Tag: IBC

Karnataka and US-based IBC sign MoU for Rs 8,000 cr recyclable Lithium-ion battery plant Karnataka and US-based International Battery Company (IBC) on Tuesday signed an...

Kwality Ltd in the year 2016 announced that it had raised an amount of Rs 300 crore and an additional commitment of Rs 220 crore from KKR India Financial Services. This amount was raised by the kwality Limited which is a dairy company to get fund for their expansion plan and for entering in the consumer segment. Kwality Limited is a dairy company that is engaged in the business of manufacturing of dairy products and the processing of milk. Their dairy products include lassi, ghee, milk powder, types of flavoured milk, etc. Kwality has two units for milk processing one in Dibai and other in Softa.

On Friday, the landmark Judgement in the Essar Steel case was passed by the Supreme Court of India, which gave priority to the financial creditors against the operational creditors. From the proceeds that will be generated from the liquidation process dues of the financial creditors will be released on a priority basis, and then the operational creditors will be paid.  Not only came the Essar ruling but also a new rule for the Bankruptcy law was notified. Ministry of Corporate Affairs has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The new rules have been notified, especially for the insolvency proceeding against the Financial Service Providers (FSPs) and will not include banks. The central government framed the rules for the insolvency that is initiated against the FSPs and mentioned that an insolvency proceeding against the FSPs could only be taken only when an appropriate regulator makes the application.

In an order dated November 9, 2019, passed by the National Company Law Tribunal (NCLT), Bankruptcy proceedings have been initiated against the first financial company named Aviva Life Insurance Co. Ltd India. Insolvency proceeding initiated after the company was not paying the car parking, license fees, service charge or other maintenance charge and service tax to Apeejay Trust (Mumbai based). Aviva took office space at Apeejay Express located in Vashi, Mumbai in the year 2008 in June and owed an amount of Rs. 27,67,203 to Apeejay.