The court reiterated that in IBC, it is the CoC which has the ultimate authority over the matter concerning distribution of resolution proceeds

The city-headquartered pureplay mortgage lender is the first NBFC/HFC to go for bankruptcy resolution

The Essar verdict not only gives the single largest realisation from any asset to financial creditors, qualitatively also this is the biggest for the financial sector in getting their due rights and primacy in the scheme of things

The Reserve Bank of India said that it also intends to soon initiate the resolution of DHFL under the newly approved Insolvency and Bankruptcy Rules for financial services providers

After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan's largest steel producer

While the basic character of the insolvency law for FSPs will remain the same, respective regulators will have a significant say in the overall process including the final approval of the resolution process

Essar Steel case: The court stated that the NCLAT cannot interfere with the committee of creditors' commercial decisions

CloudWalker, which imported and retailed LED TVs on Flipkart's platform, dragged  the company to the NCLT for non-payment towards procured imported TVs as per the supply agreement

Benign inflation during the last 12 months and falling GDP numbers have encouraged the RBI to reduce the repo rate by 135 basis points to 5.15 per cent in the last few quarters

Before IBC, the recovery (of debt) rate was around 26% and the time taken for closure of the case was over four years. IBC has changed this. Now the average recovery rate is 43% in case of financial creditors and 49% in case of operational creditors

The NCLAT in its order has said that the ED has no jurisdiction to attach the property of a corporate debtor especially when an appeal is pending against such an attachment.

The report talks about procedural co-ordination or consolidation of the insolvency processes of different group companies at any stage of the insolvency proceeding

PwC is going to file an appeal at the tribunal level over the course of the next few days challenging the grounds on which ED has interpreted the law and imposed the fine.