The Kolkata-based company has agreed to make a strategic investment in Brillare Science by subscribing to compulsory convertible preference shares (CCPS) in two tranches, which on conversion will result in 26% equity stake in the company on a fully-diluted basis (on the basis of the achievement of agreed future performance of the investee company).
The Kolkata bench of the National Company Law Tribunal (NCLT) had last month ordered liquidation proceedings against GNCL as a ‘going concern’, as no resolution plan was approved during the stipulated time. Liquidation proceedings against the firm commenced on January 22.
Budget 2018: The government’s plan to merge three general insurance companies — National Insurance Company, United India Assurance Company and Oriental India Insurance Company — will create one of the largest general insurance entities.
Dry cell battery major Eveready is planning to form a joint ventue company within this fiscal with Universal Wellbeing, part of Indonesia’s Wings Group, in order to scale up its FMCG business in India.
As many as eight entities, including Edelweiss Asset Reconstruction Company and SREI Infrastructure Finance, have submitted their proposed resolution plans for four bankrupt Adhunik Group companies, which are under the corporate insolvency resolution process.
As on September 30, 2017, the promoter & promoter group held 25.36% stake in the company.
The Kolkata bench of the National Company Law Tribunal (NCLT) has admitted a petition filed by steelmaker Ramsarup Industries for initiating the corporate resolution process, even as India’s largest private-sector lender ICICI Bank had opposed the insolvency petition of the company.
As Gujarat NRE Coke (GNCL) is likely to face liquidation, its employees have moved the Supreme Court for consideration of the resolution plan, so that the bankrupt company may continue to operate as a going concern.
The Kolkata bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Coastal Projects (CPL).
There will be no material impact as such on our normal banking operations.
Gujarat NRE Coke (GNCL) is likely to face liquidation process as the creditors of the company have rejected the resolution plan, submitted by an Ahmedabad-based asset reconstruction company (ARC) — Rare Asset Reconstruction — under the corporate insolvency resolution process. Following this to save the company from going in to liquidation, employees of the Kolkata-based firm […]
The bench on Wednesday also rejected an appeal of Sumit Binani, the resolution professional (RP), for providing more time for the completion of the resolution process.
With the ordinance amending the Insolvency and Bankruptcy Code (IBC), and thus making promoters of Gujarat NRE Coke (GNCL) ineligible to bid for the company, the resolution professional (RP) appointed for its corporate insolvency resolution process has invited a fresh expression of interest (EoI) from investors for the purpose of submission of resolution plans.
The resolution professional (RP) for Binani Cement has rejected the claims of more than `2,000 crore by IDBI Bank and the Hong Kong branch of State Bank of India, as the money was owed in corporate guarantees and not invoked before the insolvency proceedings had begun, sources told FE.
The central bank had earlier sent lenders a second list of as many as 29 defaulters. It wanted that the stressed loans to be resolved by December 13, failing which, they would have to be taken to the National Company Law Tribunal (NCLT) by December 31, 2017.
lN interview: K Sanath Kumar, chairman & MD, National Insurance Company with Mithun Dasgupta
Committee of Creditors (CoC) of Gujarat NRE Coke (GNCL) will meet on December 4, after last week’s ordinance amending the Insolvency and Bankruptcy Code (IBC) made its promoters ineligible to bid for the company.
Edelweiss Asset Reconstruction Company (ARC) on Friday urged the Kolkata bench of the National Company Law Tribunal (NCLT) to reject around Rs 2,000-crore claims raised by IDBI Bank, Bank of Baroda (BoB) and State Bank of India (SBI) in the insolvency case against Binani Cement.
The Kolkata bench of the National Company Law Tribunal (NCLT) on Thursday asked German engineering giant Siemens to halt its arbitration proceedings against Gujarat NRE Coke as the company is under the moratorium period of corporate insolvency resolution process.
Emami said it may explore possibilities to forge joint ventures and enter into strategic alliances in the sphere of brand licensing, among others, if good opportunities come up in the FMCG space.
The goods and services tax (GST) Council may further prune tax rates on more goods under the new indirect tax regime depending on revenue buoyancy, according to Assam finance minister Himanta Biswa Sarma.
For the turnaround, the bank is betting on recovery of stressed assets, mainly through the bankruptcy proceedings under the provisions of the Insolvency and Bankruptcy Code (IBC).
Infrastructure development and engineering company SPML Infra is bullish on improving its turnover and profitability going ahead, after it has signed an agreement with an 11-member consortium of banks and financial institutions.
United Bank of India is hoping to bring down its total amount of non-performing assets (NPAs) to a significant level once some of the large stressed asset cases, identified for bankruptcy proceedings by the Reserve Bank of India, are resolved.
Dry cell battery major Eveready, which has consistently been diversifying its product portfolio for higher turnover growth, expects its small home appliances division to generate around Rs 300-400 crore revenue in the next three to five years.
Opposing the insolvency petition filed by IFCI, Jai Balaji Industries on Wednesday told the Kolkata bench of the National Company Law Tribunal (NCLT) that it needs more time to file an objection. The company owes banks Rs 2,678 crore. In FY17, Jai Balaji Industries had reported a net loss of `218 crore on revenues of […]
State-run lender IFCI has filed an insolvency petition against Jai Balaji Industries (JBIL) at the Kolkata bench of the National Company Law Tribunal (NCLT), seeking the initiation of corporate insolvency process against the steelmaker over unpaid dues.