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. 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