March 13, 2020 1:12 am
This plan was opposed by other creditors who had suggested that Section 53 of the Insolvency and Bankruptcy Code (IBC), which gives preference to financial creditors over operational and all other kinds of creditors, be used for the resolution.
March 05, 2020 3:53 am
A two-member bench of the NCLAT, headed by Justice S J Mukhopadhaya, stated that the rules of natural justice dictated that if the NCLT thought it fit to pass order against any party asking them to join investigation, the same must be done.
March 04, 2020 12:53 pm
A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors.
February 13, 2020 4:20 am
The clawback will be applicable to creditors of all IL&FS companies across the board, including those which may have been paid after a February 11, 2019 order of the NCLAT on the same, the MCA suggested.
February 12, 2020 3:17 am
Days later, on October 1 that year, the government moved the National Company Law Tribunal (NCLT), seeking to supercede the IL&FS board and appoint a new board in its place. The government's plan was approved by the NCLT on October 2.
February 10, 2020 4:45 pm
In October 2018, the government had seized control of the debt-trapped company and superseded its board by appointing a new one, led by eminent banker Uday Kotak as its chairman. The new board, as part of the overall resolution process for the IL&FS Group, has sold a number of assets to clear dues and debt.
January 01, 2020 2:04 am
This was conveyed by Uday Kotak, chairman of the government-appointed board of the NBFC, on Tuesday, while addressing its annual general meeting.
December 27, 2019 4:32 am
The regulator said in its order that despite the declining financial indicators of IL&FS, the rating agencies failed to intervene on time.
December 06, 2019 4:24 am
The two-member Bench also observed that there would be confusion if the inspector rank personnel-led probe led to a different conclusion than the SFIO.
December 05, 2019 3:47 am
Firm has net liabilities of Rs 16,935.1 crore; ability to raise funds impaired, says auditor