18 September 2019: In a sign of the huge liquidity crisis facing the economy, Hindustan Construction Company Ltd, a Mumbai-based public-private entity, is struggling to get a whopping Rs 6,070 crore in dues from top public sector undertakings (PSUs) as… Read More ›
India Bankruptcy
ET: RCom may approach NCLAT for Rs 577 crore refund from Ericsson
18 September 2019: Reliance Communications is set to approach the appellate tribunal in a bid to get Swedish telecom equipment maker Ericsson to refund Rs 576.77 crore paid by the bankrupt telecom operator, a person familiar with the matter said…. Read More ›
FE: JSW Steel says can’t implement BPSL resolution plan
18 September 2019: JSW Steel, the highest bidder for Bhushan Power and Steel (BPSL), has informed the National Company Law Appellate Tribunal (NCLAT) that it would be impossible for it to implement the resolution plan for BPSL if it has… Read More ›
BBG: India’s Reliance Communications’ Unit GCX Files for Bankruptcy
16 September 2019: A unit of Reliance Communications Ltd., Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection. GCX Ltd., which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble…. Read More ›
FE: Why not pay HCC dues of Rs 6,070 crore? SC asks govt and NHAI
16 September 2019: The Supreme Court has asked the Centre and NHAI as to why they should not be asked to pay arbitration award dues of Rs 6,070 crore to Ajit Gulabchand-led Hindustan Construction Company (HCC), which is facing insolvency… Read More ›
ET: Altico default sends mutual funds, banks scurrying for covering
14 September 2019: Banks and mutual funds scrambled on Thursday to contain the fallout of the default by Altico Capital, with investor attention turning to non-banking finance companies’ liquidity problems on the eve of the first anniversary of IL&FS’ bankruptcy…. Read More ›
ET: NCLT okays start of Lanco Amarkantak bankruptcy process
14 September 2019: The National Company Law Tribunal has allowed Axis Bank to start bankruptcy proceedings against Lanco Amarkantak Power after it defaulted on a .`960 crore loan, court documents reviewed by ETshow. The power producer had sought to quash… Read More ›
FE: JSW Steel moves NCLAT over Bhushan Power & Steel assets
14 September 2019: JSW Steel on Friday challenged an order of the National Company Law Tribunal (NCLT) that approved its Rs 19,700 crore bid for Bhushan Power and Steel (BPSL), but did not provide immunity from attaching the insolvent firm’s… Read More ›
ET: NCLT initiates insolvency proceedings against Magic Info
14 September 2019: The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against Magic Info under Section 7 of the Insolvency and Bankruptcy Code 2016. The court has appointed Gaurav Katiyar as the interim resolution professional (IRP)… Read More ›
TOI: Promoters to give resolution plan for Empee Distilleries
13 September 2019: The promoters of Empee Distilleries are drafting a resolution plan to take back the beleaguered Empee Distilleries, months after the resolution professional issued a letter of sanction to the highest bidder SNJ Group. “Shaji Purushothaman along with… Read More ›
