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Insolvency

Feb 22, 2020, 03.29 PM IST

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INSOLVENCY

Blackstone gets NCLT nod to acquire Trident Hotel for Rs 585 crore

This is the first deal by the global private equity giant under India’s Insolvency and Bankruptcy Code (IBC) to infuse foreign capital. As a part of its resolution plan, Blackstone Group under its resolution plan has agreed to pump in Rs 384 crore up front to clear the dues of the workmen and creditors, apart from committing infusion of Rs 180 crore towards capital expenditure.

Ahmedabad NCLT directs PNB to approach the Mumbai bench in Essar Shipping case

The state-owned lender had approached the Ahmedabad NCLT again...

NCLT extends Videocon's insolvency resolution process

"This is for the extension of the CIRP process as it ends on 4th of February. Public no...

  • "The government has instituted comprehensive reforms in PSBs to improve, governance, underwriting, monitoring and recovery, and has leveraged technology in all aspects of banking, resulting in reduction in their NPAs," Sitharaman said in written reply to a question in the Lok Sabha.

    The Confederation of Indian Industry has submitted a 12-point plan to Prime Minister Narendra Modi and finance minister Nirmala Sitharaman, which includes introduction of a one-time settlement scheme and compounding provision.

    The developer had moved the appellate tribunal after the National Company Law Tribunal (NCLT) held the company to be in default of its obligations to two home buyers who had approached the tribunal.

    Raheja was admitted for insolvency proceedings in August 2019 by the National Company Law Tribunal (NCLT) which held the company in default of its obligations to two home buyers who at the time had approached the tribunal claiming delay in delivery of flats. The case involved the Raheja group’s Sampada project in Gurgaon.

    The comments assume importance given the massive five-fold hike in deposit insurance and the recent changes in the insolvency laws that included insolvency solutions for financial institutions. The FRDI Bill seeks to offer a bail-in clause to banks, which many fear will be detrimental to depositors. The budget has increased by five-folds the deposit insurance to Rs 5 lakh.

    Bringing entities on the basis of inter-connectedness or common assets into the group resolution framework may face challenges and lead banks to classify standard accounts as NPAs, dragging standard cases into insolvency because of non-recovery of dues after insolvency resolution.

    Earlier, on August 20 last year, the Delhi-based principal bench of the National Company Law Tribunal (NCLT) had directed to initiate insolvency proceedings against the company over the plea filed by one of its flat buyers citing delay in the project and appointed an interim resolution professional.

    The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for market-linked and time-bound resolution of stressed assets. The survey, tabled in the Parliament on Friday, also said resolution under the Code has been much higher as compared to other processes.

    It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.

    The outstanding debt of the Jaiprakash Associates group company has reduced to less than Rs 6,000 crore, from more than Rs 11,000 crore, following the restructuring. The terms involve an interest write back of about Rs 2,000 crore that will help the company report a net profit this fiscal, people in the know said.

    In what is likely to be the first corruption case by the CBI against an NCLT-appointed IRP, the agency has taken into custody Arun Mohan, the IRP, and his friend Paresh Kumar, CEO of New Delhi-based Multimax Asset Reconstruction Pvt Ltd for allegedly receiving a bribe of Rs 3.5 lakh against a demand of Rs 5 lakh.

    After an epic judgement released by the NCLAT court on 23 Jan 2020, to halt insolvency proceedings against Gurugram based Raheja Developers Ltd., After whic...

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