insolvency resolution professional

Co Submitted Resolution Plan In Oct 2024, Reached Settlement With Lender In Jan

The insolvency resolution professional (IRP) on Thursday invited expression of interest (EOI) from prospective bidders for Dharani Sugars and Chemicals Limited.

Group's resolution plan for the takeover of insolvent Jaiprakash Associates Limited.

New Delhi, Jul 24 () In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process.

Hero Electric Vehicles Pvt. Ltd. has been ordered for liquidation by the NCLT after insolvency resolution efforts failed. No resolution proposal secured the necessary 66% creditor approval, leading to the tribunal's decision under the IBC. The company's insolvency proceedings began in December 2024.

Mumbai, Nov 18 () The markets watchdog Sebi is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better.

New Delhi, Oct 15 () Public sector Punjab National Bank (PNB) seeks to hire insolvency resolution professionals for 2017-18, according to a notification by the bank. The bank has invited applications for empanelment of insolvency resolution professionals (IRP) for 2017-18, the notification said.

New Delhi, Nov 7 () Stricter rules are in place now for the approval process of resolution plans submitted under the insolvency law, wherein an applicant's antecedents and credit worthiness will be checked.

Seeking to enhance transparency in insolvency process, IBBI has amended regulations for corporate insolvency proceedings wherein a resolution professional will be required to provide details about his or her opinion about avoidance transactions pertaining to a corporate debtor.

The IBBI has notified revised norms for insolvency resolution process paving the way for home buyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency applications subject to certain conditions.

It will ensure that as part of due diligence, prior to approval of a resolution plan, the antecedents, credit worthiness and credibility of a resolution applicant, including promoters, are taken into account by the committee of creditors (CoC), the government stated in a notification.

The creditors can either continue with the same resolution professional even after 30 days or appoint a permanent resolution professional, the Canara Bank’s council Dishit Bhattacharjee told ET.