The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday admitted Axis Finance’s plea to initiate corporate insolvency resolution process against Primat Infrapower and Multiventures Pvt. Ltd, a ZEE group company. Axis Finance, one of the financial creditors to Primat Infrapower and Multiventures, had filed a Section 7 application under the Insolvency and
New Delhi: The corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC) needs greater transparency to help raise recovery rates for creditors, said Insolvency and Bankruptcy Board of India (IBBI) chairperson Ravi Mital said. Recovery rate refers to the amount recovered by creditors from a company in its insolvency process under
New Delhi: Kapil Wadhawan, the former promoter of Dewan Housing Finance Corporation Ltd (DHFL), has moved the National Company Law Appellate Tribunal (NCLAT) to challenge the initiation of personal insolvency proceedings against him by Union Bank of India for a ₹3,958-crore default. The NCLAT heard the case briefly on Monday before it deferred the matter