Latest news with #IBC
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Business Standard
4 hours ago
- Business
- Business Standard
Parliamentary panel to review IBC and propose reforms for efficiency
The Centre is expected to table an amendment Bill in the monsoon session as a parliamentary panel examines the Code amid concerns flagged by the Supreme Court Ruchika Chitravanshi New Delhi Listen to This Article A parliamentary panel is taking a comprehensive look at the Insolvency and Bankruptcy Code (IBC) to suggest the changes and measures that need to be taken to make it more efficient, a senior government official said. 'The committee is looking at IBC in totality, just as they did with the Competition Law as well,' the senior official said. The government is expected to bring the IBC Amendment Bill in Parliament in the upcoming monsoon session. Several Supreme Court rulings in the recent past have pointed to gaps in the implementation of the IBC, the latest being the Bhushan Power and
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Business Standard
5 hours ago
- Business
- Business Standard
Aakash Educational moves NCLT to implead EY in edtech firm Byju's dispute
The dispute between Aakash Educational Services (AESL) and edtech firm Byju's has escalated, with Aakash filing a sharply worded petition before the National Company Law Tribunal (NCLT) in Bengaluru, alleging conflict of interest and professional misconduct by global consulting firm Ernst & Young (EY), according to court filings reviewed by Business Standard. In an impleadment application filed on June 1, AESL has urged the tribunal to either dismiss the company petition filed by Byju's under Sections 241 and 242 of the Companies Act, alleging oppression and mismanagement, or make EY LLP and its partner Ajay Shah respondents in the case. AESL alleges that EY, which has been involved in a wide range of strategic, financial, and compliance-related advisory services for the company, is now acting against it through Shailendra Ajmera, the Resolution Professional (RP) of Byju's, who is also a senior EY functionary. 'This is a classic case of conflict of interest and abuse of the process,' said the application. 'The very transactions now being challenged in the petition — such as the issuance and conversion of non-convertible debentures (NCDs), equity restructuring, and internal governance matters — were structured and overseen by EY,' the application added. According to the filing, EY advised on the valuation and structuring of NCDs issued to Davidson Kempner. It also advised on tax and regulatory aspects of equity conversion to the Manipal group. Additionally, EY was involved in internal board-level decisions and corporate strategy at AESL as recently as October 2024. AESL is showcasing internal emails and advisory documents, evidencing EY's alleged involvement in financial forecasting, liquidity management, and decision-making processes. 'The RP has suppressed material facts, has no locus standi to file this petition under the Companies Act, and is acting in excess of his powers under the Insolvency and Bankruptcy Code (IBC),' AESL said in the filing. AESL has also warned that it may escalate the matter to regulators, including the Insolvency and Bankruptcy Board of India (IBBI) and the Ministry of Corporate Affairs, alleging that Ajmera's position as RP is 'severely compromised'. The move comes just days after the RP wrote to the AESL board, seeking clarity on the independence and nomination status of its directors, signalling a broader governance challenge in the ongoing tussle. What's at stake The fight over Aakash, which Byju's acquired in a $1 billion deal in 2021, has become a flashpoint in the edtech giant's ongoing financial and legal troubles. The Manipal group, which took over a significant stake by converting debt into equity, now controls the board of AESL. With this filing, AESL is preparing for a full-blown legal and reputational offensive, challenging both the admissibility of Byju's petition and the professional neutrality of the advisers involved. Both EY and the RP are yet to file a formal reply to the impleadment request. 'The matter is sub judice and, therefore, we cannot offer any further comment at this time. However, we refute the allegations and will defend any such legal action vigorously,' an EY spokesperson told Business Standard on Tuesday.
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Business Standard
7 hours ago
- Business
- Business Standard
Gensol, BluSmart face insolvency heat as NCLT issues fresh notices
Amid mounting trouble, the National Company Law Tribunal (NCLT) on Tuesday served notices to EV ride-hailing firm BluSmart Mobility Ltd and Gensol Engineering Ltd in connection with three insolvency pleas filed by financial creditors citing outstanding payments. Two of the petitions, filed by Spectrum Trimpex Pvt Ltd and Catalyst Trusteeship Ltd under Section 7 of the Insolvency and Bankruptcy Code (IBC), allege that BluSmart defaulted on dues of ₹1 crore each, reported Mint. Meanwhile, Equentia Financial Services Pvt Ltd has alleged that Gensol Engineering owes it nearly ₹9 crore. The tribunal ordered the firms to file their responses within seven days. ALSO READ: NCLT allows govt to freeze Gensol Engineering accounts in fraud probe Mounting dues Last month, state-run Indian Renewable Energy Development Agency (Ireda), also filed a petition under Section 7 of the IBC against Gensol Engineering after the company defaulted on a ₹510 crore loan, the company said in a stock exchange filing. Similarly, the Centre filed a petition against Gensol through the Ministry of Corporate Affairs (MCA) citing grave violations of corporate governance norms, diversion of funds, and financial misstatements. Ireda's plea has been listed for June 11, while MCA's matter will be taken up on June 13. ALSO READ: MCA aims to complete Gensol Engineering probe in three to five months Accounts frozen Last week, the tribunal also allowed the Centre to freeze the bank accounts and lockers of Gensol Engineering Ltd, its 10 subsidiaries, and several individuals after multiple investigations revealed major financial irregularities. ALSO READ: Gensol CFO resigns amid regulatory probes, cites data disarray, chaos What the case is about Gensol Engineering came under regulatory scrutiny when market regulator Securities and Exchange Board of India (Sebi) initiated an investigation in June 2024 following complaints of share price manipulation and fund diversion by the company's promoters. The probe followed an interim order issued on April 15, 2025, wherein Sebi barred Gensol Engineering and its promoters, Anmol Singh Jaggi and Puneet Singh Jaggi, from accessing the securities market and holding key managerial positions within the company. The investigation revealed that Gensol had secured loans totalling approximately ₹977.75 crore from institutions like Ireda and Power Finance Corporation (PFC) for the procurement of electric vehicles. However, only a portion of these funds was utilised for the intended purpose, with the remainder allegedly diverted for personal expenses and unrelated investments, including a luxury apartment in Gurugram.
Time of India
8 hours ago
- Business
- Time of India
SC refuses to halt insolvency proceedings against Future Ideas, a part of erstwhile Kishore Biyani-led Future Group
The Supreme Court has refused to stay the insolvency proceedings initiated against Future Ideas Company Ltd (FICL), a part of the erstwhile Kishore Biyani-led Future Group. However, it sought response from Axis Trustee Services and resolution professional Ritesh Agarwal on an appeal by Anil Biyani , the suspended director of FICL. A Bench led by Justice Sanjay Karol posted the matter for further hearing on August 8. Senior counsel Siddharth Luthra and counsel Pallavi Pratap, on behalf of Anil, sought stay on the constitution of the Committee of Creditors and stay on the insolvency proceedings. The National Company Law Appellate Tribunal had on May 19 upheld the Mumbai bench of the National Company Law Tribunal's order that admitted FICL into insolvency on a plea by Axis Trustee Services, which had cited a default of Rs 122.83 crore as of September 2022. While seeking setting aside of the appellate tribunal's order, Anil in his appeal stated that the NCLAT does not have the power under Section 7 of the IBC to declare a contract which is acted upon by all relevant parties as void. 'The same is a power vested only in a civil court. Such power of the NCLT/NCLAT, if any, under the Code would only arise when the corporate debtor's insolvency resolution has begun,' it added. According to the appeal, the NCLAT had sought strict compliance of the Debenture Trust cum Mortgage Deed (DTMD) from FICL but has failed to consider its terms and non-compliance of Axis Trusteeship to provide authority to file the proceedings before the NCLT seeking initiation of CIRP of FICL. In 2018, a debenture trustee agreement was executed between FICL and Axis Trustee Services, which was a debenture trustee on behalf of debenture holders Franklin India Short Term Income Plan and Franklin India Income Opportunities Plan. The debt arose from non-convertible debentures issued by FICL across four series in 2018, which were due for redemption starting January 31, 2020. FUCL was required to redeem the debentures and pay interest as specified in the Transaction Documents. However, due to a default in redemption of debentures on April 30, 2021, an Event of Default was allegedly triggered. It was alleged that despite a notice in 2022 demanding payment, FICL failed to comply with the same. Consequently, Axis Trustee moved the tribunal to start insolvency proceedings against FICL.
Yahoo
9 hours ago
- Automotive
- Yahoo
New Rislone DEF Treatment Super Concentrate Keeps Diesel Exhaust Fluid Crystal-Free and Boosts Performance
Groundbreaking formula in larger size eases maintenance of SCR and DEF emissions systems Rislone Improves DEF Fluid Keep Diesel Emissions Systems Crystal-Free HOLLY, Mich., June 03, 2025 (GLOBE NEWSWIRE) -- Rislone is rolling out a super-concentrated version of its groundbreaking Diesel DEF Treatment that stabilizes and improves diesel exhaust fluid (DEF). The new product is sized for commercial and governmental fleets as well as agricultural operations. New Rislone Diesel DEF Treatment Super Concentrate (p/n 4782) comes in a hefty 33 oz. bottle capable of treating up to 55 gallons of DEF. A case of six bottles treats one 330-gallon IBC tote. Treating the tote makes it easy to ensure that each vehicle gets the extra protection of Diesel DEF Treatment every time the DEF/AdBlue® tank is filled or topped off. Rislone's exclusive formula improves selective catalytic reduction (SCR) system efficiency, stabilizes diesel exhaust fluid (DEF) and prevents AdBlue®/DEF crystallization. Super Concentrate contains the same ingredients as Rislone's original DEF Treatment, which is sized for treating a single diesel engine. 'Rislone Diesel DEF Treatment Super Concentrate is truly a case of less is much more,' says Clay Parks, Rislone vice president of development. 'All of our DEF products make it easier to protect and maintain the SCR and DEF emissions systems on diesel vehicles. Our concentrated formula makes it faster and more efficient to apply the treatment across a fleet of vehicles.' Diesel vehicles that are already showing signs of white crystal buildup – such as warning lights coming on, power and fuel efficiency dropping, or being forced into 'limp mode' – should first be treated with Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner (p/n 4784). Once the system is clean, regular use of Rislone Diesel DEF Treatment Super Concentrate will help keep it that way by preventing white crystallization deposits from developing, which protects the entire DEF and SCR system, including tank, pump, heater, sender, lines, injector and mixer. Bear in mind that diesel vehicles that are regularly driven at low speeds, with light loads, for short durations, or that make frequent stops are especially prone to developing white crystal deposits in their SCR systems. Rislone Diesel DEF Treatment Super Concentrate works with all urea DEF/ AdBlue® fluids to prevent crystal deposits. It will not void manufacturers' new vehicle warranties. To use, measure the required amount per Rislone's dosage chart, and pour directly into a DEF drum, tote, pail, cube, or tank. Like all Rislone products, Diesel DEF Treatment Super Concentrate is made in the USA. Rislone products are available where auto parts are sold. Learn more at Based in Holly, Michigan, Rislone has been America's best-selling engine treatment brand for more than 100 years. Rislone is ISO 9001 certified. Photos accompanying this announcement are available at: CONTACT: Media Contact: Kristen Simpson Simpson Communications, LLC (216) 991-4297 kristen@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
