Archives for July 2019

Travelize- Lead Management application

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Hello, Warm Greetings from Travelize!! I am delighted to discuss with you and your organization how our product *“TRAVELIZE”* will help your business for Smart Field Service Management. Travelize is a digital geo-location application which is developed to manage easy work-flow and benefits the field employees’ as well as the manager *Time is running out!! Look @ 6 SECRETS TO EFFECTIVE FIELD SERVICE: * 1. Remote attendance management 2. Schedule meetings online & view status (Completed/pending) 3. Track distance covered (Km) with Geofence 4. Notice mobile signal strength & battery level 5. Import reports in one click from cloud database 6. Pre-built analytics shows productivity level *Benefits: Saves time, Cost-effective, and eliminates manual work-flow.* Would you be interested to have a look into it? *Kindly revert back with your valuable feedback and contact details.* I look forward to your positive response Best Regards, Rudra Team-Travelize *If you are not interested please reply in subject line as UNSUBSCRIBE* [image: beacon]

Insolvency and Bankruptcy News – AAA Insolvency Professionals

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View this email in your browser (https://mailchi.mp/aaainsolvency.com/ibc-213357?e=2da00e8643) ** ———————————————————— * Lenders to Essar Steel move Supreme Court against NCLAT ruling (#Essarsteel) * NCLAT dismisses contempt plea against Anil Ambani, others (#AnilAmbani) * NCLAT stays liquidation process against Adhunik Metaliks (#NCLT) * Reliance Communications lenders to seek Rs 580 crore from Ericsson claiming violation of IBC (#Reliance) * CMA. Deepika B Prasad joins as a new partner of AAA Insolvency Professionals LLP (#Deepika) * CA K.V. Sivaraman joins as a new partner of AAA Insolvency Professionals LLP (#Sivaraman) Dear We have introduced a weekly newsletter that will cover Insolvency news in the country. Since this will be a forever evolving newsletter your feedback is important to us. You may reply on this thread with your inputs. ** Apex court stays NCLAT verdict in Essar Steel insolvency case ———————————————————— The Supreme Court on Monday put on hold the sale of Essar Steel India Ltd to ArcelorMittal after lenders to the bankrupt Indian steelmaker challenged an appeals court ruling that said operational creditors have to be treated on a par with financial creditors. The Supreme Court agreed to “expeditiously” hear the plea filed by banks against the National Company Law Appellate Tribunal (NCLAT) order of 4 July. The bankruptcy appeals court order, approving ArcelorMittal’s₹42,000 crore offer for Essar Steel, had upset secured financial creditors, as it diminished their priority rights to the proceeds generated from the sale or liquidation of a bankrupt entity. Continue reading (https://www.livemint.com/companies/news/supreme-court-puts-essar-steel-sale-to-arcelormittal-on-hold-temporarily-1563779714430.html) ** NCLAT dismisses contempt plea against Anil Ambani, others ———————————————————— The National Company Law Appellate Tribunal has dismissed a contempt petition filed against Reliance Group Chairman Anil Ambani and other officials by minority shareholders of tower unit Reliance Infratel, including HSBC Daisy, alleging non-payment of settlement dues. “We find no case is made out for initiation of contempt proceedings… Both the applications… are accordingly dismissed,” a two-member bench led by justice SJ Mukhopadhaya said. HSBC Daisy and others had moved a contempt plea in the appellate tribunal, alleging that Reliance Infratel had not paid up about Rs 230 crore as mandated by the NCLAT under a pact to settle a dispute over unpaid dues. Continue reading (https://economictimes.indiatimes.com/industry/telecom/telecom-news/nclat-dismisses-contempt-petitions-against-anil-ambani-over-rcom-payment-default/articleshow/70352117.cms) ** NCLAT stays liquidation process against Adhunik Metaliks ———————————————————— The National Company Law Appellate Tribunal (NCLAT) has stayed the liquidation process against corporate debtor Adhunik Metaliks. This follows an appeal by Liberty House group. The latter had emerged the successful resolution applicant for Adhunik Metaliks. However, since it failed to implement its resolution plan, the Cuttack Bench of NCLT had passed an order for liquidation of Adhunik Metaliks Ltd and group company Zion Steel on July 8, 2019. In a notification to the stock exchanges on Monday, Adhunik Metaliks said the NCLAT passed an order on July 17, 2019, stating that the “operation of the impugned order of liquidation shall remain stayed.” Earlier, State Bank of India had filed an application to initiate the insolvency process against the companies after they defaulted in repaying the debt of over Rs 747 crore. Continue reading (https://economictimes.indiatimes.com/industry/indl-goods/svs/metals-mining/nclat-stays-liquidation-process-against-adhunik-metaliks/articleshow/70347237.cms) ** Reliance Communications lenders to seek Rs 580 crore from Ericsson claiming violation of IBC ———————————————————— ** ———————————————————— Lenders to Reliance Communications (RCom) have decided to send a demand notice to Ericsson, asking the Swedish telecom equipment maker to refund the Rs 580 crore that it received from the erstwhile Anil Ambani-owned telco under a Supreme Court directive, according to people directly aware of the matter. The lenders claim the payment to Ericsson qualifies as a ‘preferential transaction’ under the Insolvency and Bankruptcy Code (IBC). The decision was taken at a recent meeting of RCom’s committee of creditors, and the consortium of lenders led by SBI is likely to send a formal communication to Ericsson soon, according to two independent sources. RCom was admitted for insolvency proceedings in the National Company Law Tribunal in February. Continue reading (https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-lenders-to-seek-rs-580-crore-from-ericsson-claiming-violation-of-ibc/articleshow/70338401.cms) ** CMA. Deepika B Prasad join as a new partner of AAA Insolvency Professionals LLP ———————————————————— Cost & Management Accountant Insolvency Professional Regn.No. IBBI /IPA-003/IP-N000110/2017-2018/11186 Designated Partner, New Delhi 20 Years Core Competence & Industry-specific experience Experience under IBC Presently IRP in the case of: * M/s. Compact Lamps Pvt. Ltd. Worked alongside RP’s in the following cases: * M/s. Advantage Projects and Consultants Pvt. Ltd. M/s. Kunj Forgings Pvt.Ltd. Management consulting, financial modeling, business restructuring and costing assignments with India’s renowned organizations. Internal Audit, Feasibility and setting up of new projects, Project Management& appraisal, Rehabilitation and restructuring under BIFR. Worked in: Healthcare Industry, Automobile Industry, the Energy sector – EPC Companies, Engineering Industry, Textile Industry, Garment Industry, Electronics, Fertilizer Industry, Television Broadcasting Industry, E-Commerce. Continue reading (https://insolvencyandbankruptcy.in/people/cma-deepika-b-prasad/) ** CA K.V. Sivaraman joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— B.Com, ICWAI (Inter), FCA Designated Partner New Delhi Regn. No. IBBI/IPA-001/IP-P00900/2017-2018/11497 Designated Partner, New Delhi Total-experience: 30 Years of Core Competence & Industry-specific experience Accounts Audit and Taxation, Finance and Treasury Management, Credit Insurance, Running and Managing of Business Operations. Work Experience in various Industry Sectors as senior management personnel/ consultant such as Ceramic ware – EID Parry (I) Ltd., Leather Goods – Hidesign, HDPE/PP Bags – Stanpacks (I) Ltd., Hospital – Madurai Meenakshi Mission Hospital & Research Centre, KPO/ BPO Operations – BBW Accounting Services (P) Ltd., IT Distribution – Global Infonet Distribution (P) Ltd., Merchant Trading – TUF Metallurgical (P) Ltd., Management Audit – Sahara India Parivar, Fishing Operations – Fortune Fisheries Group. IFST for 9 Years from SIPCOT for Stanpacks (I) Ltd. continue reading (https://insolvencyandbankruptcy.in/people/ca-k-v-sivaraman/) If you like our weekly newsletter, Please forward this to your Friends and Colleagues!! Thanks & Regards AAA Insolvency Professionals LLP (India’s Largest Insolvency Professionals Entity) AAA Branches (https://insolvencyandbankruptcy.in/directory/head-office-delhi/) : New Delhi I Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-213357 Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-213357) http://twitter.com/intent/tweet?text=Insolvency+and+Bankruptcy+News+-+AAA+Insolvency+Professionals: https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-213357 Tweet (http://twitter.com/intent/tweet?text=Insolvency+and+Bankruptcy+News+-+AAA+Insolvency+Professionals: https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-213357) http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=3b84942b63&e=2da00e8643 Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=3b84942b63&e=2da00e8643) ============================================================ ** Facebook (https://www.facebook.com/anil.goel.7587) ** Twitter (https://twitter.com/Anilgoelca) ** LinkedIn (https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/) ** Website (https://insolvencyandbankruptcy.in) ** LinkedIn (https://www.linkedin.com/company/aaa-insolvency-professional-llp/) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: AAA Insolvency Professionals LLP E-10 Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643&c=3b84942b63) .

Proposed Amendment to Insolvency and Bankruptcy Code – Cabinet Approved!!

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View this email in your browser (https://mailchi.mp/aaainsolvency.com/proposed-amendment-to-insolvency-and-bankruptcy-code-cabinet-approved?e=2da00e8643) Thanks & Best Regards Anil Goel Chartered Accountant & Insolvency Professional Founder Chairman AAA Insolvency Professionals LLP (The largest Insolvency Professionals Entity of India) Founder Chairman AAA Capital Services Private Limited (India’s largest ‘Resolution & Enforcement Agents’ under SARFAESI Act) Senior Partner AKG & Co., Chartered Accountants Head Office: E-10A, Kailash Colony, New Delhi-110048 Mob: 9811055148 Phone: 011-4666 4600 Other Offices: Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: AAA Insolvency Professionals LLP E-10 Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643&c=22640dbb03) .

Insolvency and Bankruptcy News – AAA Insolvency Professionals

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View this email in your browser (https://mailchi.mp/aaainsolvency.com/ibc-208213?e=2da00e8643) ** ———————————————————— * Lenders to Essar Steel move Supreme Court against NCLAT ruling (#Essarsteel) * Bhushan Power ‘fund diversion’ under CBI lens (#Bhushanpower) * NCLAT asks IL&FS, govt about steps taken for 55 loss making red firms (#NCLTask) * Jet Airways case: Dutch insolvency administrator moves NCLAT (#JetAirways) * Mr. CA Suresh Kannan join as a new partner of AAA Insolvency Professionals LLP (#SureshKannan) * Mr. CA Vishal Sharma join as a new partner of AAA Insolvency Professionals LLP (#BinayKumar) Dear We have introduced a weekly newsletter that will cover Insolvency news in the country. Since this will be a forever evolving newsletter your feedback is important to us. You may reply on this thread with your inputs. ** Lenders to Essar Steel move Supreme Court against NCLAT ruling ———————————————————— (The Essar Steel case pertains to a 10-million tonne per annum steel mill in Gujarat, which became insolvent in August 2017, with dues of more than ₹54,000 crore.) A consortium of lenders led by State Bank of India has filed a petition before the Supreme Court against a National Company Law Appellate Tribunal (NCLAT) ruling that Essar Steel’s operational creditors have to be treated on a par with financial creditors at the time of settling claims. The insolvency court’s ruling is expected to have a far-reaching impact and could significantly improve recoveries for operational creditors, who were so far considered to be a notch below financial creditors. Continue reading (https://www.livemint.com/companies/news/lenders-to-essar-steel-move-supreme-court-against-nclat-ruling-1563285565612.html) ** Bhushan Power ‘fund diversion’ under CBI lens ———————————————————— The Central Bureau of Investigation, which is probing Bhushan Power & Steel Ltd after it defaulted on Rs 47,204 crore of loans from 33 banks and financial institutions, is focussing on the alleged diversion of Rs 2,348 crore by the company to over 200 ‘shell and bogus’ entities according to the FIR filed by it, people aware of the matter told ET. The modus operandi of the fund diversion was similar to the one used by Bhushan Steel Ltd, which once belonged to the Brij Bhushan Singal group. The amount involved matches the figure that the income-tax department said had been diverted over a seven-year period. In addition, the CBI uncovered discrepancies between the books of BPSL and the shell companies. Amounts totaling Rs 537.85 crore were diverted to 86 shell companies “without any obvious purpose” and were shown as payments made by BPSL, the CBI said in a complaint. “Loans were availed of from 33 banks, purportedly for working capital and purchase of plant and machinery. However, they diverted over Rs 2,300 crore to over 200 shell companies,” said one person. Continue reading (https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/bhushan-power-fund-diversion-under-cbi-lens/articleshow/70253573.cms) ** NCLAT asks IL&FS, govt about steps taken for 55 loss making red firms ———————————————————— The National Company Law Appellate Tribunal has asked from the government and IL&FS about the steps being taken for the 55 loss-making red entities of the debt-ridden group. A two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has asked IL&FS and the Ministry of Corporate Affairs to file an affidavit within two weeks stating the time it would take to decide on it. The appellate tribunal has also asked as to whether any such red entities could be categorized into a green or amber list of IL&FS companies. Meanwhile, during the course of hearing, IL&FS informed that three amber listed companies would be upgraded to green entities as they have signed a term sheet with their lenders for the restructuring of their debts, etc. Continue reading (https://economictimes.indiatimes.com/industry/banking/finance/banking/nclat-asks-ilfs-govt-about-steps-taken-for-55-loss-making-red-firms/articleshow/70196957.cms) ** Jet Airways case: Dutch insolvency administrator moves NCLAT ———————————————————— (A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also asked the Dutch bankruptcy administrator to assist in the insolvency proceedings of Jet Airways which is currently going on in India.) Dutch Bankruptcy administrator on Friday moved the National Company Law Appellate Tribunal (NCLAT) on the Jet Airways matter, which has agreed to hear the case. A three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya has also asked the Dutch bankruptcy administrator to assist in the insolvency proceedings of Jet Airways which is currently going on in India. Furthermore, the Dutch insolvency court administrator has agreed before the Tribunal to not sell the confiscated assets of the debt-ridden carrier. It may be noted that NCLAT has also issued a notice to the consortium of Jet Airways’ lenders, directing them to file their reply within a period of two weeks. The Tribunal has further directed to list the matter on August 21, 2019, for the next hearing. Earlier, the National Company Law Tribunal (NCLT), Mumbai, had rejected the appeal of Dutch insolvency administrator to recognize their proceedings. Continue reading (https://www.businesstoday.in/sectors/aviation/jet-airways-case-dutch-insolvency-administrator-moves-nclat/story/363786.html) ** CA Vishal Sharma join as a new partner of AAA Insolvency Professionals LLP ———————————————————— FCA, Licentiate ICSI Insolvency Professional Regn.No .IBBI/IPA-001/IP-P00264/2017-18/10508 Designated partner, Kolkata (https://insolvencyandbankruptcy.in/directory/kolkata-office/) Total-experience: 23 Years Core Competence & Industry specific experience Banking – Concurrent Audit, Statutory Audit, Accounts Audit and Taxation, Direct and Indirect Taxation, Audit under SOX. Industry Sectors: Plywood, Power Transmission, Jute and Real Estate Industries. Experience in restructuring & handling of Stressed Assets Loan applications for clients including applications for rescheduling and restructuring of loans. Working Capital management for clients under financial stress. Continue reading (https://insolvencyandbankruptcy.in/people/ca-vishal-sharma/) ** CA Suresh Kannan joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— B.Com. CWA & FCA Insolvency Professional Regn.No IBBI/IPA-001/IP-P01434/2018-2019/12277 Designated Partner, Bengaluru (https://insolvencyandbankruptcy.in/directory/bengaluru/) Total-experience: 21 +Years Core Competence & Industry specific experience Played a stellar role in setting up more than 100 companies including Foreign Companies and managing their finance function Industry Sectors: Construction, Textile, Manufacturing, Embedded technology, Hospitality services, IT/ITES, Project Management, Real Estate, Stone Industry, Trading, Translation Services and Engineering Services. Experience under IBC Have been handling 5-6 companies under CIRP as a consultant for Corporate Debtors. Partner of AAA Insolvency Professionals LLP, largest IPE in the country and assisting other partners in CIRP and Liquidation cases. AAAIP is presently working on more than 46 live CIRP cases. PS: If you like our weekly newsletter, Please forward this to your Friends and Colleagues!! http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-208213 Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-208213) http://twitter.com/intent/tweet?text=Insolvency+and+Bankruptcy+News+-+AAA+Insolvency+Professionals: https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-208213 Tweet (http://twitter.com/intent/tweet?text=Insolvency+and+Bankruptcy+News+-+AAA+Insolvency+Professionals: https%3A%2F%2Fmailchi.mp%2Faaainsolvency.com%2Fibc-208213) http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=eec0c977c6&e=2da00e8643 Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=eec0c977c6&e=2da00e8643) ============================================================ ** Facebook (https://www.facebook.com/anil.goel.7587) ** Twitter (https://twitter.com/Anilgoelca) ** LinkedIn (https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/) ** Website (https://insolvencyandbankruptcy.in) ** LinkedIn (https://www.linkedin.com/company/aaa-insolvency-professional-llp/) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: AAA Insolvency Professionals LLP E-10 Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643&c=eec0c977c6) .

Insolvency and Bankruptcy News – AAA Insolvency Professionals

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View this email in your browser (https://mailchi.mp/aaainsolvency.com/ibc?e=2da00e8643) ** ———————————————————— * NCLT Mumbai asked to pass an order on insolvency against Videocon companies in 3 weeks (#NCLTmumbai) * NCLAT approves ArcelorMittal’s bid with modifications (#NCLTApproves) * Justice Mukhopadhaya at NCLAT: Steering the major cases (#Justice) * PNB reports over ₹3800 crore fraud by Bhushan Power & Steel (#Bhushanpower) * Mr. Pankaj Kr Tibrewal joins as a new partner of AAA Insolvency Professionals LLP (#Pankajkumar) * Appointment of CA Jigar Shah as IRP of Harneshwar Agro Products Power & Yeast (India) Limited (#JigarShah) Dear We have introduced a weekly newsletter that will cover Insolvency news in the country. Since this will be a forever evolving newsletter your feedback is important to us. You may reply on this thread with your inputs. ** NCLT Mumbai asked to pass an order on Insolvency against Videocon comapanies in 3 weeks ———————————————————— The National Company Law Appellate Tribunal (NCLAT) has directed the Mumbai bench of the NCLT to pass an order over the insolvency plea against 15 Videocon group companies within the next three weeks. The NCLAT said that taking into consideration the nature of the matter, the National Company Law Tribunal (NCLT) Mumbai should pass an order within three weeks over the insolvency plea filed by banks. The NCLAT order came over the plea filed by the lenders, led by SBI and the Resolution Professional of the company. The lenders had pleaded that the NCLT was yet to pronounce its judgment even as it reserved an order after the completion of arguments in January 2019. Continue reading (https://www.livemint.com/companies/news/nclt-mumbai-asked-to-pass-order-on-insolvency-against-videocon-cos-in-3-weeks-1562501049527.html) ** NCLAT approves ArcelorMittal’s bid with modifications ———————————————————— The National Company Law Appellate Tribunal (NCLAT) on Thursday approved the resolution plan submitted by Lakshmi Mittal-led ArcelorMittal for Essar Steel India, but with modifications. Of the Rs 42,000-crore plan submitted by ArcelorMittal, the financial creditors would now get about Rs 30,030 crore while the operational creditors would get Rs 12,000 crore, the NCLAT said, holding both the classes of creditors would get 60.7 percent of their admitted claims. A two-member Bench of the appellate tribunal headed by Chairperson Justice S J Mukhopadhaya also reprimanded the committee of creditors (CoC) for discriminating against the operational creditors and other financial creditors such as Standard Chartered Bank (StanChart). The CoC, the NCLAT said, had not been empowered to decide the manner in which the distribution was to be made between one and the other creditor. Continue reading (https://www.business-standard.com/article/companies/nclat-approves-arcelormittal-bid-for-essar-steel-119070400527_1.html) ** Justice Mukhopadhaya at NCLT: Steering the major cases ———————————————————— New Delhi, July 7 Since the inception of the Insolvency and Bankruptcy Code (IBC) and the National Company Law Appellate Tribunal (NCLAT) in 2016, NCLAT Chairman Justice Sudhansu Jyoti Mukhopadhaya has presided over the majority of insolvency resolution cases, and more importantly, has been presiding over all the significant ones. Known for being tough against actions which delay the resolution process, Justice Mukhopadhaya has time and again reiterated his stand that operational and financial creditors should be treated with fairness. An example of his quest for just an early resolution of cases is the NCLAT”s latest directive in the Jaypee Infratech (JIL) matter, whereby the bench headed by the Chairman directed the major lender IDBI Bank and NBCC, the bidder of the stressed asset, to resolve the issues among themselves. The JIL’s Committee of Creditors had rejected the state-run NBCC’s bid on the ground that it was conditional. The bank’s voted against the bid although home buyers were in its favor. Continue reading (https://www.outlookindia.com/newsscroll/justice-mukhopadhaya-at-nclat-steering-the-major-cases/1570196) ** PNB reports over ₹3800 crore fraud by Bhushan Power & Steel ———————————————————— Punjab National Bank on Saturday said it has detected a fraud of ₹3,805.15 crore by Bhushan Power & Steel Ltd and has reported it to the Reserve Bank of India. The exposure of ₹3,800 crore includes domestic exposure of₹3,191 crore, overseas exposure of $49.71 million at the bank’s Dubai branch and $38.51 million at its Hong Kong branch. PNB said the company misappropriated bank funds and manipulated books to raise funds from consortium lenders. “On the basis of Forensic Audit Investigation findings and the CBI filing an FIR on a suo moto basis, against the company and its directors, alleging diversion of funds from the banking system, a fraud of ₹3,805.15 core is being reported by the bank to the RBI,” the bank said. Continue reading (https://www.livemint.com/industry/banking/pnb-reports-over-rs-3800-crore-fraud-by-bhushan-power-steel-1562423846091.html) ** Mr. Pankaj Kr Tibrewal joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— AAAIP which is the largest Insolvency Professional Entity (IPE) in India has appointed Mr. Pankaj Kr. Tibrewal as a designated partner. It is learned that Mr. Pankaj who holds a B. Com (H) along with certifications like FCA and ACS, is a Certified GST expert from ICAI. Mr. Pankaj holds an overall experience of 20 years and was designated as Key Management Personnel (KMP) in his last three organizations. His other key areas of expertise include Implementing and Building Standard Operating Procedures (SOPs), Revenue Assurance, Pilferage Control, Risk Management, Banking Relationship, Fund Management, Cost Control and Rationalization, Legal & Taxation, Negotiation, and Validation, Identification, and Finalisation of properties for marketing stores. Mr Pankaj Kr. Tibrewal who is an expert in handling stressed assets will be part of an organization that has the reputation of handling complex projects time and again to successful completion. AAAIP was founded on 20/12/2016. On 01/03/2017, the Insolvency and Bankruptcy Board of India (IBBI) recognized it as an Institute of Public Enterprise (IPE) with its Head Office at New Delhi. Continue reading (https://insolvencyandbankruptcy.in/pankaj-kr-tibrewal-join-aaa-insolvency-professionals-llp/) ** Appointment of CA Jigar Shah as IRP of Harneshwar Agro Products Power & Yeast (India) Limited ———————————————————— AAA Insolvency Professionals LLP (AAAIP) is pleased to announce that the appointment of CA Jigar Shah as Interim Resolution Professional of Harneshwar Agro Products Power & Yeast (India) Limited, by NCLT, Mumbai Bench, order dated. 26/06/2019 (Copy of Order received on 08.07.2019). The Corporate Debtor is engaged in the manufacturing of Jaggery (Chemical Free), Fuel Grade Ethanol, Bio – Compost, CNG Furnace/BioFuel Oil, Bio Fertilizers, CO2 and Sulpher. CA Jigar Shah is a designated partner (https://insolvencyandbankruptcy.in/people/ca-jigar-shah/) of AAA Insolvency Professionals LLP (“AAAIP”). AAAIP has evolved to become the largest Insolvency Professional Entity (IPE) of India having reputed partners spread across the country. About CA Jigar Shah CA Jigar Shah is a Chartered Accountant, Insolvency Professional and Registered Valuer. He has mixed experience of about 16 years working in Banking Industry, Business Valuation, Credit Sanctioning & Monitoring; Debt Syndication; Private Equity; Debt Restructuring; Internal Audit, Merchant Banking, Merger & Acquisition. He has been appointed as IRP in few cases each by Dena Bank and SASF of IDBI Bank and assisting other partners in CIRP and Liquidation cases. Continue reading (https://insolvencyandbankruptcy.in/appointment-of-jigar-shah-as-irp-of-harneshwar-agro-products-power-yeast-india-limited/) If you like our Weekly Newsletter, please do forward it to your friend’s and colleagues. Thanks & Regards AAA Insolvency Professionals LLP (India’s Largest Insolvency Professionals Entity) Other Offices (https://insolvencyandbankruptcy.us20.list-manage.com/track/click?u=9aaeca745f2d1d45c4eeb7a47&id=7ee8277606&e=46b084c9e8) : Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ ** Facebook (http://www.facebook.com) ** Twitter (http://www.twitter.com/) ** Google Plus (http://plus.google.com.com/) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: AAA Insolvency Professionals LLP E-10 Kailash Colony Delhi 110048 India Want to change how you receive these emails? 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Your weekly insolvency and bankruptcy NEWS!!

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View this email in your browser (https://mailchi.mp/b2b36ca2d6f5/your-weekly-insolvency-and-bankruptcy-news-197061?e=2da00e8643) ** ———————————————————— ** AAA Insolvency Professionals LLP (India’s largest insolvency professionals entity) ———————————————————— Key highlights on IBC, 2016 1. Telecom department rejects Aircel’s resolution proposal 2. Jet Airways crisis: Hindujas likely to bid for grounded airline in a week 3. NCLAT directs NCLT Allahabad bench to decide insolvency plea against JP Associates in 6 weeks 4. Introduction of CA Anil Kumar Khicha as a new partner of AAA Insolvency Professionals LLP 5. Introduction of CA. Pankaj Kr. Tibrewal as a new partner of AAA Insolvency Professionals LLP Dear We have introduced a weekly newsletter that will cover Insolvency news in the country. Since this will be a forever evolving newsletter your feedback is important to us. You may reply on this thread with your inputs. Here is this week’s Top Insolvency News! Telecom department rejects Aircel’s resolution proposal The Department of Telecommunications (DoT) has rejected the resolution proposal cleared by bankrupt telco Aircel’s lenders under which Rs 16.50 crore was earmarked for all operational creditors, including the government, saying it was insufficient to cover for its license and spectrum-related dues. “As per their plan (that of resolution professional), a sum of Rs 16.50 crore has been earmarked for all operational creditors. There is no specific provision for the DoT,” continue reading (https://economictimes.indiatimes.com/industry/telecom/telecom-news/telecom-department-rejects-aircels-resolution-proposal/articleshow/70023027.cms) Jet Airways crisis: Hindujas likely to bid for the grounded airline in a week Lenders, including IDBI Bank and Punjab National Bank, reportedly have outstanding debt worth Rs 8,000 crore from Jet Airways, while dues with operational creditors are much larger. The Hinduja group is likely to put a formal bid for crisis-ridden Jet Airways as early as this week, sources said. Ongoing discussions between the Hinduja group, Etihad Airways, and lenders to Jet Airways gathered steam after June 20, when the National Company Law Tribunal (NCLT) had passed an order, initiating insolvency proceedings against the grounded airline. “Discussions have been fast-tracked with the insolvency plea being filed. We had been working with an internal deadline of mid-July to finalize the details, but a formal bid could be submitted to the interim resolution professional this week itself continue reading (https://www.financialexpress.com/industry/jet-airways-crisis-hindujas-likely-to-bid-for-grounded-airline-in-a-week/1625326/) NCLAT directs NCLT Allahabad bench to decide insolvency plea against JP Associates in 6 weeks The NCLAT on Monday directed the National Company Law Tribunal to decide the insolvency plea filed by ICICI Bank against Jaiprakash Associates in six weeks. The private sector lender had approached the National Company Law Appellate Tribunal (NCLAT), seeking a direction to NCLT Allahabad-bench to expedite the hearing on its insolvency petition against Jaypee Group firm Jaiprakash Associates Ltd (JAL). Hearing the matter, a three-judge bench of the NCLAT headed by Chairman Justice S J Mukhopadhyaya directed the NCLT Allahabad to decide on admitting the plea preferably in six weeks. continue reading (https://www.firstpost.com/business/nclat-directs-nclt-allahabad-bench-to-decide-insolvency-plea-against-jp-associates-in-6-weeks-6913241.html) Introduction of CA Anil Kumar Khicha as a new partner of AAA Insolvency Professionals LLP About CA Anil Khicha B.Com, FCA Insolvency Professional Regn .No .IBBI/IPA-001/IP-P00422/2017-18/10745 Designated Partner, Chennai Total experience : 30 Years CA Anil Khicha is appointed Chennai (https://insolvencyandbankruptcy.in/directory/chennai-office/) based partner of AAA Insolvency Professionals LLP (“AAAIP”) Core Competence & Industry specific experience Audit, accounting, bank audits, debt syndication, a corporate consultancy. Industry Sectors: Steel Industry, Real Estate/Builders, Trading Business and NBFCs. Experience in restructuring & handling of Stressed Assets. Structuring & Restructuring of debts finance with banks in more than 40 assignments. Experience under IBC 3 cases filed with NCLT on behalf of operational creditors-2 at Chennai & 1 at Guwahati. continue reading (https://insolvencyandbankruptcy.in/people/ca-anil-kumar-khicha/) Introduction of CA. Pankaj Kr. Tibrewal as a new partner of AAA Insolvency Professionals LLPAbout CA Pankaj Kr. Tiberwal B.Com (H), FCA, ACS, Certified GST expert from ICAI Insolvency Professional Regn.No. IBBI/IPA-001/IP-P-01577/2018-2019/12410 Designated Partner, Kolkata Total experience: 20 Years CA Pankaj Kr. Tiberwal is appointed Kolkata (https://insolvencyandbankruptcy.in/directory/kolkata-office/) based partner of AAA Insolvency Professionals LLP (“AAAIP”) Core Competence & Industry specific experience Accounts & Commercial heading function, designated as KMP in last 3 organizations. Certified GST expert, Building and Implementing SOP’s, Revenue Assurance, Risk Management, Pilferage control, Fund management, Banking relationship, Cost control and rationalization, Negotiation, Legal & Taxation. Identification, validation, and finalization of properties for retail stores. Experience in restructuring & handling of Stressed Assets Mr. Pankaj is the Part of the team and supporting CFO for the restructuring and handling the stressed Assets. Continue reading (https://insolvencyandbankruptcy.in/directory/kolkata-office/) If you like our Weekly Newsletter, please do forward it to your friend’sand colleagues. Thanks & Regards Rohit AAA Insolvency Professionals LLP (India’s Largest Insolvency Professionals Entity) Mob: +918506801082 Phone: 011-4666 4651 Other Offices (https://insolvencyandbankruptcy.in/directory/head-office-delhi/) : Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Tweet (http://twitter.com/intent/tweet?text=Your+weekly+insolvency+and+bankruptcy+NEWS%21%21: https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Tweet (http://twitter.com/intent/tweet?text=Your+weekly+insolvency+and+bankruptcy+NEWS%21%21: https%3A%2F%2Fmailchi.mp%2Fb2b36ca2d6f5%2Fyour-weekly-insolvency-and-bankruptcy-news-197061) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=2f22c88968&e=2da00e8643) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=2f22c88968&e=2da00e8643) ** Facebook (https://www.facebook.com/anil.goel.7587) ** Twitter (http://www.twitter.com/anilgoelca) ** LinkedIn (https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/) ** Website (https://insolvencyandbankruptcy.in) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: E-10 A Kailash Colony New Delhi – 110048 Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643&c=2f22c88968) .

Debt Recovery Solution – AAA Insolvency Professionals!!!

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View this email in your browser (https://mailchi.mp/76883f13c86f/debt-recovery-solution-aaa-insolvency-professionals?e=2da00e8643) ** ———————————————————— Dear Sir, I write on behalf of AAA Insolvency Professionals LLP, an Insolvency Professional Entity (IPE) registered with the Insolvency and Bankruptcy Board of India (IBBI) under the Insolvency & Bankruptcy Code, 2016 (IBC). We are the largest such IPE in the country and have been dealing solely with cases under the IBC since the Code was enacted. We currently have more than 34 partners (https://insolvencyandbankruptcy.in/people/) in 14 offices all over the country with a staff strength of more than 250 who are capable of handling cases of any magnitude under IBC or Sarfaesi. IBC has given the status of an ‘operational creditor’ to any supplier of goods or services whose debt remains unpaid. Using said status, an operational creditor can file an application under the IBC for initiation of insolvency proceedings against any such debtor, which would essentially mean the losing control and custody of their business to the creditors of the company through a Resolution Professional, like us. Such proceedings generally result in quick payment to the creditors of the company, either through settlement or the sale of the company as a going concern to another person or through its liquidation. Either way, the operational creditors are most benefitted through the settlement of debt by the Companies else the Company will perish and promoters will lose the company. At times, the threat alone results in immediate settlement of dues by the debtor. We understand your firm is providing consultancy/auditing services to several of the entities/companies in India, we understand how bad debts may be affecting the financial status of these companies and would like to propose our services in the recovery of such debt for any entity under your purview. We would like to have a call with you to discuss how your clients can benefit from this revolutionary law. We also urge you to give us the names of such entities which might require our help in order to enable us to speak to the respective proprietors/ partners/ directors of the same at our end as well. In furtherance to the above proposal, we would love to discuss our business further, along with our potential assistance in the recovery of your debts. Looking forward to your reply. Thanks & Regards Rohit Mob: +918506801082 Phone: 011-4666 4651 Other Offices (https://insolvencyandbankruptcy.in/directory/head-office-delhi/) : Mumbai I Kolkata I Raipur I Chennai I Hyderabad I Kochi | Ahmedabad | Ludhiana | Bengaluru | Ranchi I Nagpur ============================================================ ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2F76883f13c86f%2Fdebt-recovery-solution-aaa-insolvency-professionals) ** Share (http://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fmailchi.mp%2F76883f13c86f%2Fdebt-recovery-solution-aaa-insolvency-professionals) ** Tweet (http://twitter.com/intent/tweet?text=Debt+Recovery+Solution+-+AAA+Insolvency+Professionals%21%21%21: https%3A%2F%2Fmailchi.mp%2F76883f13c86f%2Fdebt-recovery-solution-aaa-insolvency-professionals) ** Tweet (http://twitter.com/intent/tweet?text=Debt+Recovery+Solution+-+AAA+Insolvency+Professionals%21%21%21: https%3A%2F%2Fmailchi.mp%2F76883f13c86f%2Fdebt-recovery-solution-aaa-insolvency-professionals) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=f59f9c2e85&e=2da00e8643) ** Forward (http://us20.forward-to-friend.com/forward?u=9aaeca745f2d1d45c4eeb7a47&id=f59f9c2e85&e=2da00e8643) ** Facebook (http://www.facebook.com) ** Twitter (http://www.twitter.com/) ** LinkedIn (https://www.linkedin.com/in/ca-anil-goel-aaa-insolvency/) ** Website (https://insolvencyandbankruptcy.in) Copyright © 2019 AAA Insolvency Professionals LLP, All rights reserved. (The largest Insolvency Professionals Entity of India) Our mailing address is: AAA Insolvency Professionals LLP E-10 Kailash Colony Delhi 110048 India Want to change how you receive these emails? You can ** update your preferences (https://insolvencyandbankruptcy.us20.list-manage.com/profile?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643) or ** unsubscribe from this list (https://insolvencyandbankruptcy.us20.list-manage.com/unsubscribe?u=9aaeca745f2d1d45c4eeb7a47&id=c1864db71d&e=2da00e8643&c=f59f9c2e85) .