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!! 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