Company Law News

The bankers' committee had on February 18 set the new deadline of March 10, for submission of bids for the grounded airlineThe March 10 deadline was set after Russia's Far East Asia Development Fund evinced interest in Jet Airways

The panel, headed by Corporate Affairs Secretary Injeti Srinivas, on 18 November proposed that penalty for 46 company law breaches should be toned downThe panel also recommended that penalties could be reduced for startups, small busineses, single businessmen and producer companies

The resolution process of the company is expected to be completed by 12 June, 2020In an order dated 16 Dec, the tribunal ordered all creditors of the company to submit their financial claims with proofs to the resolution professional of the company by 3 Jan

Videocon Group owes over ₹90,000 crore to various public and private sector banksThe financial results has been approved by the RP (resolution professional), the company said in a regulatory filing

On July 30, the NCLAT extended the resolution process of JIL by 90 days, thereby allowing submission of fresh bids for the bankrupt realty companyThe order by a bench of Justices A. M. Khanwilkar and Dinesh Maheshwari came after they were informed that the Parliament had passed amendments to the IBC

The NCLT order its order is based on the findings of the probe conducted by the Serious Fraud Investigation OfficeThe tribunal also allowed to the government to implead Udayan Sen and Kalpesh Mehta, partners of Deloitte, and BSR Associates partner Sampath Ganesh

Shaman Wheels Pvt Ltd and Gaggar Enterprises Pvt Ltd have filed two separate insolvency pleas against Jet AirwaysThe insolvency petitions may push other lenders to join the petition as financial creditors for recovery of their dues

The corporate affairs ministry has moved the Mumbai NCLT seeking protection for these directors from any future adverse proceedings as a precautionary measure IL&FS has also filed an application seeking dispensation from appointing independent director on the group companies

Among others, breach of ceiling on directorships would be a ground for disqualification of a directorAs many as 16 minor offences have been re-categorised as "purely civil defaults" which would help de-clog special courts

The CoC will decide on the resolution plan of little-known Royal Investment Partners on 28 JanuaryThere were two resolution applications to revive KSS Petron, according to a person familiar with the development.