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 ›
India Bankruptcy
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 ›
TOI: NCLAT to hear Shapoorji Pallonji’s plea on Adani Power bid for Korba West Power on Oct 15
12 September 2019: The National Company Law Appellate Tribunal (NCLAT) has said it will hear on October 15 Shapoorji Pallonji and Co’s plea against the NCLT order approving resolution plan of Adani Power for the debt-ridden Korba West Power Company… Read More ›
ET: NCLT initiates insolvency proceedings against ABW Infrastructure
12 September 2019: The National Company Law Tribunal (NCLT) has initiated corporate insolvency resolution process against ABW Infrastructure under Section 7 of the Insolvency and Bankruptcy Code 2016. The court has appointed Anand Chandra Swain as the interim resolution professional… Read More ›
ET: Dalmia Bharat puts in bid for Emami’s cement business
12 September 2019: Puneet Dalmia-led Dalmia Cement (Bharat) has put in a bid to acquire the Rs 6,000-crore cement business of Emami. Though Dalmia Group held initial talks with private equity funds such as CPPIB (Canada Pension Plan Investment Board)… Read More ›
