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New Delhi [India], October 1 (ANI): Bharatiya Janata Party MP Baijayant Panda has been appointed as the Chairperson of the Select Committee of Lok Sabha on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. Apart from Panda, 23 other MPs from various political parties have been appointed to the committee. Also Read | Rahul Gandhi Retained in Parliamentary Defence Committee, Kamal Haasan Makes Debut. The committee includes BJP MPs D Purandeswari, CN Manjunath, Mitesh Patel Bakabhai, An ...Read More >
New Delhi, Sep 27 (PTI) Independent Sugar Corporation, an Uganda-based Madhvani Group firm, has announced the completion of its acquisition of debt-ridden glass manufacturer Hindustan National Glass & Industries through the Insolvency and Bankruptcy Code process. On Friday, in a duly convened meeting of Hindustan National Glass & Industries Limited's (HNGIL) newly constituted board, the company formally recorded the conclusion of this transition, clearing the way for Independent Sugar Corporati ...Read More >
New Delhi, Sep 26 (PTI) JSW Steel on Friday welcomed the Supreme Court's decision of upholding its resolution plan for Bhushan Power and Steel, saying the verdict has reinforced the integrity and sanctity of the Insolvency and Bankruptcy Code (IBC) Earlier, in the day, the Supreme Court upheld JSW Steel's Rs 19,700 crore resolution plan for debt-ridden Bhushan Power and Steel Limited (BPSL), bringing down curtains to a prolonged legal battle that spanned nearly eight years. A bench comprising C ...Read More >
New Delhi: The Supreme Court, on Friday, dismissed appeals challenging JSW Steel's Rs 19,700 crore resolution plan for Bhushan Power and Steel Limited (BPSL). This was in context to the Court's judgement of May 2, 2025, in which the bench of Justice Bela M Trivedi and Justice Satish Chandra Sharma had struck down JSW Steel's plan and ordered BPSL's liquidation under Article 142 of the Constitution. The bench had then held that the Committee of Creditors (CoC) had erred in approving the plan. ...Read More >
New Delhi: The Enforcement Directorate (ED) has decided to initiate "focused strategies" to investigate financial crimes arising from the recent Union government ban on real-money online gaming. The federal agency will also ensure the timely filing of charge sheets and pursue the "fast tracking" of trials in money laundering cases. These issues were discussed during the 32nd quarterly conference of all zonal officers, comprising supervisory heads of the agency, held in Srinagar, Jammu and Kashm ...Read More >
The Supreme Court on Friday suggested major reforms in the Insolvency and Bankruptcy Code "to restore faith in the regulatory and insolvency framework," even as it urged the government to come up with a revival fund to provide financing for stressed real estate projects undergoing insolvency proceedings. The apex court said that the Right to Housing was not merely a contractual entitlement but a facet of the fundamental Right to Life under Article 21 of the Indian Constitution and the governmen ...Read More >
Bengaluru: The Supreme Court recently came down heavily on speculative investors in real estate. Additionally, it said the real estate sector needs systemic reforms to infuse credibility. What prompted this? Mint explains. What did the Supreme Court ruling say? The Supreme Court issued a ruling on 12 September in response to a batch of appeals following a decision by the National Company Law Appellate Tribunal on a housing project in Greater Noida. Affirming NCLAT's ruling that termed the appe ...Read More >
NEW DELHI: Highlighting misuse of insolvency proceedings in real estate sector which is triggered by speculative investors and affecting the interest of genuine homebuyers, Supreme Court said such investors are acting like a "slow poison" for the residential real estate sector and they are interested in making profits and not in getting possession of flats.A bench of Justices JB Pardiwala and R Mahadevan said that "trigger-happy" speculative investors always intend to seek easy exits from the pr ...Read More >
Chennai, Aug 28 (SocialNews.XYZ) Tamil Nadu has once again emerged as the country's leader in industrial employment, with Chief Minister M.K. Stalin attributing the achievement to the policies of the Dravidian model government. Citing the Union government's Annual Survey of Industries 2023-24, CM Stalin said the recognition from New Delhi is itself the strongest rebuttal to critics, who have been "targeting" the state government on the industrial and economic fronts. In a post on 'X', the Chie ...Read More >
Srinagar, Aug 28: According to the August 2025 edition of EY Economy Watch, the Indian economy is projected to grow significantly, reaching $20.7 trillion by 2030 and potentially $34.2 trillion by 2038. This optimistic outlook is driven by strong economic fundamentals, favourable demographics, and ongoing structural reforms. India currently holds the position of the fourth-largest economy in the world by nominal GDP, with an estimated size of $4.19 trillion. With a median age of just 28.8 years ...Read More >
New Delhi, Aug 21 (PTI) The proposed amendments to the insolvency law will help in saving time and ensure faster resolution of stressed assets, IBBI Chairperson Ravi Mital said on Thursday. On August 12, the government introduced a bill in the Lok Sabha to amend the Insolvency and Bankruptcy Code (IBC), proposing a raft of changes, including provisions to reduce the time taken for admission of insolvency resolution applications. The bill, which has been referred to a select committee of the Lo ...Read More >
Nirmala Sitharaman presented a bill in Lok Sabha to amend the Insolvency and Bankruptcy Code. The bill is now with a parliamentary committee for review. The changes aim to speed up bankruptcy resolutions and improve creditor recoveries. The creditor-led resolution framework will reduce the workload of the National Company Law Tribunal. Finance and corporate affairs minister Nirmala Sitharaman on Tuesday introduced a bill in the Lok Sabha for amendments to the Insolvency and Bankruptcy Code (IBC ...Read More >
New Delhi [India], July 10 (ANI): Bharatiya Janata Party MP and the Chairperson of the Parliamentary Standing Committee for Finance, Bhartruhari Mahtab, met Reserve Bank of India Governor Sanjay Malhotra on Thursday. Stating that he had a very 'meaningful' discussion with the RBI Governor, Mahtab informed that a wide range of information on the economic situation and the financial system of the country was discussed during the meeting. The BJP MP stated that the next meeting will be held on Ju ...Read More >
New Delhi [India], July 10 (ANI): RBI Governor Sanjay Malhotra on Thursday briefed the Parliamentary Standing Committee on Finance about the growth of the Indian economy. In the meeting, many MPs have asked questions about the status of Rs 2000 bank notes, sources said. In his reply, the RBI Governor stated that Rs 2000 currency notes are no longer in circulation, but they continue to be a legal tender. The RBI has yet to declare the Rs 2000 currency invalid. One MP raised the issue of counte ...Read More >
New Delhi, Jul 2 (PTI) State Bank of India (SBI) has decided to classify the loan account of beleaguered telecom firm Reliance Communications as "fraud" and report the name of its erstwhile director Anil Ambani to the Reserve Bank of India (RBI). The move is expected to be followed by other lenders who have given loans to Reliance Communications Ltd (RCom). Reliance Communications, in a regulatory filing, said it has received a letter dated June 23, 2025, from State Bank of India (SBI) to this ...Read More >
New Delhi, July 2 (SocialNews.XYZ) The State Bank of India (SBI) has decided to report the loan account of Reliance Communications as "fraud" in a case that dates back to August 2016. Reliance Communications said in an exchange filing that this disclosure is being made pursuant to the rules of the Securities and Exchange Board of India (SEBI). "This is to inform you that Company has received letter dated June 23, 2025 (received on June 30, 2025) from SBI (marked to he Company and its erstwhile ...Read More >
MUMBAI: In an important development, a special PMLA (Prevention of Money Laundering Act) court on June 25 allowed restoration of assets ₹952 crore attached by the Enforcement Directorate (ED) in a money laundering case against Infrastructure Leasing & Financial Services Ltd (IL&FS), its group companies, and associated entities. The property - Surat-based plant of Vadraj Cement Limited - would be restored to Nuvoco Vistas Corporation Ltd, which has taken over the defunct company through a resolut ...Read More >
New Delhi: JSW Steel has transformed Bhushan Power & Steel Ltd (BPSL) into a viable and going concern after acquiring it out of bankruptcy in 2021, and its liquidation would have adverse ramifications on all stakeholders, the Sajjan Jindal-led steelmaker and BPSL's lenders told the Supreme Court. They also sought an 'open court' hearing of their petitions seeking a review of the top court's May 2 order scrapping JSW's acquisition of BPSL under the bankruptcy law. While JSW filed the review peti ...Read More >
A total of 82 companies out of the top 100 bank defaulters of 2019, including some of the biggest companies run by prominent industrialists, landed in the National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code (IBC), 2016 and out of this, nearly one third of the companies went into liquidation over the years, suggesting banks would have hardly recouped any money, an investigation by The Indian Express reveals. Since the IBC framework came into being in 2016, creditors i.e. ba ...Read More >
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