Hyderabad High Court stays Insolvency proceedings against Anrak Aluminium
The joint venture between the Penna group and UAE’s RAKIA has challenged the petition, arguing that it had already entered into a onetime settlement with its lenders’ forum.
Andhra Pradesh scraps permit to mine bauxite in eastern ghats
Companies like Nalco and Hindalco mine bauxite in Odisha, while Andhra doesn’t ...
NCLT permits SBI to withdraw insolvency petition against Anrak
On Wednesday, NCLT Hyderabad bench member Ratakonda Murali ordered the petitio...
RBI asks SBI to move NCLT against Anrak Aluminium
The consortium of 23 banks led by SBI had extended loans of around Rs 4,000 crore to Anrak Aluminium’s projects and the entire loans turned non-performing assets (NPAs).
BoB puts accounts worth over Rs 9k cr on block as NCLT process gets delayed
The third largest lender had put Bhushan Power & Steel on sale in December 2018 but could not find a buyer.
Anrak Insolvency: RBI moves Hyderabad High Court to lift stay
The tribunal had then directed both company and its lenders to explore the possibility of commencing commercial operations instead of looking to winding up and liquidating the assets.
SBI enters into compromise deal with Anrak
Last week, following RBI’s directives of the banking regulator, SBI moved the NCLT’s Hyderabad bench with an insolvency petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Anrak challenges SBI’s insolvency petition
Anrak Aluminium is a joint venture between India’s Penna group and UAE’s Ras Al Khaimah Investment Authority.
Shakti Bhog, Anrak, Wind World taken to bankruptcy court
The three companies together owe banks more than Rs 12,000 crore in loans and interest.
NCLT rejects Anrak's insolvency petition in 'national interest'
Rejecting the petition filed by Anrak Aluminium, the NCLT's Hyderabad bench advised it to approach government agencies to resolve the issue before initiating insolvency proceedings.
Anrak moves NCLT after Andhra Pradesh government declines Bauxite supply
The development comes weeks after the AP government decided to cancel the agreement that APMDC had entered into with Anrak Aluminium to supply bauxite.
Anrak Aluminium says may get government approval for bauxite project
The mine, located in the southeastern state of Andhra Pradesh, will have an annual capacity to produce 1.5 million tonnes of bauxite.
Banks gearing up to refer 24 of 28 large NPA accounts to NCLT
In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts or refer them to the NCLT by December 31.
Banks set to send 23 of 28 large dud accounts to NCLT tomorrow
In August, the Reserve Bank had asked banks to either resolve 28 more large stressed accounts by tomorrow or refer them to the NCLT by December 31.
Union Bank plans to auction loans worth ₹5,900 crore
The list includes five power projects with outstanding loans of Rs 1,509 crore and six metals companies with loans of Rs 1,583 crore.
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