HYDERABAD: In an interesting twist of developments, weeks after the National Company Law Tribunal (NCLT) rejected the insolvency petition filed by Anrak Aluminium in the ‘interest of the nation’, the banking regulator Reserve Bank of India (RBI) has directed the lead lender State Bank of India (SBI) to move the tribunal seeking insolvency. Anrak Aluminium…
Gujarat NRE Coke faces liquidation process as creditors reject resolution plan Gujarat NRE Coke (GNCL) is likely to face liquidation process as the creditors of the company have rejected the resolution plan, submitted by an Ahmedabad-based asset reconstruction company (ARC) Rare Asset Reconstruction under the corporate insolvency resolution process.Following this to save the company from going…
PETERS Coaches went into liquidation owing more than $3.7 million to creditors, according to the latest report lodged with the Australian Securities and Investments Commission. Peters Coaches, a family-owned and run company that was in business for nearly seven decades, closed its doors on Monday, December 11, and was placed into liquidation at the direction…
A file photo of a paper mill. Telangana-based Sirpur, one of the oldest paper mills in the country, shut operations in September 2014 following successive quarterly losses. Photo: Bloomberg Mumbai: Telangana-based Sirpur Paper Mills Ltd, which is in the middle of insolvency proceedings at the Hyderabad bench of the National Company Law Tribunal (NCLT), has…
New Delhi: The government has no plans to waive off corporate loans and banks while banks have advised to either resolve their issue of non-performing assets (NPAs), or stressed loans speedily, or start insolvency proceedings in this regard, Parliament was informed on Friday. In a written reply to the Lok Sabha, Minister of State for…
By: PTI | New Delhi | Published: December 29, 2017 5:26 pm Shiv Pratap Shukla was replying to a question if the government has taken note on nation-wide strike by bank employees against various moves, including increase in bank charges, merger of banks and waiver of corporate loans. Related News The government on Friday said…
NEW DELHI: The government today said it has no plans to waive corporate loan and banks are advised to resolve stressed accounts speedily or start insolvency proceedings case by case. “No proposal for waiver of corporate loan is under consideration of the government,” Minister of State for Finance Shiv Pratap Shukla said in a written…
HYDERABAD:Canara Bank on Friday filed a petition before National Company Law Tribunal (NCLT), Hyderabad, urging it to declare M/s Transstroy (India) Ltd as bankrupt and initiate corporate insolvency process against the construction company. This bank’s decision is likely to have several ramifications as Transstroy is the main contractor currently entrusted with the task of constructing…
The government on Thursday introduced a bill in the Lok Sabha to bar those with non-performing accounts from bidding to acquire insolvent companies or their assets. The Insolvency and Bankruptcy Code (Amendment) Bill, 2017 will replace an ordinance promulgated last month, which barred those with RBI recognised non-performing loan of at least a year from…
The beleaguered Honeydew Dairies has been placed under provisional liquidation by the Pietermaritzburg high court. The company and all other interested parties have until February 8 to give reasons why the dairy should not be finally wound up. In addition, the master of the high court has been directed to appoint a provisional liquidator to…