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To provide relief for entities impacted by the pandemic, the government has suspended fresh proceedings under the Insolvency and Bankruptcy Code (IBC) starting from March 25

Era Infra sees no immediate closure even after three years, as litigation and procedural delays slow down the insolvency process

The committee of creditors is yet to approve either of the two resolution plans that the Era Infra resolution professional has received so far - the reason being legal disambiguity of the resolution plans submitted

The Supreme Court on Thursday transferred all pending appeals related to debt-ridden Jaypee before the National Company Law Appellate Tribunal (NCLAT) to itself

In the United States, where it operates more than a third of its restaurants, same-restaurant sales fell 8.7%, but were better than the anticipated 9.97% fall, as most locations were able to stay open with drive-thru and delivery options.

The minority shareholders of Jaypee Infratech have also requested the NCLAT to pass a direction to the stock exchanges BSE and NSE not to delist the share of Jaypee Infratech till they are adequately compensated

Of this, 1,604 cases have been settled by the tribunals across the country by finding a new buyer, commencing liquidation, or allowing voluntary withdrawals

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This development will provide a huge relief to over 20,000 homebuyers across various housing projects launched by Jaypee Infratech (JIL) in Noida and Greater Noida (Uttar Pradesh)

In a far-reaching verdict, NCLAT says insolvency resolution process should be on project basis, and that homebuyers (financial creditors) or financial institutions or operational creditors of a project can't file a claim before interim resolution professional of another project, and such claimcan't be entertained

The IBC Amendment Bill 2019 expanded the ambit of the insolvency law by including provisions on interim finance, setting of threshold limit on application by homebuyers and providing immunity to corporate debtor post successful resolution plan

Share Market Update: During the day, Sensex hit a record high of 41,614 and Nifty rose to 12,237, a fresh peak for the index

More tribunals, more resolution professionals, a higher threshold for the default process to set in from the current level of Rs 1 lakh and streamlining of the appeal process to cut down delays are needed to make the Insolvency and Bankruptcy Code (IBC) more efficient

As many as 13 banks and over 23,000 homebuyers have voting rights in the Committee of Creditors. For a bid to be approved, 66 per cent votes are required

As against the admitted claims of secured financial creditors of Rs 9,783 crore, Suraksha and NBCC are offering repayment of only 62 per cent of their outstanding dues despite the liquidation value of the company being around Rs 13,000 crore

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium