31 August 2019: The NCLAT has dismissed an appeal against Videocon Industries Limited, by the Ministry of Petroleum & Natural Gas, for recovery of over Rs. 2250 crores as unpaid share of ‘profit petroleum’. Insolvency proceedings were initiated against Videocon… Read More ›
Month: August 2019
FE: Hope for Jet Airways: Synergy group looks to invest up to Rs 3,000 cr in airline
30 August 2019: Synergy Group, a South American entity, which holds a significant stake in Columbian Avianca Airlines, is willing to invest up to Rs 3,000 crore in the grounded Jet Airways. The investment is conditional on the lenders of… Read More ›
ET: NCLT directs insolvency proceedings against realty firm Three C Projects
29 August 2019: The National Company Law Tribunal (NCLT) has ordered start of insolvency proceedings against NCR-based realty firm Three C Projects Ltd and also appointed an Interim Resolution Professional (IRP) to take over the management of the debt-ridden company…. Read More ›
ET: Lenders likely to put bad loans worth Rs 8,000 crore on the block
29 August 2019: About Rs 8,000-crore worth of stressed loans, mainly from the power and manufacturing industries, are likely to be put up for sale by lenders seeking quicker recoveries — both within and outside the dedicated bankruptcy-resolution framework. Lenders… Read More ›
FE: Changes in liquidation process under IBC not retrospective: IBBI
29 August 2019: The Insolvency and Bankruptcy Board of India (IBBI) has clarified that the recent amendments to the norms on the liquidation process under the Insolvency and Bankruptcy Code (IBC) will be applicable to those cases that commenced on… Read More ›
MC: NCLAT asks Raheja Developers to settle dispute with financial creditors
28 August 2019: The National Company Law Appellate Tribunal (NCLAT) has asked realty firm Raheja Developers to settle its dispute with homebuyers, after the company challenged the NCLT’s order to initiate insolvency proceedings against it. A three-member NCLAT bench, headed… Read More ›
LM: Moody’s downgrades Yes Bank rating; outlook negative
28 August 2019: Global rating agency Moody’s Investors Service on Wednesday downgraded YES Bank’s long-term foreign-currency issuer rating, citing lower than expected amount of capital raised and a sharp fall in its stock price which “will challenge its ability to… Read More ›
ET: RBI’s ‘undeclared’ NBFC review akin to banks’
28 August 2019: Reserve Bank of India (RBI) Governor Shaktikanta Das may have ruled out an Asset Quality Review for NBFCs, but an ongoing central bank inspection of the books of non-bank companies shows that the exercise is as stringent… Read More ›
ET: Credit Suisse warns of a new wave of bad loans
28 August 2018: Fears of a bad loan spike in the banking sector have returned with a likely surge in defaults in NBFCs and lower-rated companies, amid tight credit conditions. Debt of Rs 2.4 lakh crore is currently being put… Read More ›
BQ: Leaked Video of Chairman’s ‘Bankrupt’ Flub Sends Avianca to Record Low
27 August 2019: Avianca Holdings SA plunged to a record low after the Colombia-based airline’s chairman was seen in a leaked internal video telling employees that the company is “bankrupt.” The stock dropped as much as 15% in Bogota trading… Read More ›
