Insolvency and Bankruptcy News – AAAIP

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View this email in your browser (https://mailchi.mp/aaainsolvency.com/ibc-224341?e=2da00e8643) ** http://insolvencyandbankruptcy.in ———————————————————— * Insolvency law amendments to ensure greater timeliness: Nirmala Sitharaman (#Insolvency) * DHFL assures lenders of zero haircut on the principal under resolution plan (#DHFL) * Supreme Court defers hearing of Essar Steel insolvency case till 19 August (#Supreme) * CA Gautam Mittal joins as a new partner of AAA Insolvency Professionals LLP (#Gautam) * CA Binay Kumar Singhania joins as a new partner of AAA Insolvency Professionals LLP (#Binay) Dear Sir/Madam, 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. ** Insolvency law amendments to ensure greater timeliness: Nirmala Sitharaman ———————————————————— Amendments to insolvency law are aimed at ensuring greater timeliness for resolution process, which has to be completed in 330 days, and changes are to made in seven sections of the law, Corporate Affairs Minister Nirmala Sitharaman said on Thursday. Moving the Insolvency and Bankruptcy Code (Amendment) Bill, 2019 for passage in Lok Sabha, she said the changes would also bring in more clarity on various provisions, including time-bound disposal at the application stage for resolution plan and treatment of financial creditors. As many as seven sections of the Code are to be amended. Once the Corporate Insolvency Resolution Process (CIRP) begins, it has to be completed in 330 days, including litigation stages and judicial process, the minister said citing the proposed amendments. Continue reading (https://www.businesstoday.in/top-story/insolvency-law-amendments-to-ensure-greater-timeliness-nirmala-sitharaman/story/369672.html) ** DHFL assures lenders of zero haircut on the principal under resolution plan ———————————————————— The troubled Dewan Housing Finance Corporation Ltd (DHFL) on Tuesday assured that its lenders will not have to face any haircuts under the resolution plan. As part of the resolution plan, which was cleared by the Special Committee of the DHFL Board on Tuesday, DHFL will put a moratorium of repayments and will also seek funding from banks and the National Housing Board for re-starting retail lending. DHFL, in a regulatory filing, said that the plan will also take steps to address the asset-liability mismatch. According to sources, the company is seeking a moratorium for at least six months and working capital loans of ₹1,200-1,500 crore per month to start retail funding. DHFL will also bring in a strategic investor. Continue reading (https://www.thehindubusinessline.com/money-and-banking/dhfl-board-approves-resolution-plan-lenders-to-face-no-haircuts/article28833170.ece) ** Supreme Court defers hearing of Essar Steel insolvency case till 19 August ———————————————————— The Supreme Court on Wednesday deferred till 19 August hearing in the Essarhttps://www.livemint.com/news/india/ibc-amendment-a-response-to-essar-steel-bankruptcy-case-sitharaman-in-rs-1564412682531.htmlSteelhttps://www.livemint.com/news/india/ibc-amendment-a-response-to-essar-steel-bankruptcy-case-sitharaman-in-rs-1564412682531.htmlinsolvencyhttps://www.livemint.com/news/india/ibc-amendment-a-response-to-essar-steel-bankruptcy-case-sitharaman-in-rs-1564412682531.htmlcase, saying said the matter should be decided in light of fresh challenges following recent amendments to the Insolvency and Bankruptcy Code. A division bench, headed by Justice Rohinton Fali Nariman and comprising Justice Surya Kant, heard the submissions by operational creditors and agreed to adjourn the case till 19 August. The operational creditors said they would file petitions within a week challenging the validity of the amendments to the IBC. The apex court bench also sought the presence of Attorney General before it in relation to the matter and sought his assistance regarding the amendments and their effect on the case. Continue reading (https://www.livemint.com/companies/news/supreme-court-defers-hearing-of-essar-steel-insolvency-case-till-19-august-1565180682995.html) ** CA Gautam Mittal joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— B.Com, FCA, Insolvency Professional Regn.No.IBBI/IPA-001/IP-P01331/2018-19/12058 Designated Partner Designated Partner, Ludhiana Total-experience: 18 Years Core Competence & Industry-specific experience Accounting, auditing, compliances for businesses Investment Banking, PE and Debt Syndication, Business Valuation, Credit Sanctioning & Monitoring. Industry Sectors: Iron & Steel, TMT Steel Plants, Fasteners, Forgings-Hot & Cold Auto Parts, Jewellery House Real Estate, Infrastructure Agriculture, Pharma, Power Exports, Retail, Textiles, Hosiery & Garment Manufacturing. Experience in restructuring & handling of Stressed Assets Successfully handled more than 50 Debt raising and Debt Restructuring assignments. Continue reading (https://insolvencyandbankruptcy.in/people/ca-gautam-mittal/) ** CA Binay Kumar Singhania joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— B.Com., FCA, CAAT Insolvency Professional Regn.No. IBBI/IPA-001/IP-P00041/2017-18/10102 Designated Partner, Kolkata Total-experience: 22 Years ** Core Competence & Industry-specific experience ———————————————————— Statutory/Management audit, compliances, Company Law Matters, stock audits and Forensic Audits. Has experience in diverse industry sectors such as Hosiery, Printing, Real Estate, Agro Products and Iron & Steel Industries. ** Experience in restructuring & handling of Stressed Assets ———————————————————— Has successfully completed the forensic audits of the following companies: Name of entity Bank Exposure (Rs. Cr) Prithvi Ferro Alloy P Ltd 94 Megha Granules P Ltd 96 VSP Udyog P Ltd 195 Maheshwari Ispat Ltd 536 D C Industrial Plant Services P Ltd 269 Sriram Rathi Steels P Ltd 110 Corporate Power Limited 4562 Rashi Steel & Power Ltd 120 Continue reading (https://insolvencyandbankruptcy.in/people/ca-binay-kumar-singhania/) If you like our weekly newsletter, Please forward this to your Friends and Colleagues!! 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