22 May 2019: On May 17, the National Company Law Appellate Tribunal (NCLAT) directed JIL’s CoC to renegotiate with NBCC on the revised bid by May 30 and then start afresh the voting a day later, from May 31. Agreeing… Read More ›
India Bankruptcy
TPT: Debt-ridden Essar Steel reports Rs 4,229 cr EBITDA during insolvency period
19 May 2019: Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 4,229 crore during its Corporate Insolvency Resolution period (over 600 days). In an affidavit filed before the National Company Law Appellate… Read More ›
ET: Creditors expect increase in realisations through IBC despite hiccups
19 May 2019: Innumerable litigations, defiant promoters, failing sectors and over-burdened National Company Law Tribunals (NCLTs) have negatively impacted corporate insolvency resolution process under the Insolvenc and Bankruptcy Code (IBC) over the past two years, according to investment information and… Read More ›
TPT: Reliance Capital repays Rs 650 crore of NCDs due on Friday
17 May 2019: Anil Ambani-led Reliance Capital has said it has repaid Rs 650 crore of non-convertible debenture that were due on Friday. The disclosure comes at a time when Reliance Group companies and some others, are facing liquidity troubles…. Read More ›
BT: ArcelorMittal resolution plan violative of IBC: Essar Steel’s Ruia to NCLAT
16 May 2019: It has alleged ArcelorMittal chairman and chief executive officer LN Mittal has suppressed vital facts that would otherwise render him ineligible to offer a buyout plan for the distressed steel mill under Section 29A of the Insolvency… Read More ›
BS: RattanIndia Power intimates of withdrawal of applications filed by lenders in NCLT
16 May 2019: RattanIndia Power announced that the applications filed by the consortium of lenders led by Power Finance Corporation (‘PFC’), against the Company and its wholly owned subsidiary Sinnar Thermal Power (earlier known as RattanIndia Nasik Power ), in… Read More ›
TNN: Etihad Airways, lenders want to rope in Hindujas to revive grounded Jet Airways
15 May 2019: The consortium of lenders, led by State Bank of India (SBI), and Etihad Airways want to rope in the Hinduja Group by offering a stake in grounded Jet Airways. The group has, however, not given any clear… Read More ›
