The journey of a pre-pack insolvency starts with an informal understanding, engages stakeholders, and ends with a judicial blessing of the outcome The pre pack insolvency scheme, touted as the next stage in the evolution of the Insolvency and Bankruptcy Code (IBC) 2016, will attempt a balancing act, as lawmakers put together an informal arrangement […]
PREPACK INSOLVENCY WHY IS PREPACK INSOLVENCY A PANACEA FOR MICRO, SMALL AND MEDIUM CORPORATES. The Scheme in brief: • The borrower has to be a corporate body and must have committed default of a minimum Rs.10 lacs and maximum Rs.1 Cr. • Pass a Special Resolution that the company will file an application before NCLT […]
Chandigarh bench of the National Company Law Tribunal (NCLT) has admitted a petition against Omaxe ltd, filed by group chairman Rohtas Goel’s youthful brother and former joint managing director Sunil Goel. “We are of the considered view that the present case is one of the exceptional and compelling circumstances which entitle the applicants for granting […]
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