IBBI Refuses To Register IP Under Criminal Proceedings
The Insolvency and Bankruptcy Board of India (“IBBI”) rejected an application for registration of an Insolvency Professional (“IP”) against whom criminal proceedings are pending under the Indian Penal Code 1872. In the application, the applicant has said that criminal proceedings are pending against him before the lower court. He came to know about the inclusion of his name in the proceedings after 3 years of filing the initial FIR. IBBI verified and concluded that the person is not a fit and proper person for registration as an IP under regulation 4(g) of the (Registration of Insolvency Professionals) Regulations, 2016.
Alok Industries Insolvency Proceedings
The Ahmedabad bench of the National Company Law Tribunal (“NCLT”) on June 25 2018, directed the resolution professional (“RP”) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries and JM Financial ARC. The Alok Employees Benefit and Welfare Trust had earlier sought rejection of the liquidation proposal filed by the RP. The NCLT held that the RP has the liberty to withdraw the liquidation application based on the amended Insolvency and Bankruptcy Code. Alok Industries’ committee of creditors (“COC”) had re-voted on the plan last week, with 72% of the COC voting in favour of it.
Uttam Galva Steels Insolvency Proceedings
The National Company Law Appellate Tribunal (“NCLAT”) on June 25 2018, refused to direct the Mumbai bench of the NCLT to defer its pronouncement on State Bank of India’s (“SBI”) appeal seeking initiation of insolvency proceedings against Uttam Value Steel and Uttam Galva Metallics Ltd, subsidiaries of debt-laden Uttam Galva Steels Limited. The Mumbai bench of the NCLT is set to pronounce its order on the admission of SBI’s insolvency plea today (June 26 2018).
BSE to Facilitate Listing for Tech Start-ups
With a view to facilitating the listing of tech start-ups, the Bombay Stock Exchange India (“BSE”) is set to launch a BSE Start-up platform on July 09, 2018. The platform will aid in the listing of start-ups from sectors such as defence tech, drones, nanotechnology, artificial intelligence, big data, virtual reality, gaming, robotics, and genetic engineering.