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SUNDARESH BHAT
Bankruptcy court approves Gail India’s resolution plan for JBF PetrochemicalsThe sale of JBF Petrochemicals will equate to a 41% recovery for financial creditors. The resolution professional, Sundaresh Bhat, backed b...- JBF Petro admitted to NCLT after settlement talks with bidders collapseLenders have received separate offers from Reliance Industries, KKR, Edelweiss, Indian Oil Corporation, Dubai based Citax Energy and Assets...
- Insolvency case: NCLT allows plea for private sale of ABG Shipyard assetsThe ruling by the dedicated bankruptcy court is expected to set a precedent in cases where the company is already admitted for liquidation ...
- NCLT directs liquidator of ABG Shipyard to approach Sebi to recover Rs 101 crore from promotersIn April 2019, the NCLT ordered the liquidation of the company in the absence of any viable resolution plan.
- IBC suspension leaves door open for fraud: ExpertsAs per the ordinance issued on Friday, proceedings under the Insolvency and Bankruptcy Code can never ‘ever’ be filed for defaults occurrin...
- Sterling Biotech case: Far-reaching NCLAT order sets new bankrupcty precedentThe company's promoters, Chetan Sandesara and Nitin Sandesara, are absconding and believed to be in Africa.
- DRT seeks assets details from ABG shipyard promoterIDBI Bank, to which the company owes about Rs 3,316 crore, had approached the DRT to direct the promoter to disclose these details.
- NCLAT stays tribunal’s order to liquidate Sterling BiotechTotal dues to the lenders stand above Rs 8,100 crore.
- NCLT refers Sterling Biotech for liquidation“The tribunal has decided to refer the company for insolvency in a verbal order,” said one of the people.
- ABG Shipyard initiates liquidation process under IBCABG Shipyard owes about Rs 17,000 crore to the lenders.
- Amtek auto subsidiary gets two bids"We have received two binding bids and both the offers are in the range of Rs 1,400 crore to Rs 1,500 crore."
- Review sought on Liberty’s eligibility for Amtek bidLenders’ move comes after company’s bid for ABG Shipyard declared ineligible.
- ABG shipyard creditors reject liberty house bid yet againThe sole proposal in the second round of bidding was rejected by the committee of creditors, citing provisions of section 29 (a) of the IBC.
- Liberty House’s bid for ABG rejectedAccording to officials, the offer from Liberty House was not above the company’s liquidation value, which is pegged at Rs 2,200 crore.
- Only Liberty bids for ABGThe resolution professional had set March 9 as deadline for bidding.
- Insolvency professionals face threats, draw staff ire while evaluating plans for debt-laden companiesFirms on their part are trying to handle the situation. In some instances, bodyguards have been provided to the partners acting as resoluti...
- Bankruptcy proceedings to make the wallets of consultants fatterHowever, the fee is not just for one person but for the whole team that is working on the insolvency assignment, said a senior partner work...
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