1 June 2020: Lenders of Reliance Naval and Engineering Ltd., part of Anil Ambani’s Reliance Group, have sought expressions of interest from buyers for the sale of the private shipbuilder under the Insolvency and Bankruptcy Code. The company is currently… Read More ›
NCLT
ET: Bankruptcy process at Indu Techzone set aside by NCLAT
29 May 2020: The National Company Law Appellate Tribunal (NCLAT) has set aside the insolvency proceedings at Indu Techzone, providing relief to promoters led by I Syam Prasad Reddy, who is a co-accused in the disproportionate assets case against Andhra… Read More ›
LM: Jet Airways receives fresh EoIs ahead of the deadline
28 May 2020: The UK-based Kalrock Capital, Hyderabad-based Turbo Aviation, Alpha Airways and Canadian citizen Siva Rasiah are among the 11 investors who have submitted expressions of interest in the beleagured airline Jet Airways. The deadline for submitting EoI was… Read More ›
LM: Govt may need to pump ₹1.5 lakh crore into PSU banks
28 May 2020: India may need to inject up to 1.5 trillion rupees ($19.81 billion) into its state-owned lenders as their pile of soured assets is expected to double during the coronavirus pandemic, three government and banking sources told Reuters…. Read More ›
MC: NCLT approves IL&FS stake sale in GIFTCL to Gujarat govt
27 May 2020: The National Company Law Tribunal has approved crisis-hit IL&FS to selling its stake in Gujarat International Finance Tec-City Company (GIFTCL) to the Gujarat government. IL&FS has 50 percent stake in GIFTC. The Gujarat government has agreed to pay… Read More ›
FE: Government proposal: MSMEs may seek own insolvency
27 May 2020: While insolvency proceeding against fresh defaulters are proposed to be suspended for a year to soften the Covid-19 blow, the government is considering a proposal to allow MSMEs to approach the adjudicating authority to declare them insolvent if they so wish… Read More ›
ET: NCLT clears decks for Tatas’ acquisition of Bhushan Steel
16 May 2020: The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel’s bid for Bhushan Steel Limited (BSL), clearing the deck for the bankrupt mill’s acquisition by India’s oldest maker of the primary infrastructure alloy. The NCLT also… Read More ›
FE:Orchid Pharma resolution: Banks will be able to show recovery in Q4
2 April 2020: Lenders to Orchid Pharma have received close to Rs 1,100 crore from Gurgaon-based Dhanuka Laboratories on the last working day of the financial year 2020, sources close to development told FE. The monitoring committee attached to the… Read More ›
BS: Rs 750 cr paid by JAL was towards obligation of Jaypee Infratech: NCLT
6 March 2020: The NCLT Delhi bench on Tuesday approved the bid of state-owned NBCC to acquire debt-laden JIL through an insolvency process and complete around 20,000 pending flats over the next three and half years The Rs 750-crore deposited… Read More ›
FE: Jet Airways creditors file claims worth Rs 30,907 crore
20 September 2019: The total claims filed by creditors against Jet Airways has been updated to Rs 30,907 crore. As on September 6, the resolution professional (RP) of the grounded airline has admitted claims worth Rs 14,054 crore. The RP… Read More ›
