17 July 2019: The government on Wednesday cleared amendments to the Insolvency and Bankruptcy Code (IBC) to enforce strict timelines for the rescue of companies and maximize the value of the insolvent company as a going concern. The Cabinet approved… Read More ›
NCLT
LM: Creditors’ panel to vote on $10 mn interim fund for Jet tomorrow
17 July 2019: The committee of creditors (CoC) of Jet Airways will vote on Thursday on whether to pump in $10 million into the airline as interim funding, said a person aware of the development. This, along with other resolutions,… Read More ›
ET: Suzlon defaults on bond payment, sources say it’s in talks to sell stake
16 July 2019: India’s debt-laden Suzlon Energy said it defaulted on a $172 million bond payment on Tuesday, as sources aware of the matter said the wind power equipment maker was in talks with several global private equity funds to… Read More ›
ET: NCLAT to hear ArcelorMittal’s plea on EPC Construction on August 8
15 July 2019: The NCLAT on August 8 will hear global steel major ArcelorMittal’s plea, challenging Royale Partners’ bid to acquire EPC Construction India Ltd (ECIL), currently under insolvency proceedings. A three-member bench headed by Chairman Justice S J Mukhopadhaya… Read More ›
BS: Still want Bhushan Power, but reports of fraud a worry, JSW tells NCLT
15 July 2019: JSW Steel on Monday told the National Company Law Tribunal that the company is not backing out from the ongoing resolution process of Bhushan Power & Steel despite reports of alleged fraud by its former promoters. During… Read More ›
TOI: DHFL admits irregularities, warns it may not stay afloat
15 July 2019: Troubled housing finance provider DHFL has admitted to irregularities in recognising some income and in failure to monitor end use of some other loans. In the filing for its Q4FY19 results, the company has warned that it… Read More ›
ET: Jet Airways audit shows diversion of funds, fraudulent billing
15 July 2019: A State Bank of India commissioned forensic audit of Jet Airways books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles, according to two people with direct knowledge of the… Read More ›
FE: DHFL defaults again, this time to tune of Rs 48 crore
14 July 2019: Dewan Housing Finance Corporation (DHFL) on Saturday said it had made fresh defaults in two instances. On July 6, it failed to meet an interest payment obligation of Rs 19.59 crore on private placement NCD and of… Read More ›
TI: DHFL slips into the red
14 July 2019: Cash-strapped DHFL has suffered a fourth-quarter net loss of Rs 2,223.41 crore as provisions jumped. The housing finance company had clocked a net profit of Rs 134.35 crore a year ago. The loss came as provisions surged… Read More ›
RT: Allahabad Bank reports $259 million alleged fraud by Bhushan Power & Steel
13 July 2019: The Allahabad Bank on Saturday became the second Indian state-owned bank to report a major alleged fraud by bankrupt steelmaker Bhushan Power & Steel Ltd this month, adding to concerns about a banking industry burdened with bad… Read More ›
