NCLAT asks investigative agencies to clarify over JSW Steel's immunity in BPSL matter
A three-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya asked the agencies to file their reply affidavits by January 20 stating whether after insertion of section 32 A in the Insolvency and Bankruptcy Code (IBC) last month, JSW Steel has immunity from the alleged fraud committed by the previous BPSL managemet.
Economic slowdown hits jobs sector: SBI report
India is projected to create 16 lakh less jobs in FY20, according to a SBI research report.
NCLAT seeks clarity from govt, agencies on JSW Steel immunity
ED had in October last year attached Bhushan Power and Steel’s Rs 4,025-crore w...
Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
IL&FS plans equitable distribution of sale proceeds to creditors
Uday Kotak-led board has also proposed to release 55 group firms from moratorium
SC exempts retrospective petitions from IBC amendment
Home buyers can set stringent conditions for individual financial creditors to approach the bankruptcy court.
Liquidation process: Secured creditor cannot sell assets to entities ineligible for insolvency plan
The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-linked resolution process for stressed corporates.In case the resolution process does not materialise, then the entity goes for liquidation. An official release on Tuesday said the IBBI has notified changes to liquidation process regulations.
The ‘headline-making’ judge: Of Tatas, Tagore, God and law
Meet NCLAT's Justice Sudhansu Jyoti Mukhopadhaya, whose Mistry ruling will soon be heard by the SC.
Bad loan provisioning may swell by Rs 30,000 crore in Q3
DHFL, Reliance Home Finance, KKR-backed CCD and CG power could add to the woes of Indian banks .
Complete Alok Industries takeover: SBI to RIL
In March 2019, the Ahmedabad bench of the National Company Law Tribunal (NCLT) had approved the sole RIL-JM Financial ARC bid for Alok for Rs 5,050 crore. RIL wants to raise about Rs 4,550 crore through bank loans while infusing Rs 500-crore equity in the company.
Adani, NTPC in fray to acquire Avantha’s stressed power plant
This is the first time NTPC, the country’s largest power producer, has bid for any stressed project, while Gautam Adani-led Adani Power is on a buying spree, having recently acquired GMR Infrastructure’s 1,370 mw coalbased power plant in Chhattisgarh for a debt component of Rs 3,530 crore and equity outgo of Rs 1.
In a first, IBC process ordered for failing to pay an insolvency services company
The NCLT’s Hyderabad bench has ordered the proceedings at Sri Yadadri Life Sciences (SYLS) for the alleged default in payments to Adroit Financial Services (AFS) for advice given on insolvency resolution and services towards capital structuring and settlement of debt through a one-time settlement (OTS) with its lender.
Big 4 audit companies scramble for forensic assignments of scam-hit corporates
Players see up to 25% growth in forensic business in past 3 years even as strict regulatory action hits audit operations.
Bad loan sale to ARCs falls in FY19 to Rs 57,508 crore
Recovery rates yielded by major resolution mechanisms except Lok Adalats declined in 2018-19.
Changes in IBBI norms to prevent backdoor entry of ex-promoters in cos under liquidation: Experts
Now, those who were ineligible are barred from being part of any arrangement at the stage of liquidation.
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