The tribunal issued notices to Jet Airways and banks which own the airline now and posted the matter for further hearing on June 13 when it will decide on admitting or rejecting the bankruptcy pleas.
The firm in the petition listed assets in the range of $100,000 to $500,000 and liabilities in the range of $1 million to $10 million.
"Some changes have been proposed to the Insolvency and Bankruptcy Code and since these are being done by ordinance, we cannot give the details of the proposals that the cabinet has recommended to the President," Jaitley said.
Finance minister Arun Jaitley today said that the Cabinet has sought the President's approval to amend the Insolvency and Bankruptcy Code.
The top court also set up an amicus curiae in the ongoing case and asked directors of JAL to personally appear before it on Nov 22.
Flat-buyers had contended before court that they will neither get a home nor a refund of their hard earned money on account of being "unsecured creditors".
Insolvency proceedings are likely to be initiated against three Amrapali group companies – Noida's Silicon City and Greater Noida-based Ultra Home Construction and Amrapali Infrastructure - on the plea of Bank of Baroda.
Jaypee Infratech is one of the 12 companies referred to the NCLT for insolvency proceedings by banks following the Reserve Bank of India's June 13 directive
As per the study, the move has the potential to bring down the non-performing asset levels and 'significantly improve' the financial health of banks
The Gujarat High Court on Tuesday stayed the insolvency proceedings filed against the Essar Steel by its lenders at the National Company Law Tribunal (NCLT) Ahmedabad branch till the next hearing on July 7
IDBI Bank's decision to recover its dues by taking the resolution to insolvency courts sent Lanco Infratech stocks tumbling 20 per cent
The 12 defaulters accounting for 25 per cent of total bad debt include Essar Steel, Bhusan Power and Steel, Alok Industries, Amtek Auto, Monnet Ispat, Lanco Infra, Electrosteel Steels, Era Infra, Jaypee Infratech, ABG Shipyard, and Jyoti Structures
In a move aimed at curbing bankruptcy issues in the financial sector, the government is ready and likely to introduce a bill for resolution of insolvent financial firms. While the Insolvency and Bankruptcy law that
With an end goal to help faster resolution of cases and unlock value of assets, the Insolvency and Bankruptcy Code will get operational from tomorrow, Mamta Binani, President, ICSI, the apex body of company secretaries,
Economic Affairs Secretary Shaktikanta Das on Tuesday expressed hope that the Bankruptcy and Insolvency law would become operational by the end of this year, leading to further ease of doing business. "We have a definite
Kim Kardashian's bodyguard Pascal Duvier had filed for bankruptcy for his German security company ProtectSecurity ten weeks before Paris robbery.
Chennai: Global credit rating agency Moody's Investors Service on Thursday said India's bankruptcy code boosts creditors bargaining power against big borrowers. However, Moody's also said significant infrastructure constraints have to be crossed for
Washington: The passage of Insolvency and Bankruptcy Code will add to the attractiveness of India as a destination for long-term foreign investment, a top American business advocacy group has said, hours after the Rajya Sabha
New Delhi: India's Insolvency and Bankruptcy Code is quite a positive reform for the financial sector, especially for state-run banks heavily burdened with stressed assets, as it will give creditors a legal path for recovering
New Delhi: The Lok Sabha today cleared the Insolvency and Bankruptcy Bill 2015, paving way for faster and easier resolutions to business disputes in India. Once implemented, the law will make insolvency resolutions speedier
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