NCLT orders insolvency proceedings against Apeejay Tea; firm to move NCLAT
He contended that the company, in its reply to the bench, did not mention disputes regarding the quantum and quantity (of goods supplied).
McNally creditor withdraws insolvency petition after out-of-NCLT settlement
Earlier, in a big jolt to the ongoing restructuring efforts for the Williamson Magor group, the tribunal on Wednesday had ordered commencement of the insolvency resolution process for MBE on a plea of the financial creditor T
Banks see ‘some growth’ in corporate loans
The government had directed public-sector banks (PSBs) to hold loan outreach programmes in 400 districts ahead of Diwali festivities to stimulate loan growth.
Upcoming merger: Allahabad Bank puts property sales on hold
Rao said the bank has already restructured loans of Rs 285 crore and further identified Rs 200 crore to stressed MSMEs under the RBI’s debt recast scheme during FY20. The bank’s total exposure to the MSME sector stands at
Expect cabinet nod for all bank mergers will happen simultaneously, says Allahabad Bank’s SS Mallikarjuna Rao
After valuation we were thinking of diluting the stake. But in the meantime there were some developments. In February we got capital from the government and our bank came out of the RBI’s PCA framework.
Relief for McLeod Russel: NCLT modifies status quo order on company’s assets
The company had earlier sold its tea estates in Assam and the Dooars to reduce huge debt. Currently, its short and long-term debts stand at around Rs 1,700 crore.
Ponzi scam: NCLT orders winding up of 68 Saradha Group firms
Notably, in December last year, the NCLT Kolkata Bench had ordered winding up of 13 companies of Saradha Group, directing the official liquidator to take possession of assets and properties of all these companies.
McLeod Russel urges NCLT to quash ‘status quo’ order
The order was passed after one of the company’s financial creditors, Techno Electric & Engineering, apprehended disposal of the assets of the corporate debtor (McLeod) for defeating its interest.
Srei seeks Sebi, RBI nod to buy back NCDs from retail investors
According to Srei, the proposed step to consolidate its lending business into one entity is an attempt to create a long-term structure to be ready for “merger or conversion into a bank” and roping in strategic investors i
Allahabad Bank executive director sees good synergies with Indian Bank
The proposed merger of Kolkata-headquartered Allahabad Bank and Chennai-based Indian Bank will make the merged entity the seventh largest bank in India.
Vedanta: Latest entrant in steel industry eyes the big league
Venturing into the steel sector through these inorganic route entailed quite a struggle for the company, with the acquisition of the debt-ridden ESL materialising only after protracted battles in bankruptcy courts.
Gruh Finance to independently chart growth path after merger with Bandhan Bank
The proposed acquisition of Gruh has already got approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and capital market regulator Sebi.
Adhunik Metaliks: NCLT cancels Liberty plan, orders liquidation
The Kolkata bench of NCLT had in July last year approved the resolution plan submitted by Liberty House, with lenders agreeing to take a haircut of around 92% and settling for `410 crore against their outstanding dues of `5,3
Our non-stop services to US are a hit among Indian travellers: Singapore Airlines India GM David Lim
Indian travellers are increasingly opting for Singapore Airlines’ non-stop services to Los Angeles, San Francisco and New York from Singapore, says David Lim, the airline’s general manager, India.
BK Birla Group’s Kesoram Industries cuts net debt by 24% as borrowings decline
The company had posted its first quarterly profit after about 10 quarters. Its
Tata Sponge aims to become ‘integrated steel enterprise’
Tata Steel subsidiary Tata Sponge Iron is aiming to position itself as an “integrated steel enterprise” with a diversified business portfolio after completing the acquisition of the steel business of Usha Martin (UML).
Adhunik Metaliks: NCLT reserves order on lenders’ petition to restart CIRP
The Cuttack bench of the National Company Law Tribunal (NCLT) has reserved its order on a plea by lenders seeking reinitiation of the corporate insolvency resolution process (CIRP) against bankrupt Adhunik Metaliks (AML).
ITC’s Aashirvaad consolidates position, becomes over Rs 4,500-crore brand
ITC is a leading FMCG marketer in India and its non-cigarette or new FMCG business includes branded packaged foods, personal care products, education & stationery products and agarbatti, among others.
Allahabad Bank looks to recover Rs 2,000 crore bad loans per quarter
In the March quarter last fiscal, fresh slippages stood at `2,819.40 crore, out of which agriculture and MSME contributed 31.44% and 28.03%, respectively.
Veteran industrialist BM Khaitan dies at 92
The way Khaitan, born in a family of lawyers, had developed his tea empire was rather astonishing.
No-liquidity stress seen for NBFC-MFIs right now: Bandhan Bank CEO Chandra Shekhar Ghosh
Bandhan Bank’s exposure to NBFC-MFI sector stood at Rs 2,333 crore at the end of the last fiscal. As on March 31, 2019, its loan book stood at Rs 44,776 crore.
With Nature’s Basket buy, we get access to Mumbai and west: Shashwat Goenka
Spencer’s Retail’s acquisition of Nature’s Basket from Godrej Industries will be very complementing, geography-wise and products-wise, believes Shashwat Goenka, sector head, retail & FMCG, RP-Sanjiv Goenka Group.
ITC putting all its weight behind new FMCG business
Also, with the 20 ICMLs getting commissioned across the country, we will be able to produce more and more products close to the market and ensure freshness of products.
Lenders want restart of CIRP for Adhunik Metaliks
Notably, the LHG had earlier failed to meet the deadline for payment under CIRP within the stipulated time for Amtek Auto, prompting the tribunal to allow its lenders to go for a fresh round of bidding.
Adhunik case: Lenders to move NCLT to debar Liberty House
The move comes after Liberty House failed to make the upfront cash payment of Rs 410 crore even within the extended timeline.
Uncertainty continues over Adhunik Metaliks: Liberty again seeks additional time for upfront payment, lenders don’t agree
Stating non-receipt of requisite regulatory approvals, UK-based Liberty House has not paid the required upfront cash payment of Rs 410 crore to the lenders by Sunday.
India amongst fastest growing, most strategic markets in APAC: Adobe MD
India is one of the fastest growing markets for Adobe in the Asia-Pacific region and also one of the most strategic markets for it globally, both from a business and innovation standpoint, states Kulmeet Bawa, MD, South Asia.
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