Surya Sarathi Ray

Real estate crisis: Representative voting by homebuyers likely

The MCA has placed two options on the table — representative voting among home-buyers by treating them as a sub-class among the financial creditors or by stipulating that the majority threshold could be met by just counting

Suraksha Realty, Suraksha Realty bid, Jaypee Infratech, committee of creditors, NCLT, Jaypee Group, Insolvency and Bankruptcy Code News

Battle for Essar Steel: Ruias move NCLAT against ArcelorMittal bid

As is known, ArcelorMittal’s resolution plan for Essar Steel has already been approved by the Ahmedabad bench of the National Company Law Tribunal but the final payment to the creditors is still stuck as operational credito

NCLAT gives conditional approval to ArcelorMittal's resolution plan for Essar Steel News

Jaypee Infratech: NBCC won’t alter broad contours of resolution plan

Having received all requisite government approvals, NBCC will assert that its bid does not require any further approvals from any government department, and is thus eligible for consideration under the IBC.  

Suraksha Realty, Suraksha Realty bid, Jaypee Infratech, committee of creditors, NCLT, Jaypee Group, Insolvency and Bankruptcy Code News

Insolvency process: Don’t discriminate among creditors, NCLAT tells banks

Using parlance from the game of soccer, NCLAT’s chairperson Justice SJ Mukhopadhaya said such discrimination in the distribution is akin to a foul in the game of football, and if that occurs, the appellate tribunal will blo

Industry News

Few takers for Modi government’s pension scheme for unorganised workers

Only about 30 lakh enrolled for PM Shram Yogi Maandhan since February

Modi government, Modi government  pension scheme, PMSYM, Atal Pension Yojana,  National Pension Scheme, EPFO, monthly pension News

Jaypee Infratech: NBCC, Suraksha plans offer little for operational creditors

The revised resolution plan by the consortium led by Suraksha Realty, too, has proposed a similar deal.

Industry News

Bhushan Power resolution: NCLT reserves order on JSW Steel plan

A clutch of 34 financial creditors have claimed Rs 47,303 crore from the company as on January 3, 2019, of which the RP has admitted claims worth Rs47,150 crore.

nclt, punjab national bank, pnc, jsw steel News

RBI to NCLAT: Banks must mark IL&FS accounts as NPAs after default

The appellate tribunal, however, said there appeared a conflict between this RBI norm and the Insolvency and Bankruptcy Code (IBC) rule that a company should continue as a going concern till a resolution of its stress is foun

RBI to NCLAT: Banks must mark IL&FS accounts as NPAs after default News

Jaypee Infra: Suraksha ARC makes cosmetic changes in revised resolution plan

Suraksha has offered to pay the financial creditors an upfront payment of Rs 18.55 crore against Rs 10 crore proposed in the plan submitted in February.

Industry News

Essar Steel within Lakshmi Mittal’s grasp; NCLAT tells ArcelorMittal to keep Rs 42,000 crore ready

NCLAT hinted that it might ask ArcelorMittal to deposit the money with an escrow account of either the insolvency court (NCLT) or the appellate tribunal itself in the next hearing, scheduled on April 23.

NCLAT gives conditional approval to ArcelorMittal's resolution plan for Essar Steel News

Rashtriya Ispat Nigam back in black after 3 years, reports net profit of Rs 75 crore

The CMD said talks are on with the Hyundai and Posco for a possible joint venture to manufacture auto-grade steel.

Industry News

Amtek lenders seek NCLAT approval for fresh bidding round

The second round of bidding, lenders' counsel said, has become necessary as LHG has failed to pay up as per the approved resolution plan.

Amtek lenders, NCLAT, NCLAT, Liberty House Group, Deccan Value Investors, Committee of Creditors  News

NCLAT directs Essar to call CoC meeting to reconsider distribution of funds from Arcelor

NCLAT was hearing a plea moved by Standard Chartered Bank alleging that ArcelorMittal’s plan was “discriminatory”, and therefore, the distribution of funds should be stopped.

Industry News

IL&FS case: RBI, NCLAT spar over who takes call on banks

Last week, the RBI brought to the Supreme Court’s notice that despite a leeway provided by its interim order, none of the petitioners (corporate defaulters) from a variety of industries like power, shipping and sugar manage

IL&FS case: RBI, NCLAT spar over who takes call on banks News

NCLAT gives conditional nod to ArcelorMittal plan for Essar Steel

A two-member bench, headed by justice SJ Mukhopadhaya, said the acceptance of the resolution plan submitted by ArcelorMittal will be subject to its final order in the appeal filed by the Essar Steel promoters and Standard Cha

NCLAT gives conditional approval to ArcelorMittal's resolution plan for Essar Steel News

NCLAT declines to stay ArcelorMittal’s offer for Essar Steel bankruptcy resolution

Asking for fresh distribution plan, appellate tribunal says there can’t be discrimination between financial and operational creditors.

ArcelorMitta, essar steel, nclat, steel sector, steel industry, supreme court, sc News

Ray of hope for Ruias in Essar Steel bankruptcy; NCLAT says will make room if they pay dues

Promoters owe lenders around Rs 85,000 crore at the group level.

ArcelorMittal, essar steel, nclt News

Nitin Gadkari INTERVIEW | As highway projects get more viable, will be good for banks to finance HAM

Even though the pace of highway construction almost trebled to 35 km/day in the last five years, pure-play public-private partnerships (PPPs) are showing no signs of picking up.

Nitin Gadkari , union minister nitin gadkari News

SBI snubs RCom; lenders refuse to release Rs 266 crore income tax refunds to pay Ericsson

The NCLAT observed that the insolvency plea against RCom cannot commence until the settlement with Ericsson attains finality.

rcom, sbi, ericcsson News

Jaypee homebuyers will get flats in 3 years, assures NBCC

JIL’s assets include under-construction 25,000 apartments, and around 3,000 acre, mostly along with the Yamuna expressway.

Industry News

Maximising value of assets! JIL CoC to form core group to work with NBCC, Suraksha

A source said the CoC requested the resolution professional, Anuj Jain, to include expenses incurred by members in finalisation of resolution plan as part of the corporate insolvency resolution process costs, as the endeavour

Industry News

Insolvency process: Jaypee Infra suitors’ plans factor in Rs 750 crore with NCLT

Applicants NBCC, Suraksha include amount deposited by insolvent developer’s parent firm JAL in their resolution plans.

Industry News

Modi govt brought in fixed-terms jobs, but little else in terms of labour reforms

The remarkable failure of effective and meaningful social dialogue resulted in loss of confidence in the minds of trade unions which weakened the legitimacy of reforms.

Economy News

Insolvency process: Manoj Gaur offers to clear Jaypee Infra dues of Rs 8,358 crore

The proposal, submitted on February 15, also promises to pay fixed-deposit holders within 90 days of the approval of the offer of settlement. It also hopes to complete the real estate project in four years.

Industry News

Bhushan Power resolution: Lenders to approach NCLT for early hearing

Lenders to Bhushan Power and Steel (BPSL) will soon approach the National Company Law Tribunal (NCLT) requesting an early hearing for approving the resolution plan of its preferred bidder JSW Steel for the bankrupt company.

nclat, bhushan power News

Modi govt’s pension scheme for unorganised sector: Check who will get it

Notification on the PMSYM scheme is expected to be issued on Friday.

Pension scheme, unorganised sector, Pension scheme for unorganised sector, PMSYM, PMSYM scheme News

Bhushan Power lenders likely to reject Sanjay Singal’s last-minute offer

JSW Steel has already been chosen by the lenders as the most preferred bidders for BPSL.

Bhushan Power and Steel, Sanjay Singal, CIRP, Insolvency and Bankruptcy Code, JSW Steel, NCLAT News
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