NCLT admits SBI’s plea seeking insolvency proceedings against steelmaker Reform Ferro, Legal News, ET LegalWorld – Legal Firms

The bankruptcy court has allowed the State Bank of India's petition seeking to initiate insolvency proceedings against Kolkata-based steelmaker Reform Ferro Cast and appointed Arun Kumar Gupta as its interim resolution professional. State-owned lender SBI had approached the Kolkata bench of the National Company Law Tribunal (NCLT) against the steelmaker...

NCLT directs tax dept to vacate the line on Sai InfoSystem’s land parcel, Legal News, ET LegalWorld – Legal Firms

The bankruptcy court in Ahmedabad has directed the state revenue department to lift the attachment on a land parcel owned by Sai InfoSystem (India) Ltd., a company facing liquidation.The ruling will set a precedent for liquidators in other cases seeking to release properties from the encumbrance of government departments at...

Insolvency Law likely to see 2 key tweaks, Legal News, ET LegalWorld – Legal Firms

The Insolvency and Bankruptcy Board of India (IBBI) is set to propose two key amendments to the law governing bankruptcies to enable quicker debt resolutions and distribution of recovery proceeds despite continuation of litigation.At this weekend's unusual closed-door brainstorming sessions, stakeholders agreed that banks must be allowed to restart a...

NCLT approves Sterling Biotech’s acquisition by US-based Perfect Day, Legal News, ET LegalWorld – Legal Firms

India’s bankruptcy court has approved US-based food technology startup Perfect Day’s acquisition of Sterling Biotech under the Insolvency & Bankruptcy Code (IBC).In April, the California-based company emerged successful with a bid of Rs 638 crore against the reserve price of Rs 548.46 crore for the debt-ridden company, which owes over...