Since the bankcuptcy law came into effect from December 2016, with every quarter, the recovery rate has progressively been going down, notes Tamal Bandyopadhyay.
When the third round of bids was opened, Oaktree's offer was the highest, but with several riders. While Piramal offered higher upfront cash and offered to merge its financial business with DHFL, Adani was ranked third in the race, reports Dev Chatterjee.
The common denominator: They were predominantly Gujarati, mostly male, and either related by blood or very well-known to Nirav.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
A bench headed by Justice R F Nariman, which disposed of a batch of over 180 petitions filed by various builders, said the RERA act which regulates the real estate sector should be read harmoniously with the amendments made in the IBC and in case of conflict the code will prevail.
This is an exceptional case of extension beyond the 330-day limit under the insolvency and bankruptcy code.
The government's agenda also includes the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021.
Chief Justice of India N V Ramana on Wednesday termed as "very unfortunate" certain "speculations and reports" in the media about the collegium meeting regarding the appointment of judges in the Supreme Court.
Given how everything has played out, Mehul Choksi, now 62, achieved all that he wanted but for all the wrong reasons, says Pavan Lall.
Pai said he was also against 'naming and shaming' willful defaulters of bank loans.
Bhupender Yadav's entry to the Modi government as a Cabinet minister is seen as his just reward after serving as a party office-bearer for the longest term among all current occupants.
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.
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
The direction to Kerala Rail Development Corporation Ltd (KRDCL), or K-Rail as it is popularly known, was welcomed by Congress-led United Democratic Front opposition as they termed it a victory of the first phase of the struggle against the semi-high speed rail corridor.
Patel, who headed the RBI from September 2016 till his sudden resignation in December 2018, says in his book thta the government seemed to lose enthusiasm for the new bankruptcy law in the middle of the year he left the central bank. Though Patel does not name anybody in the book, the mid-2018 period he refers to is the time when Piyush Goyal held temporary charge of the finance ministry between May and August.
According to the Centre's legislative business list for the upcoming session, three bills have also been listed to replace three ordinances.
Only when the RBI inspection started on September 19 did they realise that their game was up and one of them had sent a letter to the central bank, leading to the RBI crackdown, report Anup Roy and Subrata Panda.
Serious Fraud Investigation Office will probe the airline for instances of fund diversions and large-scale irregularities.
These are the four primary issues that have soured the relationship between SBI-led lenders and JKC and delayed the resumption of commercial flights by Jet Airways, once India's largest private airline, which went bankrupt in 2019. Over the past three years, the airline went through an insolvency process under which JKC's resolution plan was approved by a committee of creditors (lenders) and the National Company Law Tribunal (NCLT) in October 2020 and June 2021, respectively. But this didn't mean an end to the problems.
The time-bound nature of the bankruptcy code, envisaging resolution within 180 to 270 days, would put enormous pressure on the existing judicial infrastructure.
Nadal says Wimbledon ban on Russian and Belarusian players unfair
The S&P BSE Midcap and the S&P BSE Smallcap indices under-performed to lose 0.8% and 1.6%
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
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.
The Supreme Court on Tuesday granted 10-year time to telecom firms like Vodafone Idea, Bharti Airtel and Tata Teleservices for paying the Adjusted Gross Revenue (AGR)-related dues to the department of telecommunications with certain conditions.
Apart from being a client of Sasken, North American telecom equipment maker Nortel is also a key investor in the company, holding over 10 per cent stake which it had bought in 2005. The company has invested close to $10 million to acquire the stake. Even before the filing of bankruptcy by Nortel, there was talk in the industry that Nortel is exploring a possible exit from Sasken.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
In what is in effect a deposit to be paid into court pending a full trial in the case, Judge David Waksman has set a six-week timeline for Anil to pay $100 million to three Chinese banks as he concluded that he did not accept Ambani's defence that his net worth was nearly zero or that his family would not step in to assist him when "push came to shove".
RBI governor Raghuram Rajan is clear about cleaning up the mess in the banking system.
The opposition will seek to target the government on the issue of farmers' plight as well as their demand for a legal backing for minimum support price.
This Budget signals a shift from a hand-out to a hand-up economy.
Mallya remains on bail pending his UK High Court appeal, now scheduled for February 2020.
The Kalrock-Jalan consortium - new owners of Jet Airways - has got an assurance from around 30 airports that if the airline restarts operations, 170 pairs of slots can be made available. However, whether those slots will be according to the airline's demand will depend on the order of the insolvency court, which is slated to come next week. Sources said the new management feels it is extremely important that some of those slots are restored or else its business plan of operating Jet as a premium carrier will not be viable.
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
'What will this supposedly more business-friendly government do if it gets a second term?' 'Important labour law and land reforms remain off the table.' 'Witness the arm-twisting of foreign players in e-commerce and all but one player in telecom -- and it is very hard to justify this perception that the BJP is business friendly.' 'There will also remain the real risk of ideas seemingly gleaned from the pages of Amar Chitra Katha, overlaid with PowerPoint presentations,' predicts Rahul Jacob.
The culture of freebies burdens coming generations with the huge bill for the flagrant abuse of power by preceding governments, points out Virendra Kapoor.
Why doesn't anybody ask the PSU State Bank of India under RTI on how much they are spending on legal fees trying to recover money from me in the UK when I have offered 100 per cent payback in India, asked Mallya.
The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
According to court documents, Singh carried out an investment fraud through an entity known as the Perfect Financial Group.
