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‘Questionable’ and ‘Unfair Conduct’ cites Bharti Airtel, withdraws bid for RCom...

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Bharti Airtel, one of the biggest telecom operators, has withdrawn his bid to purchase the assets of Reliance Communications. They alleged the act of the Committee of Creditors as biased and Unfair, i.e., their act of extending the time limit of submitting the bid. CoC extended the time limit by ten days for submitting the bid on the request made by Reliance Jio.  Harjeet Kohli, who is the finance director of Bharti Airtel wrote a letter to the resolution professional and without naming Reliance Jio said that the committee of creditors rejected their request to extend the time for submitting the bid for Reliance communication. Still, surprisingly the dates have now been extended to accommodate a bidder.

An Insight to the Jaypee Infratech Insolvency Process

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Jaypee Infratech in the year 2017 went into the Insolvency Process after their lenders, i.e., an IDBI Bank-led consortium moved to NCLT against the debt-ridden corporate debtor. As per the application, Jaypee owns an amount of approximately Rs 10,000 crores to the bankers. Round 1 of the Insolvency proceeding to revive Jaypee was initiated last year, wherein Lakshdeep made a bid of Rs 7,350 crore which was rejected by the lenders of Jaypee (corporate debtor). Further, in October last year, the Insolvency Resolution professional started the 2nd round of bidding as per the direction of NCLT to revive Japyee

ArcelorMittal to acquire Essar Steel: A Landmark Judgement under the Insolvency...

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The two-year long battle is now over and the Supreme court has finally decided the Essar Steel Insolvency case. In the ruling the Supreme Court has set aside the NCLAT judgement and said that the power to decide how to distribute the funds are with the Committee of Creditors. It also added that the operational creditors cannot be treated in the same was as the financial Creditor. This decision will be a test for the Insolvency and Bankruptcy law of India. Earlier NCLAT in its judgement has said that the fund that would come from the bid will be distributed equally among the financial and the operational creditors. However, Supreme court has set aside the NCLAT judgement. It is a test of the Insolvency code and it will be seen how the apex court will distribute the money that would come from the resolution proceed between the class of creditors with different securities and will also see on the validity of the fix time limit for the resolution.
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