A public-relations firm became the latest company to ask an Indian tribunal to place billionaire Anil Ambani-run Reliance Communications Ltd. under insolvency proceedings after the unprofitable mobile-phone operator failed to pay its dues. Fortuna Public Relations Pvt. placed its request with the Mumbai bench of National Company Law Tribunal on Monday, saying Reliance Communications owes it…
Reliance Group’s chairman Anil Ambani On November 24, China Development Bank (CDB) formally filed an insolvency petition against Reliance Communications at the National Company Law Tribunal in Mumbai. The company is believed to owe Rs130 billion ($2.01 billion) to Chinese lenders not just CDB (the lions share at Rs114.6 billion/$1.78 billion) but China Eximbank and…
HE HAS to stump up $1 million in the next week or face the threat of bankruptcy, but instead of being a grinch about his predicament, it seems Salim Mehajer would prefer to play Santa. Undeterred by staring down the financial strife and a string of court dates, the controversial property developer is planning a…
A recent ordinance introducing Section 29A in the Insolvency and Bankruptcy Code (IBC) debars promoters declared wilful defaulters of companies facing bankruptcy proceedings to bid for the stressed assets. This legal initiative has come not a day too soon. Clever operators who had stripped their companies and misused loans have been regaining control through legal…
LIFES never dull for controversial businessman and former Auburn deputy mayor Salim Mehajer. On top of facing a series of court battles over everything from his former relationship to his crumbling business empire, now he can reportedly add the threat of bankruptcy to the list. The 31-year-old is currently under virtual house arrest and facing…
Rewarding good work and recognising employees aspirations will drive performance and growth in the corporate world. The best example of this was set by the corporates in the U.S. in the post-Second World War era. Perhaps they went overboard and the after-effects are manifest now with income disparity becoming more acute. Practices such as huge…
If order gets passed, lenders will have to provision for 50 per cent of their debt Mumbai, Nov 30: Nearly 30 lenders of debt-ridden Reliance Communications (RCom) have opposed a petition by China Development Bank (CDB) to file an insolvency case against the telecom company. CDB, a lender to RCom, had filed the suit with…
A file photo of the Sebi headquarters in Mumbai. Eleven of the 12 large NPA accounts currently under insolvency proceedings, including Bhushan Steel Ltd, Alok Industries Ltd, Amtek Auto Ltd, Lanco Infratech Ltd, Electrosteel Steels Ltd and Era Infra Engineering, are listed companies. Photo: Abhijit Bhatlekar/Mint Mumbai: A committee set up to ease listing, compliance…
NEW DELHI: Government may consider giving different treatment to small and medium enterprises (SMEs) under the Insolvency and Bankruptcy Code (IBC) since they usually have limited number of buyers and rely largely on promoters for a resolution. It is my view that we have to consider the case of SMEs objectively since they form the…
A High Court judge has been asked to clarify legal issues potentially affecting more than 600 insolvency cases. Lawyers representing a number of debtors claim the insolvency service has ground to a halt due to alleged exploitation of a legal loophole by banks and other creditors. That claim is disputed by creditors who have alleged…