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 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.
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
IBC Section 74: Amtek Auto – Banks move NCLT against Liberty House
Delhi-based Amtek Auto’s insolvency resolution process was initiated by Corporation Bank.
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.
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.
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
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-
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.
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
Lenders to take call on selective L&T IDPL bid on November 27
JIL has Rs 9,000 crore outstanding to various banks.
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.
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.
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.
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.
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
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.
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).
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.
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
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
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.
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
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
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
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.
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.
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