Insolvency proceedings: Bidders to face jail term, penalty if they pull out from plans to take over stressed firms
Apart from invoking section 74 of the Insolvency and Bankruptcy Code, which provides for a jail term, the government may impose a maximum Rs 1 crore penalty
The Kolkata bench of National Company Law Tribunal (NCLT) has ordered the commencement of corporate insolvency resolution process against the Eastern Coalfields (ECL), a subsidiary of the Coal India, for non-payment of interest.
Govt introduces bill to amend Companies Act; move to improve ease of doing business, ensure better compliance levels
The bill would replace the Companies (Amendment) Ordinance, 2018 that was promulgated in November.
IL&FS said that the new board has taken various initiatives towards rationalising manpower with a view to reduce costs associated therewith
Approximately Rs 1,000 crore debt will get transferred to the demerged tyre company.
Jaypee Infratech's lenders discuss evaluation criteria for potential bidders, CoC to take final call next month
Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT's direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.
Kotak Investment, L&T Infrastructure, NBCC among five firms show interest in taking over bankrupt Jaypee Infratech
Jaypee Infratech's IRP Anuj Jain had in October initiated a fresh initiative to revive Jaypee Infratech on NCLT's direction after lenders rejected over Rs 7,000 crore bid of Suraksha group.
NCLAT approves UltraTech's Rs 7,900 cr bid for Binani Cement, rejects resolution plan submitted by Dalmia Bharat
In approving UltraTech's resolution plan for Binani, which was auctioned to recover unpaid bank dues, the NCLAT may have set a precedence as it favoured a proposal that not just paid the financial lenders but also operational creditors.
IL&FS crisis: IndusInd Bank moves NCLAT to recover Rs 25 crore interest to avoid being classified as NPA account
IndusInd Bank is one of the largest lenders to IL&FS group with exposure of over Rs 3,000 crore.
HCC reports Rs 1,525 cr loss in July-September on impairment charge for Lavasa Corp; total income falls to Rs 994.40 cr
HCC approved a rights issue of up to Rs 500 crore to strengthen company's financial profile and to refocus its efforts on its core construction and engineering business
ArcelorMittal had posted net income of $1.2 billion in the year-ago period, the firm said in a statement
Government considers putting IL&FS up for sale, among other options as it seeks to end company’s debt crisis
The government, in a rare move, took control of IL&FS this month after the company defaulted on some of its debt, triggering fears of contagion across India’s financial system.
GPI Textiles' resolution professional writes to Essar Steel lenders, wants ArcelorMittal to pay its dues
ArcelorMittal has reportedly agreed to pay a total of Rs 50,000 crore to acquire Essar Steel
The appellate tribunal order came over an urgent petition moved by the Ministry of Corporate Affairs after the Mumbai bench of NCLT had turned down its plea for 90 days moratorium over the loans taken by the IL&FS and its subsidiaries.
IL&FS board was aware about need for capital infusion three and half year ago, says former independent director Jaithirth Rao
Rao says that IL&FS had approached a Middle East based sovereign wealth fund and also a cash rich Indian group, but both plans didn't work at the end.
International Finance Corporation moves insolvency plea against infrastructure firm Punj Lloyd at NCLT
IFC is seeking recovery of $30 million defaulted by Punj Lloyd.
IL&FS crisis: Govt seizes control of debt-trapped firm; these are 15 members of board that were dismissed
Mumbai-bench of NCLT approved six directors, including Kotak Mahindra Bank MD Uday Kotak, former SEBI chairman GN Bajpai and ICICI Bank chairman GC Chaturvedi, to takeover the board
IL&FS crisis: Redemption pressure on mutual funds, capital inadequacy for smaller NBFCs among key concerns
In only the second instance in nearly a decade, the government has superseded the management of IL&FS where state-owned LIC is a major shareholder.
IL&FS crisis: Former independent directors write to new chairman Uday Kotak, extend support in turn around efforts
Five former independent directors, in a letter, have mentioned about IL&FS being unable to raise additional equity despite several attempts and the "asset-liability" mismatch that continued to aggravate
Canara Bank drags GTL group to NCLT after company defaults on its debt repayment worth Rs 1,000 crore
While GTL has defaulted on Rs 459 crore loans from the bank, GTL Infrastructure failed to make timely payment of Rs 541 crore to the lender