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NATIONAL COMPANY LAW TRIBUNAL

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.

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  • The Mumbai bench of the NCLT had admitted the company for insolvency resolution on December 2.

    As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year 2018-19, against 14.5% through the Sarfaesi resolution mechanism, 3.5% through Debt Recovery Tribunals and 5.3% through Lok Adalats. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore.

    The third-largest pure play mortgage player is the first non-banking financial company or housing finance company to face the corporate insolvency resolution process. The Mumbai bench of NCLT had admitted the company for insolvency resolution on December 2 and appointed IOB's former MD and CEO R Subramaniakumar as the company's administrator.

    The markets watchdog has levied a fine of Rs 3 lakh each on Arun Pathak and Syed Abdi and Rs 2 lakh on Dhananjay Datar.

    We are strengthening our asset recovery management branches with relatively high value advances. We have tried to pool stressed assets in these branches, so that they get special focus with the help of equipped staff. Unless we bring the net NPA percentage below 6, we will not be able to come out of PCA, right now it’s less than 10%.

    The Ahmedabad-bench of National Company Law Tribunal (NCLT) had earlier this year granted permission to the composite scheme of arrangement, through which two companies were proposed to be demerged -- Jio Digital Fibre Pvt Ltd and Reliance Jio Infratel Pvt Ltd. This was opposed by the IT department by challenging it before the NCLAT.

    Resumption of normal business operations, albeit on a smaller scale, is aimed at strengthening DHFL’s credentials as a ‘going concern’ and eventually helping secure better valuations at the closure of the ongoing resolution process. Central bank- appointed administrators at DHFL have decided to lend about Rs 500 crore every month beginning the next few weeks.

    There has been no contact between Tata’s and Cyrus Mistry camp since the NCLAT order.

    Earlier this month, the National Company Law Tribunal (NCLT) had directed the CoC to expedite their decision on seeking fresh EoIs in view of new interest being shown for the grounded airline.

    The targeted number of employees is in the range of 150-350. Their professional calibre, past appraisal ratings and criticality of operations would be key parameters in finalizing the retention plans. A one-time bonus may also be offered, subject to certain conditions.

    The government may allow companies under IBC to pay current levies of GST without payment of past dues.

    The direction from the Mumbai bench of the National Company Law Tribunal (NCLT) came after Jet Airways’ resolution professional informed it that the lenders were seeking fresh EoIs since two more bidders have shown interest to revive the airline.

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