DRT News

India: Liabilities Fluid; Guarantors Protected Under IBC: Allahabad HC

India: Liabilities Fluid; Guarantors Protected Under IBC: Allahabad HC

Subsequently, SBI had filed an application sometime in 2017 before the DRT, Allahabad against the Company and the Guarantors under section 19 (3) of the Recovery of Debts Due to Banks and Financial Institution Act, 1993 (RDDBFI Act) for recovery of the ...

Insolvency Proceedings Against Personal Guarantors Under The Insolvency And Bankruptcy Code – Missed ...

Insolvency Proceedings Against Personal Guarantors Under The Insolvency And Bankruptcy Code – Missed ...

... staying the proceedings filed against the personal guarantors/promoters before Debt Recovery Tribunal, Allahabad (the, “DRT”) by the creditors of LML India Limited (the, “Corporate Debtor”) till the finalization of corporate insolvency resolution ...and more »

India: Guarantors And The Moratorium Under The Bankruptcy Code: An On-Going Battle

India: Guarantors And The Moratorium Under The Bankruptcy Code: An On-Going Battle

The High Court, in exercise of its writ jurisdiction, by the present order under analysis, however, set aside the order of the DRT and has stayed proceedings against the directors as well. In Sanjeev Shriya v. State Bank of India & Ors.,1 the Allahabad ...

Scope of insolvency rules to be expanded to individual businesses

Scope of insolvency rules to be expanded to individual businesses

On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI) published the draft rules dealing with insolvency resolution process of individuals and firms on its website (www.ibbi.gov.in); public comments can be submitted till 31 October. Once ...and more »

Payback time?

Payback time?

The repeal act provides for repeal of the SICA and related matters,” says Satyajit Gupta, a principal, Corporate / M&A at Advaita Legal in Delhi, adding that there appears to be no legal impediment for cases being heard by a DRT and DRAT that were ...and more »

Trying hard to SAIL past in Amethi?

Trying hard to SAIL past in Amethi?

LUCKNOW: After BJP workers in Amethi demanded opening of the SAIL (Steel Authority of India Ltd) plant in Jagdishpur, Union textile minister Smriti Irani on Monday assured it would be operational in three weeks. She inspected the plant which has ...and more »

India's first information utility goes live

India's first information utility goes live

India's first information utility (IU), a one-stop shop for details on all financial transactions of lenders, information utilities under the insolvency and bankruptcy, has got a go-ahead. On Tuesday, the Insolvency and Bankruptcy Board of India (IBBI ...

Hyderabad High Court fines Rs 25000 to export firm

Hyderabad High Court fines Rs 25000 to export firm

Hyderabad: The Hyderabad High Court has slapped Rs 25,000 on each of the petitions moved by Swetha Exports Ltd for repeatedly approaching either the Debt Recovery Tribunal (DRT) or the High Court with an intention to prevent the Bank of India from ...

Vijay Mallya arrested in London again this year: What has happened so far? A timeline

Vijay Mallya arrested in London again this year: What has happened so far? A timeline

April 2017: Mallya arrested in London on India's request for extradition. April 2016: Enforcement Directorate approach special court to issue non-bailable arrest warrant against Mallya. April 2016: Ministry of External Affairs revokes Vijay Mallya's ...

Murli Industries gets many suitors

Murli Industries gets many suitors

Apart from Bank of Baroda, the consortium had Punjab National Bank, IDBI, Axis Bank and erstwhile State Bank of India subsidiaries and others, among which banks like Allahabad Bank, with outstanding amount of Rs 52.46 crore as part of the consortium ...