Byju’s representatives stated that their funds are currently held in an escrow account with the National Company Law Tribunal (NCLT), with a hearing scheduled for July 4. They promised to update the Labour Department following the hearing, media reports revealed
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This development comes ahead of a crucial hearing by the National Company Law Tribunal (NCLT) on Tuesday, where IndusInd International Holdings (IIHL), part of the Hinduja Group, will plead for the extension
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The major reforms include merging, eliminating and splitting of various CIRP Forms
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As of 31 March 2024, a total of 2,800 applications have been filed for initiating the personal insolvency resolution process (PIRP) for Personal Guarantors to Corporate Debtors
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The average duration for closing a corporate insolvency resolution plan (CIRP) is 843 days in FY24 against 831 days in FY23
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Hinduja in the driver's seat as RBI is likely to extend the payment deadline for them, since they had bid Rs 1200 crore more than Torrent Group
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RBI's six-month-long deadline for the resolution plan ends on 17 May amidst concerns of Hinduja having "own" money for the deal. The group is seeking a deadline extension. RFRP begs default procedures to be followed
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The tribunal will now examine whether a power of attorney holder can represent an operational creditor in a corporate insolvency resolution process (CIRP) petition
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