indilegal

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Reserve Bank of India - Master Circulars

Reserve Bank of India – Master Circulars

able of Contents

Para No. Particulars 1 Short title and commencement 2 Applicability of the Directions 3 Definitions 4 Registration and matter incidental thereto 5 Owned Fund 6 Permissible Business 7 Asset Reconstruction 8 Securitisation 9 Requirement as to capital adequacy 10 Deployment of Funds 11 Accounting Year 12 Asset Classification 13 Investments 14 Income…

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NCLT Kolkata Approves Resolution Plan For Sree Metaliks

Major lenders include Edelweiss Asset Reconstruction Company(43%), Srei Equipment Finance(21%), and also JM Financial, ICICI Bank, Pegasus Finance, Oriental Bank of Commerce, Kotak ARC, and IFCI.

href="https://economictimes.indiatimes.com/markets/stocks/news/nclt-approves-resolution-plan-for-sree-metaliks/articleshow/61565881.cms">https://economictimes.indiatimes.com/markets/stocks/news/nclt-approves-resolution-plan-for-sree-metaliks/articleshow/61565881.cms

[indilegal]

Banks can sell tribal’s land to non-tribal even if prohibited by state law.

The Supreme Court held that ‘the provisions of the SARFAESI Act, 2002, which do not contain any embargo on the category of persons to  whom mortgaged property can be sold by the bank for realisation of its dues, will prevail over the provisions contained in Section 187 of the Tripura Land Revenue and Land Reforms Act, 1960′. https://www.lakshmisri.com/News-and-Publications/News/Corporate/central-legislation-shall-have-precedence-over-state-legislation-supreme-court-rulings-on-sarfaesi-act

[indilegal]

Third amendment to bring more clarity and objectivity in the bidding process.

Insolvency board thinks it is wise to plug the chances of existing promoters making a back door entry with banks not realising the full potential of the viable assets on the block. Third amendment makes it incumbent on the Resolution applicant to divulge all the details about themselves and the connected parties. It doesn't as such prevent existing promoters from being a resolution applicant, yet strives to bring competition and transparency in the bidding process. It castes a duty on the Resolution professionals to give account of all avoidance transactions that has come to their notice.

http://www.mondaq.com/india/x/647186/Insolvency+Bankruptcy/IBC+Amendments+Emerging+Clarity+On+Bidding+Norms

[indilegal]

Smart City Insolvency Case. NCLAT quashes NCLT order.

As such Law does not provide for withdrawal of a reference on the basis of settlement arrived at between the parties, since the larger question is whether the debtor company is solvent and able to pay all its creditors. On the other hand if the arbitration petition is admitted by the high court , the same would suggest that there is a pending dispute, whatever may be the final outcome of the arbitration proceedings.

https://m.timesofindia.com/city/kochi/smartcity-insolvency-case-nclat-quashes-order/articleshow/61061854.cms?utm_source=twitter.com&utm_medium=social&utm_campaign=TOIMobile

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NCLT Hyderabad rejects claim of Srei Infra for inclusion in the committee of creditors.

Srei Infra's exposure in the Deccan Chronicle Holdings Ltd of Rs. 220 Crore was converted to equity as per a clause in the loan agreement. Though Srei was initially included in the CoC, in an application filed by Canara bank, IRP had raised objection to its inclusion in CoC, subsequently, and hence Srei had approached the NCLT with an application which was rejected.

http://wap.business-standard.com/article/companies/nclt-refuses-srei-infra-s-claim-for-inclusion-in-committee-of-creditors-117111601284_1.html

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Supreme Court wants amendment of insolvency and bankruptcy rules.

No doubt to bring about the desired results, not just the rules, even the Act requires an amendment, but this cannot be allowed to be seen as a creditor vs the corporate person issue. Not just one default but the overall health of the corporate is in question. If at all petitions are permitted to be withdrawn on payment to just one creditor, not to turn insolvency process into a farce, opinion of the entire spectrum of creditors have to be taken into account. Unless majority agrees petition should not be allowed to be withdrawn.

https://barandbench.com/supreme-court-amend-insolvency-bankruptcy-rules/