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The country should adopt the United Nations model law to deal with the insolvency cases involving overseas companies, a government-appointed panel has suggested in its report.&nbsp;The report of the Insolvency Law Committee (ILC) headed by Ministry of Corporate Affairs (MCA) secretary Injeti Srinivas was submitted to finance and corporate affairs minister Arun Jaitley on Monday.

Insolvency and Bankruptcy Law: Overseas companies turned insolvent? This is what India may do

CDB, which is owed around $2 billion along with two other Chinese banks, had filed the petition in November seeking insolvency proceedings against RCom, saying a large amount of loan principal and interest payments was overdue.

China Development Bank withdraws insolvency petition against RCom

A large number of cases have been filed under the Insolvency and Bankruptcy Code (IBC) which became operational in December 2016. The law provides for a market-determined and time-bound insolvency resolution process.

Insolvency law panel seeks suggestions from stakeholders

After&nbsp;RCom said it was 'surprised' by&nbsp;China&nbsp;Development Bank's move to file a petition with NCLT, shares of the company came under fire. 
&nbsp;

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insolvency

The matter relates to SBI's move to classify the RCom account as fraud and report Ambani to the RBI raises concerns around procedural fairness and regulatory consistency. The action was taken through an ex-parte order--or orders issued without a hearing--and based on a 2020 forensic audit related to a 2016 loan, despite no recent urgency or engagement from the bank for nearly a year.
 

Anil Ambani’s counsel terms SBI’s ‘fraud’ tag on RCom account as 'shocking', cites regulatory overreach

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea filed by debt-ridden realty firm Supertech former promoter Ram Kishor Arora against personal insolvency proceedings initiated against him.

NCLAT dismisses Supertech promoter's plea against personal insolvency proceedings 

The National Company Law Appellate Tribunal (NCLAT) has set aside the penalty imposed against lenders of debt-ridden Mudra Denim, saying there was no laxity on their part for delay in insolvency process.

NCLAT set aside penalty on lenders for delay in Mudra Denim insolvency process

NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline.

NCLT directs liquidation of Tulip Hotels as it fails to get bidder within prescribed timeline

A proper evaluation was made based on the earlier direction given by the NCLAT in this matter and a "clear decision was made" by the Committee of Creditors (CoC) of SKS Power Generation.
 

SKS Power Insolvency: Creditors receive Rs 1,950 crore from Sarda Energy & Mining 

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Insolvency

Insolvency and Bankruptcy Law: Overseas companies turned insolvent? This is what India may do

China Development Bank withdraws insolvency petition against RCom

Insolvency law panel seeks suggestions from stakeholders

Reliance Communications shares drop nearly 10% post CDB action, DTH sale announcement

Bhushan Steel fourth-quarter loss bigger than stated earlier

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