Latest news with #IBC
News18
18 hours ago
- Business
- News18
Govt appoints law secy Anju Rathi Rana as ex-officio member of IBBI
New Delhi, Jul 30 (PTI) The government has appointed Anju Rathi Rana, the law secretary, as an ex-officio member of the Insolvency and Bankruptcy Board of India (IBBI), according to an official notification. The appointment has been made under section 189 of the Insolvency and Bankruptcy Code (IBC), 2016, which allows the central government to nominate representatives from key ministries to the Board. '…the central government hereby appoints Anju Rathi Rana, law secretary, as the ex-officio member in the Insolvency and Bankruptcy Board of India to represent the Ministry of Law & Justice in the Board," as per the notification issued by the Ministry of Corporate Affairs (MCA). Anju Rathi Rana, a senior officer of the Indian Legal Service, took over as law secretary in March this year. Rana is the first woman to be appointed Secretary, Legal Affairs, who is also called the law secretary. She joined the law ministry as a joint secretary in 2017. Prior to that, she was a public prosecutor in the Delhi government for 18 years. The IBBI is the statutory body responsible for overseeing the implementation of the IBC. It regulates insolvency professionals, insolvency professional agencies, information utilities and promotes transparency and governance in the insolvency resolution process. The IBBI Board comprises representatives from the Ministry of Finance, Ministry of Corporate Affairs, and the Reserve Bank of India, along with experts from the fields of law, finance, and economics. PTI HG HG DR DR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 30, 2025, 16:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Mint
18 hours ago
- Business
- Mint
Supreme Housing exits insolvency after reaching settlement with top lenders
An insolvency court in Mumbai allowed Supreme Housing and Hospitality Pvt Ltd to exit insolvency proceedings on Wednesday after it reach a settlement with lender ICICI Bank. A detailed order on the matter is awaited. Canara Bank and ICICI Bank had taken Supreme Housing to insolvency court after the realtor defaulted on dues of more than ₹ 800 crore. After hearing the matter at length, a bench led by justices Ashish Kalia and Sanjeev Dutta reserved the order on 1 July. The order was in response to a petition filed by resolution professional Prashant Jain on 21 March, seeking a withdrawal of the insolvency application against the real estate company. The withdrawal application was filed under Section 12A of the Insolvency and Bankruptcy Code, 2016, after ICICI Bank reached a settlement with the company. Section 12A permits the withdrawal of CIRP proceedings, provided it has the approval of 90% of the committee of creditors (CoC) and the NCLT is assured that the interests of all stakeholders are protected. This makes Supreme Housing one of very few companies that have had insolvency proceedings withdrawn, with the process having become increasingly complex. Section 12A requires a 90% majority vote, which legal experts said is difficult to achieve in many cases. They added that even if some creditors reach an agreement with the company, other creditors can initiate bankruptcy proceedings under the IBC, potentially complicating or delaying the company's exit from insolvency. Supreme Housing's financial troubles began with a ₹ 390-crore term loan, sanctioned in 2014, which subsequently became a non-performing asset. In November 2022 the company was admitted into insolvency by the NCLT following Canara Bank's petition under Section 7. However, the proceedings were withdrawn after the parties agreed to a one-time settlement, with an option to revive the insolvency in case of default. Despite several proposals from Supreme Housing, most offers of a one-tie settlement were not supported by credible funding commitments, leading to continued defaults and a re-initiation of insolvency proceedings by Canara Bank. While Canara Bank's proceedings were pending, ICICI Bank also moved the NCLT under Section 7 of the IBC in January 2024, seeking admission of its claim against Supreme Housing over the same ₹ 390-crore loan. The NCLT's Mumbai Bench admitted the plea, prompting the company's suspended board to approach the National Company Law Appellate Tribunal (NCLAT). The promoters argued they were in settlement negotiations with ICICI Bank, leading the NCLAT to initially grant a temporary stay. However, the appellate tribunal later vacated the stay, citing a lack of binding settlement terms and continued non-compliance. With both ICICI Bank and Canara Bank pursuing action under IBC, the insolvency proceedings were revived in February 2025. Canara Bank filed claims amounting to over ₹ 580 crore with the resolution professional. Supreme Housing subsequently reached a settlement with ICICI Bank and filed a Section 12A application before the NCLT. However, Canara Bank objected to the withdrawal and filed an intervention application, saying it remained a substantial creditor with unresolved claims exceeding ₹ 580 crore. In June, Supreme Housing approached Canara Bank with a fresh settlement proposal, backed by Authum Investments and Infrastructure Limited. The offer included a full and final settlement of ₹ 460 crore, with ₹ 23 crore payable upfront and the remaining to be cleared within 90 days of Supreme Housing's exit from insolvency. On 16 June, Canara Bank approved the proposal under specific conditions, clearing the way for a unified settlement with all major lenders. Taking into account the settlement with both ICICI Bank and Canara Bank, and considering the consent of the creditors involved, the NCLT approved Supreme Housing's Section 12A application. Niyati Merchant, associate partner at MDP Legal represented Canara Bank while Rohan Agarwal and Sujit Lahoti appeared for Supreme Housing.
Broadcast Pro
19 hours ago
- Business
- Broadcast Pro
MultiDyne to bring VersaBrix signal transport line to IBC 2025
The compact fiber-optic system handles everything from PTZ extension to bulk 12G and 10GbE over single fiber. MultiDyne Video & Fiber Optic Systems is set to return to IBC this September with major enhancements to its VersaBrix (VB) Series, a rugged and modular fiber-optic transport platform widely adopted by broadcasters and live production professionals. The company will present the updated system at Stand 11.C12 during the trade show, taking place from September 12 to 15 at the RAI Convention Centre in Amsterdam. VersaBrix is engineered for flexibility across a variety of environments, from remote field applications and mobile flypacks to permanent broadcast studio installations. It offers uncompressed, near-zero latency signal transport over a single strand of fiber, capable of carrying 12G/3G/HD-SDI, HDMI 2.0, analog and digital audio, Ethernet (1/10GbE), intercom, tally, genlock and timecode. The platform supports a wide range of use cases, including extending PTZ and POV cameras or transporting high-volume signals across large venues or production trucks. One of the most notable updates for IBC is the introduction of a sleek all-white chassis option, available across all four VersaBrix form factors, two, four, six and ten-slot models. These new enclosures, designed with on-camera aesthetics in mind, are suitable for visible studio environments and maintain the same robust performance as the traditional models. Jesse Foster, Director of Strategic Accounts & Products at MultiDyne, said: 'VersaBrix is truly a Swiss Army knife for signal transport. You can move up to 18x 12G-SDI or 9x 10GbE signals over a single fiber without touching compression. And with new features like PoE++, HDMI 2.0, and our modular customization tool, we're making it easier than ever to spec the exact system you need whether you're in a truck, on a campus, or elsewhere that requires live broadcast.' VersaBrix's compact 1RU design and shallow 7.25-inch depth make it particularly well-suited for space-constrained environments such as mobile production units and small control rooms. It's also an efficient solution for temporary installations where traditional copper cabling is impractical, delivering high performance with minimal setup time. The system integrates smoothly with CCUs, routers and switchers, and supports both standard single-mode fiber and SMPTE hybrid cable. Low-voltage and rack-mountable, VersaBrix also supports remote power-over-fiber capabilities, making it a suitable tool for professionals involved in live sports, concerts, studio productions, and other demanding workflows. As MultiDyne prepares to debut these latest improvements at IBC 2025, the company continues to position VersaBrix as a go-to solution for reliable, flexible, and high-quality signal transport in modern broadcast and live production environments.
Broadcast Pro
19 hours ago
- Business
- Broadcast Pro
Lawo to unveil cutting-edge broadcast innovations at IBC 2025
Future-ready infrastructure management, software-defined workflows and virtual DSP engines will be on display at IBC. At this year's International Broadcasting Convention (IBC) in Amsterdam, taking place from September 12 to 15, Lawo is reaffirming its status as a major player in IP-native broadcast infrastructure and media production solutions. The company will be showcasing a suite of next-generation technologies focused on software-defined workflows, cloud-ready architecture and flexible deployment models, enabling broadcasters to create agile, scalable and highly efficient production environments. Key highlights include the European debut of Lawo's implementation of the European Broadcasting Union's (EBU) Dynamic Media Facility (DMF) initiative. This dynamic installation leverages a generic server cluster and Lawo's HOME Apps, with setup changes triggered via buzzer-style buttons, offering an interactive demonstration of agile media infrastructure and VSM workflow control. Lawo is also launching HOME 4.0, a major upgrade to its IP-native management platform. This latest version introduces architectural refinements and a simplified licensing model through HOME Passes, which are required only for actively managed devices or apps. While the platform itself is free, broadcasters can choose between perpetual licenses or flexible subscription options, allowing infrastructure to grow alongside operational needs. New Lawo devices will include the necessary passes, and existing users have access to a streamlined upgrade path. The .edge platform has also received a significant update with system software v3.2, offering 11 selectable firmware images and enhanced processing features such as JPEG-XS encoding, SDI<>IP conversion, frame synchronization, and UHD Gearboxing. With the highest 3G port density per rack unit in the industry, .edge now supports advanced multiviewer functionality through the HOME Multiviewer app, optimising video feeds with intelligent resolution scaling. In a move toward greater accessibility, Lawo has introduced Lawo Workspaces—HTML5-native, browser-based user interfaces for the HOME ecosystem. This innovation allows users to operate professional broadcast tools from any modern device, including laptops, tablets, smartphones or AR headsets. Security is fully handled by the HOME framework, making these interfaces suitable for distributed or hybrid production environments. Lawo also announced the official release of the HOME Power Core app, a virtualised version of its DSP engine for radio broadcasting. Designed to run on standard servers, the app mirrors the capabilities of the hardware Power Core unit and supports a wide range of protocols including RAVENNA/AES67, ST2110 and future additions like Dante, NDI and SRT. Available in multiple instance sizes, the app provides flexible deployment options for radio workflows, talk shows, and live webcasts, with seamless integration into Lawo's mixing consoles and stageboxes. Further demonstrating its commitment to continuous innovation, Lawo emphasised that its HOME Apps are updated almost monthly. These microservice-based tools are optimised for increasingly powerful servers and high-throughput network fabrics, supporting up to 400Gbps connections. Software enhancements to Lawo's mc² audio consoles are also being revealed at IBC. Version 12.2.0 introduces tighter integration with VSM through the HOME API, improved display management with customisable Mini Displays, and a new standard 7-Band EQ module featuring three dynamic bands. Operators also benefit from enhanced control via fader user buttons for faster access to banks and layers. Meanwhile, the new Radio 8.2 software release brings significant improvements for radio broadcasters, including support for 96kHz processing through the XL License and updated compressor functionality with both automatic and manual modes. Enhancements to Lawo's VisTool software include faster configuration options, improved touch response, and better visual feedback, all of which contribute to a more ergonomic and efficient studio environment. With its extensive portfolio of software and hardware innovations on display, Lawo is offering IBC visitors a comprehensive look at the future of media infrastructure and production—designed to meet the evolving needs of broadcasters around the world. Stand 8.B90
Mint
a day ago
- Business
- Mint
JSW Steel: SC to hear BPSL case review petition in open court; stock up 2% ahead of hearing
JSW Steel share price rose nearly 2% on Wednesday after the Supreme Court agreed to hear the company's review petition in the Bhushan Power and Steel Ltd (BPSL) case. JSW Steel shares gained as much as 1.6% to ₹ 1,052.00 apiece on the BSE. The Supreme Court, in a closed-chamber review hearing held on Tuesday, allowed JSW Steel's review petition against its May 2 verdict — which had annulled the company's ₹ 19,350 crore acquisition of BPSL and directed the liquidation of the company — to be heard in open court. The development provides a crucial legal opportunity for JSW Steel to retain control of BPSL, which it acquired in March 2021 through the corporate insolvency resolution process. The court's decision also comes as a relief to lenders, including State Bank of India and Punjab National Bank, who had filed separate review petitions supporting JSW Steel's position. The May ruling had directed the banks to return ₹ 19,350 crore paid by JSW Steel, thereby jeopardizing nearly ₹ 34,000 crore in total banking sector exposure. Both JSW Steel and the lenders have argued that liquidation would be detrimental to BPSL, which has remained a profitable and operationally viable entity under the approved resolution plan. The apex court had earlier granted interim relief on May 26, directing a status quo on liquidation to allow time for the review petition to be filed. The May verdict had found that the acquisition violated provisions of the Insolvency and Bankruptcy Code (IBC), particularly with respect to adherence to mandated timelines. BPSL was among the Reserve Bank of India's original list of 12 large defaulters identified in 2017 for resolution under the IBC. At the time, the company owed more than ₹ 47,000 crore to its lenders. JSW Steel share price has risen 2% in one month and 9% in the past six months. On a year-to-date (YTD) basis, JSW Steel shares have rallied 15%, while it has gained 65% in the past three years. The stock has delivered multibagger returns of 385% in five years. At 10:15 AM, JSW Steel share price was trading 0.40% higher at ₹ 1,039.00 apiece on the BSE. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
