Surya Sarathi Ray

NCLAT rejects Edelweiss pleas challenging Synergy resolution plan

Lenders to the debt-ridden firm had on June 24, 2017 approved Synergies Dooray’s resolution plan, with 91.06% majority.

nclt, edelweiss News

NCLT issues notice to Liberty House on Castex Tech lenders’ plea

The application was filed as Liberty House failed to comply with even the basic requirement of furnishing the performance bank guarantee, which was required to be given upon approval of the resolution plan by the CoC.

nclt, liberty house News

Liberty House Offer: Amtek unit’s lenders move NCLT to withdraw plea

Lenders to Castex Technologies, a debt-ridden subsidiary of the bankrupt Amtek Auto, have moved the National Company Law Tribunal (NCLT) to withdraw an application that had sought the tribunal’s nod to go ahead with the app

nclt, liberty house News

IBC Section 74: Amtek Auto – Banks move NCLT against Liberty House

Delhi-based Amtek Auto’s insolvency resolution process was initiated by Corporation Bank.

Industry News

NCLT dismisses HDFC plea for proceedings against RHC

HDFC had moved the NCLT seeking to initiate the CIRP under section 7 of the IBC against the latter as it defaulted on repayment.

Banking & Finance News

Insolvency bids: Defaulting winners may land in jail

Jail-term provision may be invoked, debarring such successful bidders; earnest money deposit under consideration, says corp affairs secy.

Industry News

Tata can’t raise questions over Bhushan Power offer: JSW steel to NCLAT

JSW Steel on Monday told the National Company Law Appellate Tribunal (NCLAT) that Tata Steel does not have any right to raise questions over its revising the offer for bankrupt Bhushan Power and Steel after being given the op

Industry News

NCLAT asks Jyoti Structures’ bidder to modify resolution plan

The National Company Law Appellate Tribunal (NCLAT) on Thursday asked the preferred bidder for Jyoti Structures, a consortium led by Sharad Sanghi, MD and CEO of Netmagic Solutions, to modify its resolution plan for the debt-

NCLAT, Jyoti Structures, NCLAT Bench, CIRP,  liquidation of Jyoti Structures News

Amtek could see fresh bidding as Liberty House fails to pay up

The near-bankrupt Amtek Auto could well see a second round of bidding, as UK-based Liberty House Group (LHG) has failed to pay up according to the approved plan.

Industry News

Lenders reject L&T bid to buy bankrupt Jaypee Infratech; here’s why they are opposing asset sale

Lenders to Jaypee Infratech (JIL) on Tuesday turned down a proposal from L&T Infrastructure Development Projects (IDPL), which envisaged the purchase of only the flagship Yamuna Expressway and not the entire assets of the ban

Industry News

Lenders to take call on selective L&T IDPL bid on November 27

JIL has Rs 9,000 crore outstanding to various banks.

Industry News

Ultratech seals win: SC dismisses Dalmia petition on Binani

Notes no infirmity in NCLAT order which allowed the Aditya Birla group firm’s Rs 7,950.34-cr bid.

ultra tech cement new plant, ultra tech cement pali plant, ultra tech cement growth News

With 18% growth, roads and highways construction has remained in high gear this year

In what augurs well for the sector, there has been 18% y-o-y growth in road construction in the first seven months of FY19.

new Development Bank, NDB, road projects, highways, NHAI, roadways, andhra pradesh, amravati News

NHAI to raise Rs 4,000 crore via masala bond to fund construction of highways

Move part of Rs 62,000-crore debt raising for current fiscal to fund construction of highways.

nhai, highway sector, highway industry, economy News

Shot in arm for PM Modi: NDA’s highway drive in four-and-half years beats UPA’s seven years road construction

While its ambitious national highway (NH) construction targets have been hard to reach, the NDA government has clearly outdone the previous UPA dispensation when it comes to expanding the country’s national highway network.

Infrastructure News

Binani Cement: NCLAT approves UltraTech’s bid

In its 44-page order, the appellate tribunal has noted that the RPPL’s resolution plan discriminated between some of the financial creditors who are equally situated and not balanced the other stakeholder, such as operation

Binani Cement resolution professional , binani cement, National Company Law Tribunal , nclt News

Centre rejects Goa miners’ demand; no ordinance to resume Goa mining

The Centre has turned down a demand from Goa miners for resumption of the mining activity in the state through an ordinance, a move that could hit the country’s mining output growth.

India News

IL&FS crisis: NCLAT to hear IndusInd Bank plea

The National Company Law Appellate Tribunal on Tuesday agreed to hear IndusInd Bank’s plea seeking to recover an interest payment of Rs 25 crore from Infrastructure Leasing & Financial Services (IL&FS).

Industry News

PM Modi’s job promotion scheme gains momentum, now covers 1 lakh establishments, 85 lakh beneficiaries

After a lacklustre initial year, the Pradhan Mantri Rojgar Protsahan Yojana (PMRPY), the Narendra Modi government’s flagship scheme to promote job creation launched in August 2016, has picked up momentum.

Jobs and Education News

CoC of Bhushan Power violated Aug 6 order: Tata Steel to NCLAT

Tata Steel on Thursday told the National Company Law Appellate Tribunal (NCLAT) that the committee of creditors (CoC) of Bhushan Power and Steel (BPSL) had violated its August 6 order by allowing JSW Steel to revise its bid t

Industry News

Cyrus Investments seeks representation in Tata Sons’ board of directors

The two-member NCLAT bench, headed by chairperson Justice SJ Mukhopadhaya, asked the Cyrus firm to suggest proposed changes within two weeks and posted the matter for further hearing on a day-to-day basis from December 11 onw

Industry News

Which bureaucrats worked with IL&FS? Govt has no idea!

The PMO transferred the RTI to the Department of Financial Services (DFS) since DFS is the administrative department for a firm that is largely held by government banks or financial institutions.

Industry News

Posco, Hyundai exploring Rs 30,000-crore JV steel unit with RINL

Senior executives from Korean steelmakers Posco and Hyundai visited the Vizag unit of the state-run Rashtriya Ispat Nigam (RINL) on October 22 to explore the proposal to set up a 5-million-tonne-per-annum (mtpa) steel plant a

Industry News

Less PSUs, less imports: Private peers beat PSUs in raising output

As the government mulls ways to substitute certain commodity imports through higher local production, it will do well to undertake a comprehensive review of the performance of key public-sector units (PSUs) vis-a-vis their pr

cairn india, oil sector, steel industry. steel sector News

JSW to go solo in the race to buy Essar Steel, dues’ hurdle for Numetal and ArcelorMittal

Given the Supreme Court has already outlined the way forward after hearing all the arguments under the Insolvency and Bankruptcy Code (IBC), it would appear the steelmaker must approach the apex court for permission to throw

Industry News

IL&FS crisis: Centre hastens rescue act; check details

On October 1, the government superseded the board of IL&FS and appointed a six-member board with Uday Kotak as the non-executive chairman.

Industry News

IL&FS CEO got windfall raise as losses mounted for lender

Parthasarathy stepped down on October 2, 2017, and the company that has debt in excess of Rs 116,000 crore began defaulting on loans a few months ago.

Industry News
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