In a move to recover funds for creditors, the liquidator of the scam-tainted Gitanjali Gems Limited has put up for e-auction three luxury flats in Mumbai’s Santacruz East, previously linked to the company’s promoters, the Choksi family. The auction is part of the liquidation process of the company that collapsed following the massive Punjab National Bank (PNB) fraud.

The properties, identified as Flats No. 101-103, 201-203, and 301-303 on the first, second, and third floors of ‘Sapphire Heights’ (formerly Kheni Tower) in Jogani Complex, Kalina, will be auctioned individually. Each flat, with a merged carpet area of 3,130 sq. ft., carries a reserve price of ₹10,14,48,934. To participate, serious bidders must…

New Delhi, Sep 5 (IANS) In a significant step, Bank of Baroda, one of India’s leading public sector banks, has declared the loan accounts of Reliance Communications Ltd. (RCom) and its erstwhile Director, Anil Ambani, as ‘fraud’, according to an exchange filing.

This classification pertains to loans taken before RCom entered the corporate insolvency resolution process (CIRP), the exchange filing told on Thursday.

This development marks a crucial turn in the ongoing financial saga surrounding the once-prominent telecom company and its erstwhile director.

RCom, currently undergoing the CIRP under the Insolvency and Bankruptcy Code (IBC), 2016, has…

While the bank provided a personal hearing, it found the arguments in the reply to be “not sustainable” against specific allegations such as “mis-utilization of funds, improper loan utilization, unauthorized transfers,” and “fund recycling”.

RCOM’s disclosure notes that the company is protected from legal proceedings under the Insolvency and Bankruptcy Code, 2016, during its CIRP. It also states that if the resolution plan is approved by the National Company Law Tribunal (NCLT), the company will have immunity against any liability for offenses committed prior to the CIRP commencement. The company’s affairs, business, and assets are currently managed by a Resolution Professional named Anish Niranjan Nanavaty.

The total outstanding credit…

Prior to this, the State Bank of India (SBI) and the Bank of India (BOI) reclassified the loan accounts of Anil Ambani’s bankrupt telecom firm RCom as “fraud”. SBI accused the company of diverting over ₹31,500 crore whereas BOI alleged that ₹725 crore, which the firm was supposed to use for spectrum payments, was transferred to fixed deposits.

The financial and legal turmoil surrounding Anil Ambani and Reliance Communications (RCom) has escalated into a systemic crisis for India’s banking sector and corporate governance framework. With multiple banks classifying RCom’s loan accounts as “fraud” and regulatory agencies intensifying investigations, the case underscores the fragility of legacy defaults and the challenges of reconciling insolvency proceedings with fraud allegations. For stakeholders and investors, the fallout raises critical questions about risk mitigation, regulatory oversight, and the long-term stability of India’s financial ecosystem.

Legal and Regulatory Escalation: A Multi-Pronged Attack

Bank of Baroda’s recent declaration of RCom and Anil…

MONTREAL — A Quebec Superior Court judge has declared insolvent the North American branch of battery maker Northvolt as the provincial government looks to recover $260 million owed to it by the company.

Justice Janet Michelin on Friday placed Northvolt Batteries North America under creditor protection following a request earlier in the week from the Quebec government.

Northvolt laid off its entire workforce on Thursday following Economy Minister Christine Fréchette’s announcement on Tuesday that the government would provide no more funding for the company’s planned electric-vehicle battery plant near Montreal.

The court decision on Friday will allow the company to rehire about 15 employees to maintain the site where the factory…

The cheque is in the mail, finally.

The last group of people, companies and others owed money by Laurentian University when it declared insolvency four-and-a-half years ago are finally getting at least some of what they’re owed.

The plan to pay back Laurentian’s final creditors is in the works with last week’s completion of a real estate deal between Infrastructure Ontario and Laurentian University.

Back in September of 2022, a plan was put before the unsecured creditors for a vote.

They were told they could be compensated between 14 and 24 cents on the dollar on the amount they were owed, and if they voted against that plan, there was no guarantee of any compensation.

The vote passed.

To raise the money to pay off the creditors, another deal…