IBC News

Insolvency News in Newspapers

Collection of Insolvency and Bankruptcy news in various Newspapers.

Date: 06.09.2021

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Heading

News & Link

Date: 23.11.2021

NCLT approves decison to liquidate Sterling International Enterprises

Jaypee Infra insolvency: SC asks NCLT to decide in two months

The IDBI Bank-led consortium had initiated insolvency proceedings against JIL for failing to repay total debt of around Rs 24,000 crore. The NCLT, Allahabad, on August 9, 2018 had admitted the consortium’s plea.

https://www.financialexpress.com/industry/jaypee-infra-insolvency-sc-asks-nclt-to-decide-in-two-months/2374115/

What are the rights of shareholders in India?

When one thinks of shareholders’ rights, the concern is always about the small retail shareholder, and much less, about large institutional shareholders.

https://www.financialexpress.com/money/what-are-the-rights-of-shareholders-in-india/2373632/

With Tatas now, not alter ego of govt: A-I to US court; Devas says still liable to pay

Air India has informed the US court that it has signed a “share purchase” agreement with Tata Sons with a sale likely to close by the end of 2021 or 2022, and that this will result in Air India no longer being a government asset

https://indianexpress.com/article/india/with-tatas-not-alter-ego-govt-air-india-us-court-devas-7636486/

Why insolvency cases are giving Noida a tough time

It’s not just stalled housing projects, the two industrial authorities in Noida and Greater Noida are grappling with another problem — the complex insolvency resolution process.

https://timesofindia.indiatimes.com/city/noida/why-insolvency-cases-are-giving-noida-a-tough-time/articleshow/87837198.cms

Date: 22.11.2021

Cross-border insolvency cases: Government will soon put out for consultation the draft legal framework

Based on the feedback, the government will try and move a Bill to amend the Insolvency and Bankruptcy Code (IBC) in the upcoming winter session of Parliament.

https://economictimes.indiatimes.com/news/economy/policy/cross-border-insolvency-cases-government-will-soon-put-out-for-consultation-the-draft-legal-framework/articleshow/87792048.cms

Personal guarantors may be part of cross-border insolvency framework

The cross-border insolvency framework is yet to be notified under the Insolvency and Bankruptcy Code

https://www.business-standard.com/article/companies/personal-guarantors-may-be-part-of-cross-border-insolvency-framework-121111900034_1.html

USD 15 bn Reliance-Aramco deal off, companies re-evaluate

Ambani had in company’s annual general meeting of shareholders in August 2019 announced talks to sell a 20 per cent in the oil-to-chemicals (O2C) business

https://www.financialexpress.com/industry/usd-15-bn-reliance-aramco-deal-off-companies-re-evaluate/2372879/

Date: 19.11.2021

Cross-border insolvency cases: Government will soon put out for consultation the draft legal framework

Based on the feedback, the government will try and move a Bill to amend the Insolvency and Bankruptcy Code (IBC) in the upcoming winter session of Parliament.

https://economictimes.indiatimes.com/news/economy/policy/cross-border-insolvency-cases-government-will-soon-put-out-for-consultation-the-draft-legal-framework/articleshow/87792048.cms

Jindal Saw likely to acquire Sathavahana Ispat under the IBC route

P R Jindal unit raises Rs 500 crore from Edelweiss managed fund, ECL at 25% IRR for 5 years to acquire distressed steel company.

https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/jindals-holding-company-siddeshwari-tradex-likely-to-acquire-sathavahana-ispat-under-the-ibc-route/articleshow/87834401.cms

Date: 18.11.2021

The biggest mistake we made was we did not go to the bankers before going court: Hemant Kanoria

In hindsight, the biggest mistake we made was that we did not go to the bankers before going to the Court (National Company Law Tribunal/NCLT),” 

https://www.thehindubusinessline.com/money-and-banking/the-biggest-mistake-we-made-was-we-did-not-go-to-the-bankers-before-going-court/article37505131.ece

No income tax NOC/NDC required for voluntary liquidations, says IBBI

In a move that will ease some compliance burden, insolvency professionals would not be required to obtain any non-objection or no dues certificate from the Income Tax Department while handling the voluntary liquidation process, the Insolvency and Bankruptcy Board of India (IBBI) has clarified.

https://www.business-standard.com/article/economy-policy/no-income-tax-noc-ndc-required-for-voluntary-liquidations-says-ibbi-121111700534_1.html

Bombay High Court discharges DHFL in cheating, corruption case filed by CBI

Bombay High Court discharged DHFL and dropped the proceedings against it in a case of cheating and corruption against its former directors Kapil and Dhiraj Wadhawan, and Yes Bank founder Rana Kapoor

https://www.business-standard.com/article/companies/bombay-high-court-discharges-dhfl-in-cheating-corruption-case-filed-by-cbi-121111701240_1.html

McLeod Russel lenders entrust LSI Financial for revisiting viability of ops

Interestingly, the company’s lenders had in 2019 appointed LSI Financial Services to undertake a techno-economic feasibility study to formulate a resolution plan outside the scope of the insolvency resolution. As the banks are now keen to restructure the debt, they have entrusted LSI for revisiting the viability of operations, according to sources.

https://www.financialexpress.com/industry/mcleod-russel-lenders-entrust-lsi-financial-for-revisiting-viability-of-ops/2369941/

Date: 02.11.2021

NCLT dismisses pleas for consolidated resolution of Regen Powertech

The National Company Law Tribunal, Chennai, on Monday dismissed the petitions of 25 applicants seeking consolidation and simultaneous Corporate Insolvency Resolution Process……………….

https://www.thehindubusinessline.com/companies/nclt-dismisses-pleas-for-consolidated-resolution-of-regen-powertech/article37291652.ece

Former SBI Chief arrested in Jaisalmer hotel loan case

The National Company Law Tribunal, Chennai, on Monday dismissed the petitions of 25 applicants seeking consolidation and simultaneous Corporate Insolvency Resolution Process……………….

https://www.thehindubusinessline.com/companies/nclt-dismisses-pleas-for-consolidated-resolution-of-regen-powertech/article37291652.ece

Date: 01.11.2021

Bank ownership in hands of corporates not desirable: ex-SBI chairman Rajnish Kumar

Allowing corporates to own banks in the country is not desirable due to the likely risks of related party transactions, former State Bank of India (SBI) chairman Rajnish Kumar said.

https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-ownership-in-hands-of-corporates-not-desirable-ex-sbi-chairman-rajnish-kumar/articleshow/87403225.cms

IL&FS gets NCLT approval for launch of InvIT phase one

In a release, the group said that the approval from the National Company Law Tribunal (NCLT) was received on Saturday.

https://indianexpress.com/article/business/ilfs-gets-nclt-approval-for-launch-of-invit-phase-one-7599647/

Date: 31.10.2021

IL&FS gets NCLT approval for phase 1 InvIT

With this approval, six road projects — Barwa Adda Expressway Ltd, Baleshwar Kharagpur Expressway Ltd, Sikar Bikaner Highway Ltd, East Hyderabad Expressway Ltd, Moradabad Bareilly Expressway Ltd and Jharkhand Road Projects Implementation Company Ltd — will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT Phase I.

https://economictimes.indiatimes.com/industry/services/property-/-cstruction/ilfs-gets-nclt-approval-for-phase-1-invit/articleshow/87396793.cms

Delhi HC rejects Future’s plea to stay arbitration order

Punjab to terminate power purchase pact with GVK

The spokesperson said the capacity charges are being decided by the Punjab State Electricity Regulatory Commission (PSERC) based on capital cost of around Rs 3,058 crore, which is equivalent to about Rs 1.61 per unit of fixed cost.

https://www.financialexpress.com/industry/punjab-to-terminate-power-purchase-pact-with-gvk/2360189/

Bombay High Court division bench defers hearing on Zee-Invesco case to November 29

On Tuesday, a single judge bench of the Bombay High Court had granted an injunction in favour of ZEEL observing that directing ZEEL to call an EGM would be potentially non-compliant and there were fundamental flaws in Invesco’s construct.

https://www.financialexpress.com/industry/bombay-high-court-division-bench-defers-hearing-on-zee-invesco-case-to-november-29/2359794/

Date: 30.10.2021

No discrimination in PVS Memorial Hospital case, says Resolution Professional

A counter statement in insolvency proceedings of Kochi-based PVS Memorial Hospital does not find any alleged instance of arbitrariness against either employee doctors or consultant doctors in the respective resolution plan since claims were admitted based on respective forms submitted by each.

https://www.thehindubusinessline.com/news/no-discrimination-in-pvs-memorial-hospital-case-says-resolution-professional/article37238796.ece

Justice (retd) Ashok Bhushan appointed as NCLAT Chairperson

The Centre has appointed retired Supreme Court judge Ashok Bhushan as the Chairperson of the National Company Law Appellate Tribunal (NCLAT).

https://www.thehindubusinessline.com/news/justice-retd-ashok-bhushan-appointed-as-nclat-chairperson/article37232665.ece

TVS Automobile and KPN Travels sign settlement agreement

The NCLT had ordered insolvency proceedings against KPN Travels in a case filed by TVS Automobile for not receiving payment

https://www.thehindubusinessline.com/companies/tvs-automobile-and-kpn-travels-sign-settlement-agreement/article37226683.ece

Reliance Deal: Delhi High Court rejects FRL plea for stay on tribunal order

Justice Suresh Kumar Kait, while seeking response of Amazon on FRL’s appeal against the Singapore International Arbitration Centre’s (SIAC) interim order, posted the matter for further hearing on January 4.

https://www.financialexpress.com/industry/reliance-deal-delhi-high-court-rejects-frl-plea-for-stay-on-tribunal-order/2359880/

Bombay High Court division bench defers hearing on Zee-Invesco case to November 29

On Tuesday, a single judge bench of the Bombay High Court had granted an injunction in favour of ZEEL observing that directing ZEEL to call an EGM would be potentially non-compliant and there were fundamental flaws in Invesco’s construct.

https://www.financialexpress.com/industry/bombay-high-court-division-bench-defers-hearing-on-zee-invesco-case-to-november-29/2359794/

Dish TV to seek more time for conducting annual general meeting

The company’s board of directors on Friday decided to make a requisite application before the Registrar of Companies, Mumbai, for extension of timeline for holding the Annual General Meeting (AGM).

https://www.financialexpress.com/industry/dish-tv-to-seek-more-time-for-conducting-annual-general-meeting/2359825/

SC allows new board of Unitech to appoint PMCs for completion of stalled projects

A bench of Justices DY Chandrachud and M R Shah said that the new board of management can proceed ahead with the appointment of PMCs for completion of the stalled projects.

https://www.moneycontrol.com/news/business/sc-allows-new-board-of-unitech-to-appoint-pmcs-for-completion-of-stalled-projects-7648961.html

Date: 29.10.2021

Supreme Court allows new board of Unitech to appoint PMCs for completion of stalled projects

A bench of Justices DY Chandrachud and M R Shah said that the new board of management can proceed ahead with the appointment of PMCs for completion of the stalled projects.

https://www.financialexpress.com/industry/supreme-court-allows-new-board-of-unitech-to-appoint-pmcs-for-completion-of-stalled-projects/2358953/

Future Retail moves Delhi High Court against SIAC order

Future Retail along with its promoters has moved the Delhi High Court requesting to stay and set aside the order passed by the Singapore-based arbitration tribunal SIAC on October 21, putting its Rs 24,713-crore deal with Reliance Retail on hold.

https://www.financialexpress.com/industry/future-retail-moves-delhi-high-court-against-siac-order/2358516/

Buying Air India Not Enough For Tata To Take On IndiGo

For nearly a decade, India’s largest airline IndiGo has had a dream run as it doubled its share to more than 50% in one of the world’s fastest-growing aviation markets. Now, it will face more competition.

https://www.bloombergquint.com/business/buying-air-india-not-enough-for-tata-to-take-on-indigo

Date: 28.10.2021

Bankrupt Sintex next on Mukesh Ambani's list? Reliance-ACRE submits EoI

This is a rare instance where RIL has formally submitted an expression of interest for a bankrupt company that is undergoing the corporate insolvency and resolution process (CIRP), said a lender. The only other instance where it submitted a bid was for Alok Industries in partnership with JM Financial ARC. It subsequently acquired that company.

https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/sintex-next-on-mukesh-ambanis-list-reliance-acre-submits-eoi-for-bankrupt-company/articleshow/87293583.cms

File response by November 15, NCLT tells Dish TV

Yes Bank owns 26 per cent stake in Dish TV while the promoters Jawahar Goel and family own 6 per cent stake.

https://www.business-standard.com/article/companies/file-response-by-november-15-nclt-tells-dish-tv-121102800005_1.html

Zee-Invesco tussle: NCLT adjourns case to November 16

The Mumbai bench of the NCLT, which heard the case again on Wednesday, adjourned it to November 16 for directions. The tribunal had earlier adjourned the case as it wanted to hear the Bombay HC’s ruling in the matter.

https://www.financialexpress.com/industry/zee-invesco-tussle-nclt-adjourns-case-to-november-16/2358217/

Sebi slaps fine on 2 individuals for not complying with summons in Videocon case

Sebi conducted an investigation between April 2017-September 2017 in the scrip of Videocon Industries for the possibility of insider trading and volume manipulation by certain entities.

https://www.moneycontrol.com/news/business/markets/sebi-slaps-fine-on-2-individuals-for-not-complying-with-summons-in-videocon-case-7638281.html

Date: 27.10.2021

Zee Entertainment cancels board meeting on quarterly results

The media company has been embroiled in a legal dispute regarding a board revamp and management changes with two Invesco-controlled funds

https://www.business-standard.com/article/companies/zee-entertainment-cancels-board-meeting-on-quarterly-results-121102600818_1.html

Zee-Invesco row: A look at what happens next after Bombay HC bars Invesco from calling EGM

While the Bombay High Court has restrained Invesco from taking any action in furtherance of their requisition notice (to call an EGM),” said Nirav Shah, a partner at law firm DSK Legal, the court has not declared the call for an EGM illegal or invalid.

https://www.moneycontrol.com/news/business/companies/zee-invesco-row-a-look-at-what-happens-next-after-bombay-hc-bars-invesco-from-calling-egm-7631441.html

Date: 25.10.2021

NCLAT asks NCLT to give hearing opportunity to two Videocon execs

NCLAT has directed NCLT to go for “fresh determination” and pass a new order after providing opportunity of hearing to two employees of Videocon, whose assets and bank accounts were frozen.

https://www.business-standard.com/article/companies/nclat-asks-nclt-to-give-hearing-opportunity-to-two-videocon-execs-121102400414_1.html

IBBI holds Training of Trainers programme for insolvency profession

The event, held in collaboration with the United Kingdom’s Foreign Commonwealth and Development Office (FCDO), was meant to train the trainers on ‘Usage of Alternate Dispute Resolution Techniques to aid the Insolvency Resolution Process’.

https://www.livemint.com/news/india/ibbi-holds-training-of-trainers-programme-for-insolvency-professionals-11635074364079.html

Book excerpt | What really happened at Jet Airways: A banker's perspective

In ‘The Custodian of Trust’, former SBI chairman Rajnish Kumar shows how bankers sometimes get a ringside view of the most spectacular corporate implosions of our times.

https://www.moneycontrol.com/news/trends/features/excerpt-what-really-happened-at-jet-airways-a-bankers-perspective-7619871.html

Date: 24.10.2021

Urgent need to curtail delays in bankruptcy resolution, says MCA

The caseload of NCLT has gone up over the years and there is a huge backlog of cases, and they have been working tirelessly to meet the requirement of the ever-rising workload, said Rajesh Verma, secretary in the ministry of corporate affairs……….

https://www.livemint.com/news/india/urgent-need-to-curtail-delays-in-bankruptcy-resolution-says-mca-11634973632937.html

RBI introduces new NBFC regulatory framework to avoid debacles like IL&FS, Dewan Housing and SREI Group

The RBI’s new supervisory framework is the result of the failure of a few large NBFCs. The NBFC sector poses a big threat to the stability of the financial system as it has strong linkages with banks, debt and equity markets, insurance and the mutual fund industry.

https://www.businesstoday.in/top-story/story/rbi-introduces-new-nbfc-regulatory-framework-to-avoid-debacles-like-ilfs-dewan-housing-and-srei-group-310186-2021-10-22

Date: 23.10.2021

ZEE-Invesco case: Bombay High Court to pronounce ruling on Tuesday

In his argument before the high court, ZEEL counsel Gopal Subramanium said that a company’s board has the right to reject a requisition under certain circumstances, wherein investors come in with “designs” or are in violation of the Companies Act.

https://www.financialexpress.com/industry/zee-invesco-case-bombay-high-court-to-pronounce-ruling-on-tuesday/2355041/

Reliance deal: Amazon in Supreme Court against Future’s meetings

It said that despite this operative injunction, FRL issued the notice of meetings pursuant to the NCLT order. Further, the NCLT also dismissed Amazon’s application notwithstanding the SC’s directions to refrain from doing so, it said in its application filed in the SC.

https://www.financialexpress.com/industry/reliance-deal-amazon-in-supreme-court-against-futures-meetings/2354419/

Wallet startup TMW  Fintech faces  bankruptcy  risk

TMW Fintech purchased goods from MCT Cards and Technology Pvt. Ltd, a Manipal-based provider of SIM cards and smart cards for biometric identification and payment facilitation.

https://www.livemint.com/companies/news/wallet-startup-tmw-fintech-faces-bankruptcy-risk-11634921581865.html

Rebuffing merger plan irked Invesco: Zee MD

Zee Entertainment Enterprises MD Punit Goenka has alleged that the company’s largest investor Invesco’s move to remove him from the board is to “teach me a lesson” for rebuffing its merger proposal with the media arm of …

https://timesofindia.indiatimes.com/business/india-business/rebuffing-merger-plan-irked-invesco-zee-md/articleshow/87213858.cms

SEBI confirms directions passed against 12 DHFL promoters

The market regulator, in an interim order issued in September 2020, blocked the 12 DHFL promoters from accessing the securities market.

https://www.moneycontrol.com/news/business/markets/sebi-confirms-directions-passed-against-12-dhfl-promoters-7615321.html

Limitation Period For Appeal Under Section 61 IBC Starts Running From Date Of Pronouncement; Delay In Uploading Won't Exclude Limitation - SC

Date: 22.10.2021

Amazon files another petition in SC against NCLT order on Future Retail

The latest petition is filed on a day when the Singapore International Arbitration Centre (SIAC) had dismissed a January petition by Future Retail to exclude itself as a party to the ongoing arbitration process.

https://economictimes.indiatimes.com/industry/services/retail/amazon-files-another-petition-in-sc-against-nclt-order-on-future-retail/articleshow/87178680.cms

Bombay HC asks ZEEL board to call the EGM as requisitioned by Invesco

During the proceedings, Justice Patel said denying the right to call an EGM would set a “ferocious” precedent. ZEEL said it would inform the court on Friday about the EGM date.

https://www.business-standard.com/article/companies/bombay-hc-asks-zeel-board-to-call-the-egm-as-requisitioned-by-invesco-121102101560_1.html

Reliance deal: Amazon in Supreme Court against Future’s meetings

It said that despite this operative injunction, FRL issued the notice of meetings pursuant to the NCLT order. Further, the NCLT also dismissed Amazon’s application notwithstanding the SC’s directions to refrain from doing so, it said in its application filed in the SC.

https://www.financialexpress.com/industry/reliance-deal-amazon-in-supreme-court-against-futures-meetings/2354419/

NCLAT seeks fresh NCLT order against senior executives of Videocon Telecom

The Mumbai bench of the NCLT, on a plea by the Government of India, had attached and frozen moveable and immoveable properties, including bank accounts, lockers and demat accounts, including the jointly held properties, of Arvind Bali and Satpal Bansal, the former CEO and CFO of the bankrupt company.

https://www.financialexpress.com/industry/nclat-seeks-fresh-nclt-order-against-senior-executives-of-videocon-telecom/2354284/

Deadline for Srei Infra creditors to submit claims ends tomorrow

Srei companies, Srei Infrastructure Finance and Srei Equipment Finance, together owe around Rs 30000 crore to creditors. Uco Bank has the maximum exposure among lenders to Srei, around Rs 2000 crore.

https://www.moneycontrol.com/news/business/deadline-for-srei-infra-creditors-to-submit-claims-ends-tomorrow-7608731.html

Date: 21.10.2021

NCLT allows Reliance Retail's shareholders to hold meetings for Future deal

The National Company Law Tribunal (NCLT) on Monday allowed Reliance Retail Ventures Ltd (RRVL) and Reliance Retail & Fashion Lifestyles Ltd (RRFLL) to hold extraordinary general meetings (EGMs) of their shareholders and creditors to acquire Future Group’s businesses.

https://www.business-standard.com/article/companies/nclt-allows-reliance-retail-shareholders-to-hold-meetings-for-future-deal-121101800966_1.html

SBI board wanted letter of support from govt before approving Jet Airways resolution plan: Rajnish Kumar

SBI’s board members were keen on a letter of support from the government before giving nod to the resolution plan of crisis -ridden Jet Airways.

https://timesofindia.indiatimes.com/business/india-business/sbi-board-wanted-letter-of-support-from-govt-before-approving-jet-airways-resolution-plan-rajnish-kumar/articleshow/87139490.cms

SREI Group insolvency proceedings: SREI Equipment borrowers' AIF connection

SREI Equipment Finance Ltd, one of the two SREI Group companies facing resolution under IBC, has borrowers who were also part of ‘investee’ companies in the Group’s alternative investment fund.

https://www.businesstoday.in/latest/corporate/story/srei-group-insolvency-proceedings-srei-equipment-borrowers-aif-connection-309836-2021-10-19

Date: 19.10.2021

Top headlines: NCLT setback for Amazon; WHO seeks more info for Covaxin

The government is pushing to get the initial public offering of state-backed Life Insurance Corp. of India across the line by next March and any delay won’t be due to a lack of political will, according to Finance Minister Nirmala Sitharaman.

https://www.business-standard.com/article/companies/top-headlines-nclt-setback-for-amazon-who-seeks-more-info-for-covaxin-121101801038_1.html

NCLT allows Reliance Retail's shareholders to hold meetings for Future deal

The National Company Law Tribunal (NCLT) on Monday allowed Reliance Retail Ventures Ltd (RRVL) and Reliance Retail & Fashion Lifestyles Ltd (RRFLL) to hold extraordinary general meetings (EGMs) of their shareholders and creditors to acquire Future Group’s businesses.

https://www.business-standard.com/article/companies/nclt-allows-reliance-retail-shareholders-to-hold-meetings-for-future-deal-121101800966_1.html

Premature tightening may lead to stagflation: RBI report

This is because the economy may be healing but it is still digging out of one of the deepest contractions to hit any major economy during the pandemic.

https://indianexpress.com/article/business/economy/premature-tightening-may-lead-to-stagflation-rbi-report-7578859/

Govt seeks applications for 20 judicial, technical members at NCLT, NCLAT

As many as 15 posts, including that of 9 judicial members and 6 technical members, are to be filled up at the NCLT. Besides, applications have been invited for 3 positions of judicial members and 2 of technical members at the NCLAT.

https://indianexpress.com/article/business/govt-seeks-applications-for-20-judicial-technical-members-at-nclt-nclat-7577004/

NCLT gives nod to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal

The National Company Law Tribunal (NCLT) on Monday allowed the creditors and shareholders of Reliance Retail Ventures to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group.

https://timesofindia.indiatimes.com/business/india-business/nclt-gives-nod-to-creditors-shareholders-of-reliance-retail-to-hold-meetings-for-proposed-future-group-deal/articleshow/87118202.cms

Date: 18.10.2021

Govt seeks applications for 20 judicial, technical members at NCLT, NCLAT

The last date for submitting applications for the 20 positions at the National Company Law Tribunal as well as the NCLAT is November 12

https://www.business-standard.com/article/jobs/govt-seeks-applications-for-20-judicial-technical-members-at-nclt-nclat-121101700299_1.html

Date: 17.10.2021

Indiabulls Real Estate sales bookings more than doubles in Apr-Sep

Indiabulls Real Estate Ltd’s (IBREL) sales bookings jumped over two-fold to Rs 874 crore during the first six months of this fiscal year on revival of housing demand.

https://www.business-standard.com/article/companies/indiabulls-real-estate-sales-bookings-more-than-doubles-in-apr-sep-121101500616_1.html

Pandora Papers: Held for fraud, DHFL promoters Wadhawans bought business jet, floated offshore companies

DHFL promoters Kapil Wadhawan and his brother Dheeraj Wadhawan were put behind bars last year and owe Indian banks more than Rs 88,000 crore.

https://indianexpress.com/article/express-exclusive/pandora-papers-wadhawans-dhfl-7574199/

To Maximise Value of Troubled Firms, the Insolvency and Bankruptcy Code Needs More Reforms

While the IBC has successfully chartered a new era in the history of bankruptcy resolution in India, it needs several reforms to strengthen its supporting role in capital formation and economic growth of the country.

https://thewire.in/business/insolvency-and-bankruptcy-code-reforms

Date: 15.10.2021

Zee chief Punit Goenka questions Invesco's silence over RIL offer

Says he will ensure no one maligns Zee’s intrinsic value, and will continue to pursue this in the best interests of shareholders, and at immense personal costs

https://www.business-standard.com/article/companies/zee-chief-punit-goenka-questions-invesco-s-silence-over-ril-offer-121101401052_1.html

Regret being drawn into the dispute between Zee and Invesco: Reliance

Reliance Industries on Wednesday said it had couple of months back made a proposal for merger of its media properties with Zee but dropped the offer over differences over stake of Zee founders.

https://www.business-standard.com/article/companies/regret-being-drawn-into-the-dispute-between-zee-and-invesco-reliance-121101300959_1.html

RBI bans audit firm Haribhakti & Co for two years

In 2019, the RBI had imposed a one-year ban on SR Batliboi & Co, an affiliate of global auditing firm EY, after it found lapses in the audit report of a bank.

https://www.financialexpress.com/industry/banking-finance/rbi-bans-audit-firm-haribhakti-co-for-two-years-2/2348896/

Srei Episode: Eight vital questions answered

The RBI has moved quickly to act on the Srei issue and bankruptcy proceedings are on. What lies ahead for Srei now?

https://www.moneycontrol.com/news/business/srei-episode-eight-questions-7578951.html

Lenders to set threshold for sale of distressed assets under IBC

The trigger for an internal benchmark was an observation made by the NCLT on the resolution plan offered by Twin Star Technologies, owned by billionaire Anil Agarwal, for Videocon Industries and 12 group companies.

https://www.moneycontrol.com/news/business/lenders-to-set-threshold-for-sale-of-distressed-assets-under-ibc-7581191.html

Date: 13.10.2021

To boost CIRP outcomes, IBBI limits change in resolution plan to once

Gives option for a challenge mechanism, curbs discretion of CoC in considering certain resolution plans.

https://www.business-standard.com/article/companies/to-boost-cirp-outcomes-ibbi-limits-change-in-resolution-plan-to-once-121101200605_1.html

RBI bans audit firm Haribhakti & Co for two years

In 2019, the RBI had imposed a one-year ban on SR Batliboi & Co, an affiliate of global auditing firm EY, after it found lapses in the audit report of a bank.

https://www.financialexpress.com/industry/banking-finance/rbi-bans-audit-firm-haribhakti-co-for-two-years-2/2348896/

Unjustified, opaque: Invesco on plan to hike Zee promoter stake

“It is concerning that the current terms of the Sony-Zee announcement gift additional 2 per cent equity to the founding family via a non-compete that seems entirely unjustified, while also providing a pathway for the founding family to raise its stake from 4 per cent to 20 per cent via methods that remain wholly opaque,” Invesco said.

https://indianexpress.com/article/business/companies/unjustified-opaque-invesco-on-plan-to-hike-zee-promoter-stake-7566986/

Srei cos ask creditors to submit claims by Oct 22

The creditors of Srei Infrastructure Finance and Srei Equipment Finance have been asked to submit their claims to the respective companies by October 22.

https://timesofindia.indiatimes.com/business/india-business/srei-cos-ask-creditors-to-submit-claims-by-oct-22/articleshow/86950082.cms

Date: 12.10.2021

Reserve Bank of India retains advisory committee on Srei group companies

On October 04, 2021, RBI had constituted a three-member panel to assist Rajneesh Sharma, Administrator in discharge of his duties

https://www.business-standard.com/article/companies/reserve-bank-of-india-retains-advisory-committee-on-srei-group-companies-121101200041_1.html

Zee-Sony merger deal not in interest of small shareholders: Invesco

n its letter on Monday, Invesco said the lack of clarity around key aspects of the Zee-Sony announcement should concern all shareholders

https://www.business-standard.com/article/companies/zee-sony-merger-deal-not-in-interest-of-small-shareholders-invesco-121101100820_1.html

RBI retains advisory committee on Srei group companies

On October 8, the central bank had filed applications for initiation of corporate insolvency resolution process against SIFL and SEFL at the Kolkata Bench of the NCLT.

https://www.financialexpress.com/industry/rbi-retains-advisory-committee-on-srei-group-companies/2348123/

Future Group firms convene shareholder, creditors meetings to seek approval for Reliance deal

On October 1, Reliance Retail Ventures, the retail arm of Reliance Industries, had – for the second time – extended the timeline for completing its Rs 24,713 crore deal with Future group to March 31, 2022, as it still awaits regulatory and judicial clearances.

https://www.financialexpress.com/industry/future-group-firms-convene-shareholder-creditors-meetings-to-seek-approval-for-reliance-deal/2348242/

Invesco seeks shareholders support for change of ZEEL management, board

The merged entity, in which SPNI’s parent company Sony Pictures Entertainment would infuse USD 1.575 billion, will be a public listed company in India.

https://www.financialexpress.com/industry/invesco-seeks-shareholders-support-for-change-of-zeel-management-board/2348134/

Unjustified, opaque: Invesco on plan to hike Zee promoter stake

“It is concerning that the current terms of the Sony-Zee announcement gift additional 2 per cent equity to the founding family via a non-compete that seems entirely unjustified, while also providing a pathway for the founding family to raise its stake from 4 per cent to 20 per cent via methods that remain wholly opaque,” Invesco said.

https://indianexpress.com/article/business/companies/unjustified-opaque-invesco-on-plan-to-hike-zee-promoter-stake-7566986/

Date: 11.10.2021

RBI’s decision to supersede boards of Seri group cos will prevent domino effect, experts say

RBI had last week superseded the boards of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL) for their failure to repay debts.

https://www.financialexpress.com/industry/rbis-decision-to-supersede-boards-of-seri-group-cos-will-prevent-domino-effect-experts-say/2347330/

How to claim capital loss on shares of delisted companies

Once the shares get delisted, it becomes almost impossible to sell them unless the company offers any exit route so effectively the investment becomes irrecoverable and is actual loss for the taxpayer but we cannot claim that loss as the shares have neither been extinguished nor transferred by you

https://www.livemint.com/money/personal-finance/how-to-claim-capital-loss-on-shares-of-delisted-companies-11633758743482.html

Date: 10.10.2021

NCLT gives go ahead for insolvency case against BPSL promoters

In a hearing on Tuesday the Delhi NCLT granted interim moratorium and confirmed Reshma Mittal as resolution professional (RP) in a petition filed by lead lender State Bank of India (SBI). The RP will now verfiy the details of the case ane seek a final nod from the NCLT to start prosecution.

https://economictimes.indiatimes.com/industry/indl-goods/svs/steel/nclt-gives-go-ahead-of-insolvency-case-against-bpsl-promoters/articleshow/86782808.cms

Explainer: Why is Invesco entangled in a legal dispute with TV giant Zee

Invesco has in Indian tribunal hearings said it’s not against the Zee-Sony plan, but its filing does criticize how the two entered into talks.

https://www.business-standard.com/article/companies/explainer-why-is-invesco-entangled-in-a-legal-dispute-with-tv-giant-zee-121100900677_1.html

Exercising rights: It’s a nay from shareholders

With shareholders getting more aware and exercising their rights guided by proxy advisory firms, more than 72 corporate resolutions were rejected by them between March 2020 and September 2021. 

https://www.financialexpress.com/industry/exercising-rights-its-a-nay-from-shareholders/2347137/

Srei group cos enter moratorium as NCLT admits insolvency pleas

A two-member bench of the NCLT also appointed Rajneesh Sharma the administrator to run the companies, while admitting two separate petitions filed by RBI for initiation of corporate insolvency resolution process (CIRP) against the two companies.

https://indianexpress.com/article/business/srei-group-cos-enter-moratorium-as-nclt-admits-insolvency-pleas-7562866/

Date: 09.10.2021

NCLT Kolkata bench admits RBI's petition against Srei group of companies

The National Company Law Tribunal (NCLT) admitted the bankruptcy pleas against Srei Infrastructure Finance (SIFL) and its wholly owned subsidiary Srei Equipment Finance (SEFL) after the central bank referred the two companies to the NCLT’s bench in the eastern metropolis, where Srei is based.

https://economictimes.indiatimes.com/industry/banking/finance/nclt-kolkata-bench-admits-rbis-petition-against-srei-group-of-companies/articleshow/86869259.cms

NCLT directs Zee Entertainment to file reply to Invesco plea by October 22

The NCLAT had on Thursday directed NCLT Mumbai to give reasonable opportunity to the media major to reply to Invesco’s plea for holding a meeting of shareholders, and also remarked that the tribunal made an “error” by not providing sufficient response time.

https://economictimes.indiatimes.com/industry/media/entertainment/nclt-directs-zee-entertainment-to-file-reply-to-invesco-plea-by-october-22/articleshow/86866511.cms

RBI moves NCLT against SREI Equipment Finance and SREI Infra

Central bank inspection of the books of Srei Infrastructure Finance (SIFL) and its wholly owned unit Srei Equipment Finance (SEFL) revealed that the group’s financial health had begun to deteriorate much before the pandemic, something the Kolkata financier has repeatedly blamed for its abysmal cash flows.

https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-moves-nclt-against-srei-equipment-finance-and-srei-infra/articleshow/86862620.cms

NCLT gives nod to start insolvency proceedings against 2 SREI firms

On a request made by UCO Bank, the RBI filed the applications for initiation of the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code through Sanjay Ginodia, senior partner of R. Ginodia & Co.

https://www.financialexpress.com/industry/nclt-gives-nod-to-start-insolvency-proceedings-against-2-srei-firms/2346733/

RBI files insolvency pleas against two Srei Group firms in NCLT

The Reserve Bank of India filed two separate petitions before the Kolkata-bench of NCLT against two non-banking financial companies-Srei Infrastructure Finance and Srei Equipment Finance.

https://www.financialexpress.com/industry/rbi-files-insolvency-pleas-against-two-srei-group-firms-in-nclt/2346561/

Zee gets time till October 22 to file reply to Invesco’s EGM plea

The move follows a National Company Law Appellate Tribunal (NCLAT) order on Thursday that granted ZEEL more time to file its reply. In its order, the appellate tribunal said it was an error on part of NCLT to not grant “reasonable and sufficient time” for filing the reply.

https://www.financialexpress.com/industry/zee-gets-time-till-october-22-to-file-reply-to-invescos-egm-plea/2346684/

NCLT admits RBI’s insolvency petition against 2 Srei cos

National Company Law Tribunal (NCLT), Kolkata bench, has admitted RBI’s insolvency petition against two Srei firms— Srei Infrastructure and Srei Equipment Finance. Rajneesh Sharma, the administrator appointed by RBI, has also been accepted as the same by the NCLT.

https://timesofindia.indiatimes.com/business/india-business/nclt-admits-rbis-insolvency-petition-against-2-srei-cos/articleshow/86879624.cms

Date: 08.10.2021

Bombay HC dismisses plea filed by Srei Group promoters against RBI

Adisri Commercial Pvt Ltd had filed a writ petition on Wednesday against the RBI challenging the order and has also sought a stay on initiating insolvency proceedings against Srei Infrastructure Fin

https://www.business-standard.com/article/companies/bombay-hc-dismisses-plea-filed-by-srei-group-promoters-against-rbi-s-action-121100700616_1.html

NCLAT gives more time to Zee to file reply to Invesco's plea for EGM

In a reprieve to Zee Entertainment, the National Company Law Appellate Tribunal (NCLAT) has given more time to the company and its directors to file their response to an extraordinary general meeting (EGM) sought by one of its largest shareholders, Invesco and OFI Global China Fund.

https://www.business-standard.com/article/companies/nclat-gives-more-time-to-zee-to-file-reply-to-invesco-s-plea-for-egm-121100701266_1.html

Setback for Invesco: NCLAT gives Zee more time to file reply

Appellate tribunal said NCLT was wrong in not giving sufficient time to the company…….

https://www.financialexpress.com/industry/setback-for-invesco-nclat-gives-zee-more-time-to-file-reply/2346035/

NCLAT asks NCLT to give ‘sufficient’ time to Zee Entertainment on Invesco demand

The NCLAT asked the National Company Law Tribunal (NCLT) to provide “reasonable and sufficient opportunity” to ZEEL to reply to a plea by Invesco seeking a meeting of the company’s shareholders.

https://indianexpress.com/article/business/companies/nclat-asks-nclt-to-give-sufficient-time-to-zeel-on-invesco-demand-7559033/

Bombay HC dismisses Srei's plea against RBI's order: Here's what it means according to expert

The Bombay High Court on Thursday dismissed the petition filed by the Srei Group promoters against the Reserve Bank of India’s (RBI) recent move to supersede the boards of SREI Infrastructure Finance Limited (SIFL), and SREI Equipment Finance Limited (SEFL).

https://www.cnbctv18.com/legal/bombay-hc-dismisses-sreis-plea-against-rbis-order-11029062.htm

Bombay HC dismisses Srei’s plea against RBI

The Bombay high court on Thursday dismissed a writ petition filed by promoters of the Srei group against the RBI’s decision to supersede the boards of the two non-banking financial companies of the group and initiate bankruptcy proceedings against them.

https://timesofindia.indiatimes.com/business/india-business/bombay-hc-dismisses-sreis-plea-against-rbi/articleshow/86852757.cms

Date: 07.10.2021

Srei Group Promoters move Bombay HC against RBI insolvency action

SREI Group promoters on Wednesday moved the Bombay High Court challenging Reserve Bank of India’s decision to supersede the board of two group companies, in preparation for sending them to bankruptcy courts.

https://economictimes.indiatimes.com/news/company/corporate-trends/srei-group-promoters-move-bombay-hc-against-rbi-insolvency-action/articleshow/86817718.cms

Reconsideration after selection of bids possible under law: Videocon lenders to NCLAT

Earlier in September, Bank of Maharashtra, a dissatisfied creditor of Videocon Group, has raised the issue of the breach of confidentiality in the corporate insolvency resolution process of the debt-ridden group before the National Company Law Appellate Tribunal (NCLAT).

https://economictimes.indiatimes.com/news/company/corporate-trends/srei-group-promoters-move-bombay-hc-against-rbi-insolvency-action/articleshow/86817718.cms

Zee’s Subhash Chandra questions Invesco’s motive in calling for EGM

Essel Group Chairman and Zee promoter Subhash Chandra on Wednesday questioned the motive behind Invesco’s move to call for an extraordinary general meeting.

https://www.thehindubusinessline.com/companies/zees-subhash-chandra-questions-invescos-motive-in-calling-for-egm/article36860510.ece

Zee moves NCLAT seeking more time to respond to Invesco’s demand for EGM

The company has also filed a suit in Bombay HC to declare invalid the requisition notice by Invesco Developing Markets Fund and OFI Global China Fund LLC

https://www.thehindubusinessline.com/companies/zee-moves-nclat-seeking-more-time-to-respond-to-invescos-demand-for-egm/article36857258.ece

IBC: Beyond traditional liquidation

Sale of a company, that is under the liquidation process, as a ‘going concern’ has several advantages, but is subject to the will of the liquidator

https://www.financialexpress.com/opinion/ibc-beyond-traditional-liquidation/2345146/

Videocon resolution: Lenders say NCLAT has powers to allow committee of creditors to review decision

Solicitor General Tushar Mehta, appearing on behalf of the CoC before the NCLAT on Wednesday, said the power to revoke the approval is inherent within the power to approve of the CoC as well, even as the insolvency and bankruptcy code (IBC) did not expressly state so.

https://www.financialexpress.com/industry/videocon-resolution-lenders-say-nclat-has-powers-to-allow-committee-of-creditors-to-review-decision/2345286/

Date: 06.10.2021

A tale of two paper mills

Assam CM Sarma has sparked hopes of more industries in the region

https://www.thehindubusinessline.com/opinion/a-tale-of-two-paper-mills/article36845090.ece

Srei Infra and Equipment Finance have debt obligations of over Rs. 29,000 crore

The Reserve Bank of India is expected to soon initiate the process of resolution of Srei Infrastructure Finance and Srei Equipment Finance, and experts expect it to get a high level of interest from potential investors.

https://www.thehindubusinessline.com/money-and-banking/srei-infra-and-equipment-finance-have-debt-obligations-of-over-29000-crore/article36836171.ece

Essar Vs ArcelorMittal: Surat court allows AMNS to pay cargo handling charges as per 2020 exchange rate

The ongoing dispute between Essar group and ArcelorMittal over the control of a bulk cargo terminal at Hazira has taken a new turn with a Surat court allowing ArcelorMittal Nippon Steel (AMNS) to pay cargo handling charges to Essar Bulk Terminal (EBTL) from January, 2021 based on the dollar rate prevailing on December 30, 2020.

https://www.thehindubusinessline.com/companies/essar-vs-arcelormittal-surat-court-asks-amns-to-pay-cargo-handling-charges-from-jan-2021/article36835208.ece

Markets rally may peter out on profit-taking

Asian stocks turn negative on global worries, After two days of stellar rally, domestic markets are expected to open flat on Wednesday amid weak Asian markets. Analysts expect the market to moderate due to profit booking as valuations look stretched. Besides, the coal supply crisis and high crude oil prices will also impact the sentiment.

https://www.thehindubusinessline.com/markets/stock-markets/markets-rally-may-peter-out-on-profit-taking/article36851056.ece

Bhushan Power & Steel: SBI moves NCLT to initiate CIRP against Singals

Of the total outstanding debt, Rs 9,648 crore was term loan and the remaining was working capital loan, but the steelmaker defaulted on paying back, SBI said in its application.

https://www.financialexpress.com/industry/bhushan-power-steel-sbi-moves-nclt-to-initiate-cirp-against-singals/2344513/

Diligence is overdue

The stress in the country’s financial sector is clearly far from over. After the collapse of IL&FS, Yes Bank and Dewan Housing Finance Limited (DHFL) and a couple of others, two NBFCs are now headed to the insolvency courts; on Monday, RBI superseded the boards of SREI Infra Finance and SREI Equipment Finance using the powers it has under Section 45-IE (1) of the RBI Act. Three years after IL&FS caved in, there seem to be intermediaries out there so fragile they could fall anytime.

https://www.financialexpress.com/opinion/diligence-is-overdue/2344543/

Invesco plea: NCLT asks ZEE to file reply by October 7

Since ZEEL now knows all arguments of the petitioners, a “simple counter reply” is what is needed, the NCLT said, even as ZEEL counsels sought more time, at least till Friday.

https://www.financialexpress.com/industry/invesco-plea-nclt-asks-zee-to-file-reply-by-october-7/2344564/

After DHFL, Srei becomes 2nd NBFC to be taken to NCLT

Hemant Kanoria, chairman, Srei Infrastructure Finance, said that the company was shocked by the RBI’s move as banks have been regularly appropriating funds from the escrow account they have controlled since November 2020. “We will take all necessary steps as advised by our lawyers in this regard,” Kanoria said.

https://indianexpress.com/article/business/after-dhfl-srei-becomes-2nd-nbfc-to-be-taken-to-nclt-7552282/

Date: 05.10.2021

RBI’s disputed circular cut delinquency: Study

An internal study by the central bank has revealed that borrower delinquency reduced after the RBI’s February 12, 2018 circular requiring banks to initiate insolvency within six months of default but deteriorated after the circular was struck down by the Supreme Court in April 2019.

https://economictimes.indiatimes.com/markets/stocks/news/rbis-disputed-circular-cut-delinquency-study/articleshow/86743563.cms

Zee-Invesco spat: NCLT to hear matter again on Tuesday

mid the ongoing spat with the board of Zee Entertainment Enterprises Ltd, Invesco on Monday urged the National Company Law Tribunal (NCLT) to pass an order to ensure the convening of the company’s Extraordinary General Meeting (EGM). After hearing the matter for some time on Monday, the tribunal adjourned the proceedings for Tuesday.

https://economictimes.indiatimes.com/markets/stocks/news/zee-invesco-spat-nclt-to-hear-matter-again-on-tuesday/articleshow/86757085.cms

RBI supersedes boards of two debt-laden Srei companies

Invesco asks NCLT to name a former HC judge to oversee Zee EGM

Invesco is seeking the removal of Goenka under Sections 100 and 98 of the Companies Act.

https://www.thehindubusinessline.com/companies/invesco-asks-nclt-to-name-a-former-hc-judge-to-oversee-zee-egm/article36829112.ece

RBI supersedes boards of two debt-laden Srei companies

‘Permissible unless prohibited’ is the position of the law

National Company Law Tribunal allowing conversion of equity shares into preference shares is laudable

https://www.thehindubusinessline.com/business-laws/permissible-unless-prohibited-is-the-position-of-the-law/article36813086.ece

RBI supersedes boards of 2 Srei companies; insolvency process to begin soon

The Reserve Bank of India (RBI) on Monday superseded the boards of Srei Infrastructure Finance and Srei Equipment Finance, which will be taken for insolvency proceedings owing to governance concern and payment defaults by them.

https://www.business-standard.com/article/companies/rbi-supersedes-boards-of-srei-companies-plans-for-insolvency-proceedings-121100400867_1.html

Payment defaults: RBI supersedes boards of two Srei companies

The regulator also intends to shortly initiate the process of resolution of the NBFCs under the Insolvency and Bankruptcy Rules, 2019.

https://www.financialexpress.com/industry/payment-defaults-rbi-supersedes-boards-of-two-srei-companies/2343794/

NCLAT dismisses GAIL’s plea against Alok Ind resolution plan

As per the approved resolution plan, all operational creditors of Alok Industries having dues less than Rs 3 lakh got 100% payment, while those with dues over Rs 3 lakh got nil payment.

https://www.financialexpress.com/industry/nclat-dismisses-gails-plea-against-alok-ind-resolution-plan/2343830/

What NARCL must do: It must convince acquirers they will get their money’s worth

The unfortunate truth is that the track record of existing ARCs in India leaves much to be desired.

https://www.financialexpress.com/opinion/what-narcl-must-do-it-must-convince-acquirers-they-will-get-their-moneys-worth/2342857/

RBI supersedes boards of Srei Infra Finance, Srei Equipment; to seek resolution under IBC

Srei is the second finance company against which the central bank has initiated insolvency proceedings after DHFL.

https://timesofindia.indiatimes.com/business/india-business/rbi-supersedes-boards-of-srei-infra-finance-srei-equipment-to-seek-resolution-under-ibc/articleshow/86759464.cms

Srei’s failure to get investor sealed fate

The repeated failure of the Srei management to induct an investor for over a year as well as the findings of the RBI’s special audit has prompted

Read more at:

https://timesofindia.indiatimes.com/business/india-business/sreis-failure-to-get-investor-sealed-fate/articleshow/86762369.cms

Date: 03.10.2021

Zee moves Bombay HC against Invesco's requisition for EGM

Zee is requesting HC to declare that the shareholders’ meeting requisition notice sent by Invesco is ‘illegal and invalid’

https://www.business-standard.com/article/companies/zee-moves-bombay-hc-against-invesco-121100200487_1.html

Reliance Industries extends deadline to complete Future group deal

The deal has been contested by Amazon, an investor in Future Coupons, which in turn is a shareholder in Future Retail.

https://www.business-standard.com/article/companies/reliance-industries-extends-deadline-to-complete-future-group-deal-121100200063_1.html

Insolvency professionals back success fee, warn against over-regulation

The NCLAT held that success fee is more in the nature of contingency and speculative it is not part of IBC provisions and is not chargeable.

https://www.business-standard.com/article/current-affairs/insolvency-professionals-back-success-fee-warn-against-over-regulation-121100100021_1.html

IBC is a seminal reform; instrumental in changing feudal mindset: CEA

Terming Insolvency and Bankruptcy Code as a “seminal reform”, Chief Economic Adviser KV Subramanian on Friday said it has been instrumental in changing the mindset of promoters of businesses by making them more accountable.

https://www.business-standard.com/article/pti-stories/ibc-seminal-reform-instrumental-in-changing-feudal-mindset-of-promoters-cea-121100101331_1.html

Piramal Capital & Housing Finance acquires DHFL via reverse merger

PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.

https://www.financialexpress.com/industry/piramal-capital-housing-finance-acquires-dhfl-via-reverse-merger/2341691/

Videocon insolvency: NCLAT moved over breach of confidentiality issue

Not happy with the value being realised through the resolution plan, the dissenting creditor had earlier moved the appellate tribunal seeking to set aside the order and remand the matter back to the committee of creditors (CoC) for its re-consideration.

https://www.financialexpress.com/industry/videocon-insolvency-nclat-moved-over-breach-of-confidentiality-issue/2341483/

ZEE moves court against Invesco’s demand for EGM: Approaches Bombay High Court to declare demand illegal, invalid

The company has filed a suit before the Bombay High Court under the ordinary original civil jurisdiction, ZEEL said in a stock exchange notice.

https://www.financialexpress.com/market/zee-moves-court-against-invescos-demand-for-egm-approaches-bombay-high-court-to-declare-demand-illegal-invalid/2342545/

Next phase of IBC implementation should be personal insolvency: Sahoo

The outgoing IBBI chief said the next phase of the implementation of the IBC should include “individual insolvency with provisions for a fresh start and an informal approach to insolvency resolution, moving away slightly from court proceedings.”

https://indianexpress.com/article/business/economy/next-phase-of-ibc-implementation-should-be-personal-insolvency-sahoo-7548629/

DHFL Resolution: A feather in the cap of RBI and IBC

DHFL is the first finance company to be resolved under the Insolvency and Bankruptcy Code (IBC). At Rs 38,000 crore, it is also the second largest asset resolved under the IBC.

https://www.cnbctv18.com/finance/dhfl-resolution-a-feather-in-the-cap-of-rbi-and-ibc-10958392.htm

Date: 01.10.2021

Videocon insolvency process: BoM raises issue of breach of confidentiality

Bank of Maharashtra has raised the issue of the breach of confidentiality in the corporate insolvency resolution process of the debt-ridden group before the National Company Law Appellate Tribunal.

https://www.business-standard.com/article/companies/videocon-insolvency-process-bom-raises-issue-of-breach-of-confidentiality-121093001410_1.html

Videocon insolvency: NCLAT moved over breach of confidentiality issue

Not happy with the value being realised through the resolution plan, the dissenting creditor had earlier moved the appellate tribunal seeking to set aside the order and remand the matter back to the committee of creditors (CoC) for its re-consideration.

https://www.financialexpress.com/industry/videocon-insolvency-nclat-moved-over-breach-of-confidentiality-issue/2341483/

Bank of Maharashtra raises issue of breach of confidentiality in Videocon insolvency process

During the proceedings, Solicitor General Tushar Mehta representing the Committee of Creditors submitted that due to paucity of time, a rejoinder to the reply filed by the Twin Star could not be filed. It was assured to be filed by Friday in physical form.

https://www.financialexpress.com/industry/bank-of-maharashtra-raises-issue-of-breach-of-confidentiality-in-videocon-insolvency-process/2341438/

NCLT to ZEEL: Hold board meet to take up Invesco EGM request

Invesco Developing Markets Fund and OFI Global China are seeking the EGM to reconstitute the board and remove two board members and Punit Goenka as the MD and CEO of ZEEL.

https://indianexpress.com/article/business/companies/nclt-to-zeel-hold-board-meet-to-take-up-invesco-egm-request-7544789/