The Piramal Group on Friday said it is planning to move the Supreme Court to appeal against an order by insolvency appellate tribunal NCLAT, which sent back its winning bid for DHFL to the debt-laden finance company's lenders for reconsidering the valuation. Piramal Capital & Housing Finance Ltd in a statement said that "the Dewan Housing Finance Corporation Ltd (DHFL) acquisition by Piramal Group remains unaffected and the business integration continues as envisaged". The National Company Law Appellate Tribunal (NCLAT) on Thursday, while delivering a judgement on 63 Moons Technologies petition had directed the lenders of DHFL to reconsider their decision regarding the valuation of the financial firm's avoidable transactions, while approving the insolvency resolution plan submitted by Piramal Capital & Housing Finance Ltd.
The National Company Law Tribunal on Tuesday approved the Jalan-Kalrock Consortium's resolution plan for the bankrupt Jet Airways.
The settlement offer has been made for 13 out of the 15 Videocon group companies that are currently under Corporate Insolvency Resolution Process.
Booked between 2007 and 2011, out of the total 32,700 residential units under various Jaypee Infratech (JIL) projects, at least 20,000 homes are yet to be delivered. Supreme Court documents show that, till last March, Jaypee had issued 7,997 offers of possession to homebuyers while executing only 6,530 sub-lease deeds. These deeds offer homebuyers possession rights but, unlike registration, does not guarantee absolute ownership.
After the August 10 deadline, South American conglomerate Synergy Group Corp reportedly evinced interest in the airline, forcing the RP to seek lenders' nod to extend the deadline to August 31. The Synergy Group owns a majority in Colombian carrier Avianca Holdings, which has a codeshare partnership with the state-run Air India.
The National Company Law Appellate Tribunal (NCLAT) on Tuesday stayed the order of NCLT Mumbai directing the lenders of DHFL to consider the offer by the debt-ridden mortgage firm's erstwhile promoter Kapil Wadhawan. A vacation bench of NCLAT comprising Acting Chairman Justice A I S Cheema and Member Technical V P Singh stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On May 19, NCLT Mumbai had directed the settlement plan offered by Wadhawan to be considered by the lenders of DHFL, one of the lawyers engaged in the matter said.
The Essar group hinted at challenging the verdict, citing last week's Supreme Court order that upheld the August 2018 amendment to the IBC law.
'A 180-days period -- for insolvency resolution -- is aggressive, but by no means inadequate.'
Kodak has said it hopes to emerge from Chapter 11 in the third quarter of this year.
The development comes a day after RCom posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
'Put the assets of PMC Bank and the personal assets of the HDIL promoters and head of PMC Bank in an escrow account and ring-fence it from the ad hoc action of the revenue departments and creditors,' recommends Debashis Basu.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
The three companies for sale are Reliance Communications, Reliance Telecom and Reliance Infratel.
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels.
Piramal Enterprises' bid for debt-ridden DHFL received the most votes from lenders at the close of the voting process on Friday, sources said. Piramal Enterprises' bid received 94 per cent votes as compared to 45 per cent for the US-based Oaktree Capital. Voting was done on various parameters, including qualitative and quantitative.
The new Insolvency and Bankruptcy Code has serious drawbacks, finds out Somasekhar Sundaresan.
The Bankruptcy Bill seeks to ensure predictability of outcome for creditors.
The cash-strapped airline, which was grounded in April 2019, owes more than Rs 8,000 crore to banks, with those from the public sector having significant exposure.
Adani, which had earlier bid only for the wholesale book, now want all of DHFL's assets and has pipped both Oaktree and Piramal by bidding higher than each of them.
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
Seeking ArcelorMittal be declared ineligible to bid for Essar Steel, the petition cited Section 29A of the Insolvency and Bankruptcy Code which bars promoters of defaulting companies from bidding for stressed assets.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
JSW Steel is learnt to have submitted its resolution plan along with AION Capital
If the Murari Lal Jalan-Kalrock Capital combine can script a turnaround, it will have pulled off a bigger coup than Ajay Singh did with SpiceJet in 2014.
Banks are set to sell dud-loans worth Rs 90,000 crore of 22 firms in the first tranche to the National Asset Reconstruction Company (NARCL). It's reason for cheer given that such sales to asset reconstruction companies (ARCs) have been poor in recent times. In fiscal 2020, their assets under management (AUM) contracted by 4 per cent; and in fiscal 2021, it fell by another 100 basis points to Rs 1.07 trillion. So, why are we where we are?
The possible date for bidders to submit a resolution plan to the adjudicating authority -- National Company Law Tribunal (NCLT) -- is September 27.
Dubai World's financial indebtedness would come down to around $14.4 billion.
The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.
Even though the powers of the board of directors stand suspended once a company's insolvency process begins, it does not absolve the directors from actions taken up to two years earlier.
The NCLAT said the RBI cannot restrict it from prohibiting banks from 'asset classfication' and observed that any change in this order would upset the entire resolution process of the IL&FS
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
At the heart of the bidding war is the firm's edible oil refining capacity
The brand new bankruptcy process is being brazenly gamed by those with connections and money. The touts and fixers of the previous regime have been replaced by a new set close to this one, observes Debashis Basu.
Those involved in the discussions say the guidelines for selection of bidders in insolvency cases need to be transparent, otherwise anyone who loses out could take legal recourse, leading to wastage of time and derailing the whole process.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
Jet Airways HQ owner wants resolution professional to vacate premises. The licence for occupying the place has been terminated, on account of the airline having not paid the rent after March.
US-based Oaktree on Monday pipped Piramal Enterprises and Adani Group to emerge as the highest bidder for DHFL after fresh bids were invited under the insolvency process, according to sources. The committee of creditors had fixed December 14 as the last for submission of revised bids. According to the sources, Oaktree raised the bid to Rs 36,646 crore, including Rs 1,000 crore for insurance and Rs 3,000 crore of interest earned, while Piramal Enterprises offered Rs 35,550 crore, including Rs 300 for insurance and Rs 3,000 of interest earned.
There are only three entities left in the fray now - Russian Fund Treasury RA Partners, Panama-based investment firm Avantulo Group and South American conglomerate Synergy Group Corp.
The idea is to do away with the need for the approval of the Core Group of Secretaries on Divestment for privatisation of companies, especially in non-strategic sectors.
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