Tag: IDBI Trusteeship Services

Latest StoriesRegulatory

NCLT Approves Aspect JV’s Rescue Plan for Radius & Deserve

MUMBAI: The National Company Law Tribunal (NCLT) has approved the resolution plan from the Aspect Group’s joint venture, Bharadvaja Buildcon LLP, for the bankrupt real estate firm Radius & Deserve Land Developers, facilitating the resolution process that began in May 2023. The corporate insolvency resolution process (CIRP) was triggered after an insolvency petition filed by IDBI Trusteeship Services. Claims exceeding Rs 3,255.82 crore were accepted, with IDBI Trusteeship Services holding the entire voting share in the committee of creditors (CoC). The resolution plan received unanimous approval from the sole CoC, represented by IDBI Trusteeship Services, with a total resolution value…

Latest StoriesRegulatory

Bankruptcy Court Initiates Insolvency Proceedings for Vatika

NEW DELHI: A bankruptcy court has approved the admission of a real estate developer from Gurgaon into the corporate insolvency resolution process (CIRP) following an application by IDBI Trusteeship Services. This action was prompted after the firm defaulted on dues totaling approximately Rs 274 crore. The Chandigarh bench of the National Company Law Tribunal (NCLT) has designated Jayant Prakash as the interim resolution professional (IRP) to oversee the company’s proceedings. IDBI Trusteeship, acting on behalf of non-convertible debenture (NCD) holders, submitted the case to the tribunal. Senior counsel Gopal Jain and advocate Meghna Mishra represented the trustee company, arguing that…