View this email in your browser (https://mailchi.mp/aaainsolvency.com/ibc-219125?e=2da00e8643) ** http://insolvencyandbankruptcy.in ———————————————————— * Rajya Sabha Passes The Insolvency And Bankruptcy Code (Amendment) Bill (#RajyaSabha) * Raheja Developers to Face Insolvency Proceedings (#Raheja) * Curious case of CCD founder: V G Siddhartha was under heavy debt burden (#CCD) * CA. Bimal Agarwal joins as a new partner of AAA Insolvency Professionals LLP (#Bimal) * Mr. Anil Sharma joins as a new partner of AAA Insolvency Professionals LLP (#Anil) 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. ** Rajya Sabha Passes The Insolvency And Bankruptcy Code (Amendment) Bill ———————————————————— The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies. Replying to a debate on the Insolvency and Bankruptcy Code (Amendment) Bill 2019, Finance Minister Nirmala Sitharaman said the changes being brought in now are in response to events that eroded legislative intent of the IBC. She referred to the Essar Steel insolvency case where the lenders and operational creditors have been treated at par by the bankruptcy court for distribution of auction proceeds. Continue reading (https://www.moneycontrol.com/news/india/rajya-sabha-passes-ibc-amendment-restoring-primacy-of-lenders-in-insolvency-cases-4262851.html) ** Raheja Developers to Face Insolvency Proceedings ———————————————————— Delhi-based builder Raheja Developers is facing insolvency proceedings as the National Company Law Appellate Tribunal (NCLAT) has directed the adjudicating authority to admit the matter under Section 9 of Insolvency and Bankruptcy Code, 2016. The appellate tribunal has set aside an earlier order in a plea filed by one of the operational creditors, Ahluwalia Contracts. The adjudicating authority, the National Company Law Tribunal, New Delhi, had earlier rejected Ahluwalia Contracts’ application on the grounds that the claim fell within the ambit of “disputed claim”, and arbitration proceedings were initiated. The matter relates to an outstanding payment of 6.51 crore. However, the appellate tribunal has ruled that if the dispute was not raised prior to the issuance of the demand notice, existence of a disputed claim cannot be a ground to reject an application under Section 9 of the IBC. Ahluwalia Contracts had moved the NCLT after the developer failed to pay despite several demand notices for its outstanding dues related to work executed by the company. Continue reading (https://economictimes.indiatimes.com/industry/services/property-/-cstruction/raheja-developers-to-face-insolvency-proceedings/articleshow/70406616.cms) ** Curious case of CCD founder: V G Siddhartha was under heavy debt burden ———————————————————— Coffee Day Enterprises, the holding firm of Coffee Day, had a total debt of around Rs 6,550 crore as on March 2019. Sources in the know said that debt level of the entity had drastically reduced after Siddhartha’s stake sale in Mindtree. In March this year, he had sold his entire 20.32 percent stake in the Bengaluru-headquartered IT services firm to an engineering major, L&T for around Rs 3,200 crore, which had been utilized to pare some debt from Coffee Day Enterprises’ balance sheet. Industry experts said that the Mindtree stake sale to L&T despite opposition from its founders could be linked to the desperateness of Siddhartha to reduce the company’s debt, which was taking a toll on the working capital need of the firm due to high-interest outgo. Recently, news reports also suggested that the Coffee Day Group was in talks with global beverage maker Coca-Cola for selling a slice of its equity at an enterprise valuation of around Rs 10,000 crore. Continue reading (https://www.business-standard.com/article/companies/curious-case-of-ccd-founder-v-g-siddhartha-was-under-heavy-debt-burden-119073000404_1.html) ** CA. Bimal Agarwal joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— B.Com. (Hons.), FCA Insolvency Professional Regn. No. IBBI/IPA-001/IP-P00268/2017-18/10512 Designated Partner, Kolkata Total-experience: 25 Years Core Competence & Industry-specific experience Statutory audit, Internal Audit, Direct and Indirect Taxation along with Bank Audit, Specialisation in Management Consultancy, Project Financing. Industry sectors: Logistics & Transportation, Plastic Products Manufacturing, Jewellery. Experience in restructuring & handling of Stressed Assets Merger & Acquisition, Amalgamation, Bank loan proposals. Handling clients under financial stress for restructuring and rescheduling of their debt. ** Mr. Anil Sharma joins as a new partner of AAA Insolvency Professionals LLP ———————————————————— Designated Partner – New Delhi Registered IBBI Valuer & Insolvency Professional B-Tech EE, IIT Delhi, Diploma in Business Finance, ICFAI Certified Management Consultant, Regn. No. IBBI/IPA-003/IP-N00218/2019-2020 Total Number of years of experience: 37 Years Core Competence & Industry Specific Experience: * Senior Management Roles, Revenue and Operations Management, Strategic Partnerships, Key Initiatives, Program Management, Large Programs Implementation. * Worked at Senior Positions with Tata VSNL Limited, Dishnet DSL Limited, Multinationals like- BT India Pvt Ltd, Cisco Systems India Limited, Telcordia Technologies India Pvt Ltd, HCL, Industry-specific experience at Corporates including Telecom Service Providers, Computer & Electronics goods manufacturers, Telecom Solution Providers, Retail Broadband & Broadband Network Service Providers. Strategy Consulting for a large Solar Equipment and Power Electronics Manufacturing company in India and a Telecom Infra project management company, Sterling Projects. If you like our weekly newsletter, Please forward this to your Friends and Colleagues!! 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