The chances of stressed power generation units landing in the insolvency court have increased after the Reserve Bank of India revised last month its framework for the resolution of non-performing assets. A more worrying aspect, according to sector analysts, is that these assets totalling more than 80,000 megawatts across operational and under-construction projects may…
Tata Steel Ltd. today said that it has been identified as the highest evaluated compliant resolution applicant for Bhushan Steel Ltd, under the insolvency and bankruptcy process. The steelmaker is currently in discussions with the resolution professional and advisors to the Committee of Creditors on the resolution plan it had submitted, it said in an…
Liberty House, part of Sanjeev Gupta’s global industrial group GFG Alliance, has been chosen as highest preferred bidder for Amtek Auto’s assets, which include 35 automotive component plants across India, Japan, Thailand and Spain, employing 6,000 people. The announcement of Liberty House as the successful preferred bidder was made in the committee of creditors…
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Bulgarian MPs voted on March 7 to overturn President Roumen Radevs veto on the bill of amendments to the Bank Insolvency Act. The motion carried with 129 MPs in favour, 40 opposed and no abstentions. The two parties in the government coalition, Prime Minister Boiko Borissovs GERB and the United Patriots group of nationalist parties, were…
Coronation Street actor Michael Le Vell has been declared bankrupt. The soap star, 53, has played garage mechanic Kevin Webster for three-and-a-half decades. He was declared bankrupt on January 8 under his birth name, Michael Robert Turner, with the order updated last week to reflect his stage name. Le Vell first joined Coronation Street in…
(Picture: Getty) Coronation Street actor Michael Le Vell has reportedly been declared bankrupt after struggling with legal costs of £200,000 accumulated when he fought child sex abuse allegations at trial in 2013. The star, who plays mechanic Kevin Webster, was found not guilty by a jury on all 12 counts but was left with the…
The Aditya Birla groups UltraTech Cement moved the National Company Law Tribunal (NCLT) in Kolkata on Tuesday against the resolution professional for Binani Cement after its bid for the cement company undergoing insolvency proceedings was rejected. The Kumar Mangalam Birla company had earlier served a notice to the resolution professional asking for details on…
Deposit guarantee company Deposit Power is now under external administrators following the placement of Auckland-based CBL Insurance into interim liquidation. External administrators from Chifley Advisory were appointed to the company last week. Deposit Power acted as an authorised manager and agent of CBL Insurance which provided all the deposit guarantee bond products sold by Deposit Power…
The debt resolution of Essar Steel has turned into a full-scale corporate war between VTB Bank of Russia and LN Mittals ArcelorMittal, both of which have made multi-billion dollars offers for the Gujarat-based steel company. All eyes are now on the lenders meeting scheduled on Thursday. The lenders are expected to call for a…