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IBBI Pushes for Direct Flat Ownership for Debt-Free Buyers Amid Real Estate Bankruptcy Resolutions
The Insolvency and Bankruptcy Board of India (IBBI) suggests granting ownership to debt-free purchasers who already own their property during the insolvent real estate firm's bankruptcy settlement. However, the committee of creditors must approve this plan.
- 8th Nov 2024
- 1150 Views
MGM Healthcare Acquires Vizag's SevenHills Hospital Under IBC Process
INR 171-Crore Resolution Plan by MK Rajagopalan Approved by lenders MK Rajagopalan, the promoter of Chennai-based MGM Healthcare, purchased Visakhapatnam's 300-bed SevenHills Hospital through the IBC.
- 18th Jul 2024
- 1238 Views
NCLT Rules Against Wadhwa Buildcon Plan for Flaws and Wilful Default - Key Irregularities Lead to Plan Rejection
The Mumbai NCLT invalidated Wadhwa Buildcon's promoter's resolution plan. The resolution professional (RP)'s suspicious conduct and the promoter's willful default status revealed the decision.
- 27th Mar 2024
- 1361 Views
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