The Insolvency and Bankruptcy Board of India (IBBI) has introduced fresh guidelines for empanelment of insolvency professionals to streamline and speed up appointments in corporate insolvency and bankruptcy proceedings, PTI reported. The revised framework lays down procedures for preparing a panel of insolvency professionals (IPs) who can serve as Interim Resolution Professionals (IRPs), Resolution Professionals (RPs), liquidators and Bankruptcy Trustees (BTs).
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Appellate tribunal NCLAT has upheld separate insolvency proceedings for two Videocon group entities -- Videocon Industries Ltd (VIL) and Videocon Oil Ventures Ltd (VOVL) -- while setting aside an earlier NCLT order that had directed clubbing of the two cases, the Economic Times of India reported. Passing a final order, the NCLAT said creditors of VIL and VOVL had intended the Corporate Insolvency Resolution Processes (CIRPs) of the two companies to run independently, considering the distinct nature of their businesses and the need for a specialised resolution.
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The U.S. Justice Department is close to dropping criminal fraud charges against Gautam Adani, an Indian billionaire who has promised to invest $10 billion in the U.S. economy, Reuters reported. Adani on Thursday also resolved a related civil fraud lawsuit brought by the Securities and Exchange Commission (SEC) over an alleged scheme to bribe Indian government officials, subject to court approval. The possible dismissal of the criminal charges comes after Adani's lawyer, Robert Giuffra, who is also a personal attorney of U.S.
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India raised fuel prices by 3 rupees ($0.03) per liter Friday as the government moved to offset losses due to higher global oil prices, Reuters reported. In New Delhi, gasoline prices rose to 97.77 rupees ($1.17) a liter, while diesel climbed to 90.67 rupees ($1.09) a liter. India imports about 90% of its oil and has been hit hard by rising energy prices and supply disruptions linked to the Iran war and the closure of the Strait of Hormuz.
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The National Company Law Tribunal has allowed the withdrawal of corporate insolvency resolution proceedings against ATS Group’s Nobility Estates Private Limited, the developer of the premium residential project Le Grandiose in Sector 150, Noida, bringing relief to more than 600 homebuyers, the Economic Times of India reported. The withdrawal application was filed by resolution professional Hitesh Goel on behalf of ASK Trusteeship Services Private Limited under Section 12A of the Insolvency and Bankruptcy Code.
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National Company Law Tribunal (NCLT) has allowed the withdrawal of corporate insolvency resolution process (CIRP) against Le Grandiose developer, Nobility Estates Private Limited, after lenders and the company’s ex-management reached a settlement agreement, the Times of India reported. It also restored the management of the real estate company to its board of directors. Tribunal’s principal bench, comprising acting president Bachu Venkat Balram Das and member (technical) Ravindra Chaturvedi, in an order on May 5, approved the withdrawal application.
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