New Delhi, June 27 (IANS) India experienced a tremendous transformation from the ‘Fragile Five’ label pinned on it by global analysts in 2013 to a more self‑reliant, global growth engine built on banking reforms, silicon hardware push and domestic technology development, a report has said.The report from Vietnam Times said the public capital expenditure blueprint of Rs 12.22 lakh crore transformed the nation from ‘a passive tech consumer into a sovereign architect of its own future’.The Gross …
Latest Insolvency and Bankruptcy Code News & Updates
New Delhi, June 22 (IANS) India has undergone a dramatic transformation over the last 12 years from the ranks of a “Fragile Five” economy to a robust, self-contained, data-driven engine of global growth, fully equipped to face the complexities of the digital century with absolute sovereignty, according to an article.”By shifting from short-term consumption splurges to an aggressive Rs 12.22 lakh crore public Capital Expenditure blueprint (a massive 4.4 per cent of GDP), the nation transformed fr…
Bengaluru, June 12 (IANS) The National Company Law Tribunal (NCLT), Bengaluru Bench, has declared Congress MLC Naseer Ahmed bankrupt in connection with the default of loans amounting to Rs 1,454.71 crore owed by Bengaluru-based M/s Scotts Garments Limited, for which he had stood as a personal guarantor.The order has cast uncertainty over Ahmed’s continuation as a member of the Karnataka Legislative Council, with legal experts indicating that the bankruptcy declaration could attract disqualificat…
New Delhi, June 11 (IANS) The National Company Law Tribunal (NCLT) on Thursday admitted a plea filed by the State Bank of India (SBI) and initiated personal insolvency resolution proceedings against industrialist Anil Ambani in his capacity as a personal guarantor for loans extended to Reliance Communications (RCOM) and Reliance Infratel Ltd (RITL). A bench of Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar passed the order while admitting the SBI’s application filed …
New Delhi, May 28 (IANS) The Insolvency and Bankruptcy Code, 2016 has significantly strengthened India’s insolvency and credit ecosystem since its enactment, improving recovery mechanisms, boosting creditor discipline and creating a more structured resolution process for distressed entities, according to an official factsheet released on Thursday.As of March 2026, creditors realised approximately Rs 4.32 lakh crore through approved resolution plans under the IBC. Recoveries exceeded 116.85 of …
New Delhi, May 18 (IANS) India’s financial system has become stronger and more stable due to the growing role of asset reconstruction companies (ARCs), M Nagaraju, Secretary, Department of Financial Services, said on Monday.Addressing an industry gathering during ASREC logo launch event in the national capital, he said ARCs have emerged as a key pillar of the country’s financial ecosystem by helping banks and financial institutions resolve stressed assets efficiently.“ARCs play a major rol…
New Delhi, April 30 (IANS) The National Asset Reconstruction Company Limited (NARCL) has emerged as a key player in India’s stressed asset resolution ecosystem, aimed at strengthening the banking sector’s balance sheet. NARCL’s recovery efforts recorded a significant acceleration in the financial year 2025-26, with ₹4,364 crore realised, accounting for approximately 70 per cent of cumulative recoveries, according to a Finance Ministry statement issued on Thursday.This momentum und…
New Delhi, April 30 (IANS) The Centre has approved the appointment of Justice (Retd.) Anupinder Singh Grewal, former judge of the Punjab and Haryana High Court, as President of the National Company Law Tribunal (NCLT).According to an official notification issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet cleared the Ministry of Corporate Affairs’ proposal for Justice Grewal’s appointment to the top post in the NCLT.“The Appointments Commit…
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,…
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…