JK Paper is set to takeover the management of the ailing Sirpur Paper Mills, located at Kaghaznagar, with the resolution plan and and the approval of a consortium of lenders headed by IDBI, in the final stages. JK Paper has come up with a 628-crore resolution plan. Responding to the proposed move by JK Paper,…
Renaissance Steel India on Monday said it will file an application before the Kolkata bench of the National Company Law Tribunal (NCLT), challenging the decision of the Committee of Creditors (CoC) that Vedanta and Tata Steel are eligible bidders for Electrosteel Steels. We will be filing an application challenging the CoCs decision to consider Vedanta…
Dalmia Bharat Cement was declared the higher bidder after it offered close to Rs6,400 crore in upfront cash payment to the lenders of distressed Binani Cement. Photo: HT Mumbai: Creditors are driving hard bargains with potential suitors of distressed assets in the ongoing corporate insolvency cases, preferring resolution plans that offer upfront cash payments over…
That in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and this is further to our intimations regarding the application filed by Allahabad Bank for initiation of Corporate Insolvency Resolution Process (CIRP) for Supreme Tex Mart Limited under Insolvency and Bankruptcy Code, 2016 (IBC 2016) before National Company Law Tribunal,…
MUMBAI: Size and corporate governance do matter: That seems to be the unambiguous message Indias bankruptcy courts are giving the countrys beleaguered lenders about a year since they began the process of recovering bad loans within specific deadlines. Since December 2016, when the new law came into force, 11% (67 cases) of the small and…
Indias Insolvency and Bankruptcy Code has promised to completely transform the countrys insolvency resolution regime. Jyoti Singh analyses the key judicial decisions under the Code. Click here to read PDF of chapter As far as the introduction of new laws in India is concerned, the Insolvency and Bankruptcy Code, 2016 (Code) is second to none…
Today has been the last day of Doughnut Time, Victoria state manager Vanessa Gaddi-Chmielewski wrote in an email supplied to the ABC. I just received news from Dan [Strachotta] that the deal with the new company has been blocked by Damian. He will not sign the Doughnut Time trademark to Dan. As a result, the…
New Delhi, Mar 29 (PTI) A former Air India pilot has dragged the national carrier to the National Complany Law Tribunal (NCLT) seeking initiation of insolvency proceedings against it, saying the airline has been unable to clear his dues. Captain Subodh Kumar, who served Air India (AI) for 28 years, has sought the settlement of…
New Delhi, Mar 29 () A former Air India pilot has dragged the national carrier to the National Complany Law Tribunal (NCLT) seeking initiation of insolvency proceedings against it, saying the airline has been unable to clear his dues. Captain Subodh Kumar, who served Air India (AI) for 28 years, has sought the settlement of…
For now, its advantage Ultratech in the battle for Binani Cement. By getting the ousted promoters and unsecured lenders on its side and putting more money on the table, the Aditya Birla group company has convinced the Kolkata bench of National Company Law Tribunal (NCLT) to give it a second chance. The NCLT on Tuesday…