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(CTech) China's chip designer and manufacturer Sanan Optoelectronics Co. Ltd. is in talks to acquire Israel-headquartered communication chips company ColorChip
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 before to give directions to the central bank. The high court has mandated insolvency proceedings by lenders against defaulting power projects. Executives said that insolvency proceedings, which kick in as RBIs 180-day deadline has passed, may lead to steep haircuts for lenders because of the low valuations of stressed projects.
Bankers said they have 15 days to start insolvency proceedings against…
(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 Optoelectronics designs and produces LED components as well as radio chips.
The planned-acquisition will be either participated by or conducted through a Sanan Group affiliated private equity fund called An Xin Capital LLP, the people familiar with the matter said.
Both Sanan Optoelectornics and An Xin Capital have been approached for comment bu…
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech Limited (LITL), the holding company of the Lanco group, having a consolidated debt of Rs 500 billion.
The Bench has appointed resolution professional (RP) Savan Godiawala as the liquidator and directed him to initiate the liquidation process as prescribed under Chapter-3 of the Insolvency and Bankruptcy Code (IBC), 2016, by following the liquidation process stated in IBBI (liquidation process) Regulation, 2013.
“The liquidator appointed herein is directed to issue public announcement stating that the corporate debtor is in liquidation and also required to se…
The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.
The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala as the liquidator of the company.
The Reserve Bank had last June directed IDBI Bank, lead lender of Lanco Infratech, to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC).
The company, among 12 firms identified by the RBI with high debt for proceedings under IBC, owes over Rs 44,000 crore to the IDBI…
He accused the Modi government of trying to protect the company from being declared bankrupt.
Ramesh said that on February 12, the Reserve Bank of India issued a circular stating that any company that owed more than Rs 2,000 crore to banks should be declared bankrupt within 180 days.
“GSPC’s highest debt is from SBI, which is Rs 1,200 crore. According to RBI’s notification, SBI should declare GSPC bankrupt,” said Ramesh.
“Last month GSPC submitted a 15-page document, entitle…
The National Company Law Tribunal, Hyderabad, has ordered liquidation proceedings for Lanco Infratech Ltd. The NCLT Bench dismissed a petition filed by Power Mech Projects Ltd to consider a deadline extension to place a bid for Lanco Infratech.
Ordering the appointment of Insolvency Resolution Professional (IRP) Savan Godiawala as the official liquidator, NCLT Member Ratakonda Murali accorded 75 days time for the liquidation process.
The diversified infrastructure company was taken to NCLT by IDBI, and the IRP had called for a resolution plan by potential bidders.
In the first attempt, Thriveni Earthmovers bid, the only comprehensive one, was considered. However, it was rejected by the Committee of Creditors (CoC) with barely 15 per cent …
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.
He cited two reports of the Comptroller and Auditor General (CAG) that noted that GSPC took loans of Rs 20,000 core from 15 banks and gave contracts for drilling to “four-five companies”.
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.
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According to a new report, the Bellagio Hotel and Casino has accused PK, the manager of iconic musician Boy George, of breaching a settlement that required him to make payments on a gambling debt he began racking up years ago.
On August 26, The Blast shared details of the alleged agreement, revealing the RHOBH star accumulated a $3.6 million gambling debt with the casino. PK, 51, made a few payments in the amount of $875,000 before filing for bankruptcy in the U.K. and having his debt cleared away.
Although PKs debt was removed after his bankruptcy filing overseas, the casino said they wer…
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 light in GSPC, 13 years after then Gujarat Chief Minister Narendra Modi announced in 2005 the discovery of a natural gas block in the Krishna-Godavari basin.
He cited two reports of the Comptroller and Auditor General (CAG) that noted that GSPC took loans of Rs 20,000 core from 15 banks and gave contracts for drilling to “four-five companies”.
