Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
Amazon has moved the Supreme Court challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries. Amazon, in the petition, sought a stay on the March 22 order of the division bench, terming it "illegal", "random", "inequitable and unfair". On March 22, a division bench of the Delhi high court had granted Future a reprieve from a March 18 single-judge order that restrained it from taking any steps to sell assets to Reliance.
RPTs are globally recognised as an important component of the ease of business index.
IBC-oriented pre-packs, the other mechanism under consideration, are a mix of out-of-court restructuring and a formal insolvency process, say experts.
The recent amendments to the IBC practically barred promoters from re-acquiring their own assets, leaving only a small window to convert their non- performing assets into standard assets by paying the overdues.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
The return of private investment now struggles with lack of funds and election-driven uncertainty.
These together account for 40 per cent of bad loans of around Rs 4 trillion.
According to industry players, over 50 FMPs have exposure to Zee Group companies.
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
The haircut for major banks stands at 52 per cent, if the dues of Jaypee Infrastructure, Lanco Infrastructure and Era Infrastructure are kept out of the calculation.
UltraTech currently has 19% market share with Shree Cement commanding 22% of the market
The RBI, according to the source, wants details on the procedure followed for credit appraisal by the bank while giving loans to Videocon.
The NCLAT, in its December 18, 2019 order, had restrained the company, its board of directors and shareholders from exercising the power under the article against minority members except in exceptional circumstances and in the interest of company. A bench headed by Chief Justice S A Bobde dealt with this issue in its 282-page verdict which set aside the NCLAT's order that had restored Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
The code says the process is intended to balance the interests of all stakeholders and the resolution plan is also required to make a statement as to how it has dealt with these interests.
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
'Airports must look at their maximum capacity to handle passengers.'
Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL). RIL will open most of the 200 Future Retail stores as Reliance stores in the next week and it is in the process of taking stock, re-branding, and transferring 30,000 Future Retail and Future Lifestyle employees on to the rolls of its manpower and staffing firm Reliance SMSL, according to a source. The first tranche of stores are set to be opened as early as in the next two days.
The market breadth, indicating the overall health of the market was strong
With the O2C business outlook on the mend, the Street is also looking forward to news on RIL's proposal to sell up to 20 per cent of the O2C business to a strategic investor like Saudi Aramco.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
The consortium of UAE-based businessman Murari Lal Jalan and London's Kalrock Capital -- which has won the bid to revive Jet Airways -- on Monday said it expects to start operating the airline by the summer of 2021.
The two parties have also approached the Delhi high court pleading that two earlier court orders be modified allowing Bakshi to sell his shares in Connaught Plaza Restaurant to McDonald's India.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
Sources said she had stopped eating for the past few days and had constantly been making calls and sending emails to the two brothers.
The CBDT asks ministry of corporate affairs not to oppose its application to restore the companies struck off by the Registrar of Companies, as it would prevent the board from launching tax recovery proceedings against them.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Challenging the "illegal" reduction in its claim by the erstwhile resolution professional (RP) in the Jet Airways revival plan, the Punjab National Bank (PNB) has moved the National Company Law Appellate Tribunal (NCLAT) citing discrimination. The NCLAT on Thursday issued notices to RP Ashish Chhawchharia and the committee of creditors on PNB's plea to set aside the insolvency court's approval of the airline's revival plan. It has posted the matter for further hearing on September 21.
In HDFC Life, the company has to pare 1.43 per cent, and in HDFC Ergo, it has to pare only 0.58 per cent.
Malvinder "forged the signatures" of Aditi Singh, Shivinder's wife, in the documents of RHC Holdings Pvt Ltd, which along with Oscar Investments Ltd jointly owned financial services firm Religare Enterprises Ltd and hospital chain Fortis Healthcare Ltd, it said.
The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Lenders had filed 1,251 cases to recover Rs 24,765.5 crore. Wilful defaulters are the entities that do not pay back money despite the ability to do so. Defaulters above Rs 1 crore were considered for this exercise.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Kisan Mazdoor Sangh (KMS) and Kisan Sena (KS) made a representation, which also included a demand for strengthening the dispute resolution system in case of any trouble in contract farming.
With their net debt estimated at Rs 1.15 trillion, the merged entity will not be in much of a position to dole out freebies, says Romita Majumdar.
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.
Factors like dedicated recovery teams, centralised follow-up on bad loan accounts and resolutions via NCLT are driving the trend
