The Mumbai bench of the National Company Law Tribunal (NCLT) on Wednesday dismissed the insolvency petition of Union Bank of India against Rolta India, citing the Supreme Court’s judgment striking down the Reserve Bank of India’s (RBI) February 12 circular as ultra vires.
The Insolvency and Bankruptcy Code (IBC), 2016, will soon have provisions dealing with individual insolvency and bankruptcy, said MS Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI).
Stating that they are 'aggrieved by the gross failure on the part of Unitech in delivering their contractual obligations, over 100 Unitech homebuyers have moved an application in the Supreme Court asking the apex court to direct the government of India to take over the management of the embattled firm, just as the company law board had done in case of Satyam Computer Services way back in 2001.
Reserve Bank has decided to consider the major category of NBFCs like asset finance companies (AFC), loan companies, and investment companies as a single segment. The guidelines for harmonisation of non-banking financial companies (NBFCs) would be issued by the end of this month.
Lenders Can Move Insolvency Plea Against Guarantors Without Invoking CIRP For Principal Borrowers: NCLAT
The National Company Law Tribunal (NCLT) had held that the lenders of defaulting companies can initiate corporate insolvency resolution process against corporate guarantors without invoking Corporate Insolvency Resolution Process (CIRP) for the principal borrowers.