MUMBAI/NEW DELHI: Private power companies defaulting on an estimated Rs 1.7 lakh crore loans to 34 projects ran out of time to avoid insolvency proceedings on Monday, with the Allahabad high court refusing to grant interim relief. The court’s decision leaves no other option for lenders but to initiate insolvency proceedings according to the Reserve…
NEW DELHI: The Allahabad High Court declined to give private power companies any interim relief on the Reserve Bank of India (RBI) circular that tightened bad loan norms on Monday, the deadline for finalising resolution plans for the stressed assets. The court suggested the government could use a special dispensation that has never been used…
(CTech) China’s chip designer and manufacturer Sanan Optoelectronics Co. Ltd. is in talks to acquire Israel-headquartered communication chips company ColorChip Ltd., according to people familiar with the matter. The deal discussed values the latter at around $300 million, the people familiar with the matter said. Based in Xiamen City in China’s Fujian province, Shanghai-listed Sanan…
Citing an RBI notification, Congress leader Jairam Ramesh on Monday demanded that the SBI should declare Gujarat State Petroleum Corp (GSPC) bankrupt and said the company owed Rs 12,000 crore to several banks. He accused the Modi government of trying to protect the company from being declared bankrupt. Ramesh said that on February…
The Congress today claimed that public-sector Gujarat State Petroleum Corporation (GSPC) owes Rs 12,000 crore in loans to various banks, and accused the Narendra Modi government of trying to prevent the company from being declared bankrupt. Senior Congress leader Jairam Ramesh claimed at a press conference that a Rs 20,000-crore scam has come to…
Warsaw District Court has declared the WSE-listed IT company Indata bankrupt. The creditors now have 30 days to submit their claims (if they were not disclosed in the proper registry). Among the companys debt are two series of bonds issued late last year worth PLN 1 million each. Indata is a holding of IT companies.…
The Congress today claimed that public sector Gujarat State Petroleum Corporation (GSPC) owes Rs 12,000 crore in loans to various banks, and accused the Narendra Modi government of trying to prevent the company from being declared bankrupt. Senior Congress leader Jairam Ramesh claimed at a press conference that a Rs 20,000-crore scam has come to…
Citing a Reserve Bank of India (RBI) notification, senior Congress leader Jairam Ramesh on Monday said that the State Bank of India should declare Gujarat State Petroleum Corporation (GSPC) as bankrupt by 5 p.m. The Congress leader said, On February 12, 2018, RBI issued a circular stating any company that owes more than Rs 20,000…
CREDITORS have been left owed more than $3m following the latest Sunshine Coast building industry insolvency. The Cleary Group Pty Ltd’s ‘collapse’ rivals the 2013 Walton Queensland liquidation in terms of its impact on Sunshine Coast sub contractors who make up the majority of the 50-plus creditors left out of pocket. Terry John Rose of…
Israel-headquartered communication chip designer and manufacturer ColorChip Ltd. is in talks with a potential Chinese buyer, two people familiar with the matter told Calcalist on condition of anonymity. For daily updates, subscribe to our newsletter by clicking here. Founded in 2001 and headquartered in northern Israeli town…