National Company Law Appellate Tribunal (NCLAT) has dismissed appeals filed by the BSE, ruling that insolvency courts have the authority to order the defreezing of Demat accounts of companies undergoing insolvency proceedings.In its order, a two-member bench of the appellate tribunal said the National Company Law Tribunal (NCLT) has clear jurisdiction under Section 60(5) of the Insolvency and Bankruptcy Code (IBC) to hear such matters and pass necessary directions….
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…