Rahul has singled out Anil Ambani several times for winning the Rafale defence contract from the Narendra Modi government, alleging favouritism and corruption.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
Independent directors were supposed to safeguard the interest of all stakeholders.
It had been pointed out to the banking regulator that one-day default was difficult to monitor in large companies, especially where cash flows are dependent on government payments.
Analysts said even though the Indian economy is expected to slow down to 7.2 per cent in fiscal 2020, it is still the best bet for investment for foreign investors.
With average capacity utilisation now touching 76 per cent, Indian companies are going back to the drawing board to add capacity but the plans to build new factories and plants are still some months away.
Lenders say settlements will cross over 100 accounts in the March quarter.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
Schuldschein is an alternative way to raise funds instead of loans or bonds and deals can run from $12 million to more than $1.13 billion. These instruments include tranches of different maturities and currencies and investors are spread across the world.
The voting rights with the promoter will ensure the interests of the promoter family as well as minority shareholders are protected in future, said corporate governance advocates and corporate lawyers.
The revised offer will mean the lenders will have to write off 60 per cent of their dues.
In a meeting on Thursday evening, the RCom management, led by CEO Punit Garg, requested the bank representatives to release Rs 260 crore it received as I-T refund so that it could repay the dues to Ericsson.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
The circular says even a day's delay in servicing loans would be now taken as a 'default'. And once in default, for loans above Rs 2,000 crore, the banks will have to arrive at a resolution within 180 days, else lenders will have to file an application under the IBC within 15 days.
The PNB fiasco falls into a family line that involves non-fund limits - read contingent liabilities which are off-books. Harshad Mehta did it with bankers' receipts in 1992. Ketan Parekh exploited the ignorance of bankers who did not know the difference between a cheque and a pay-order. And the RBI blinked when it failed to insist the SWIFT platform be linked to the core banking solution. Raghu Mohan & Abhijit Lele trace the banking mess that was just waiting to happen.
A corporate lawyer said that this is the biggest failure of corporate governance in this country. He pointed out that American investors can even take the bank to court for giving false statements to stock exchanges and even file class action suits. Some even questioned how RBI overlooked Kochhar's misdeed.
Under the resolution plan, the lenders would end up having a sizable portion of shares in the airline, if their boards of directors agree to convert part of their debt into equity.
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
Dina Wadia, Jinnah's only daughter and Nusli Wadia's late mother, moved the high court in 2007 to regain control of the estate.
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