Apart from being the most successful cases under the IBC, Bhushan Steel and Essar Steel are among the best steel assets in the country. They also ended up helping their lenders get back a significant chunk of the money while allowing Tata Steel to consolidate its position and giving the world's two largest steel makers - ArcelorMittal and Nippon Steel - a strong foothold in India. A significant contrast was the pace at which these two cases were resolved under the bankruptcy code. In the annals of the Insolvency and Bankruptcy Code (IBC), Essar Steel may go down in history as the most noticeable resolution with the world's largest steelmaker, ArcelorMittal, and the incumbent, Ruia family, locked in an intense battle spanning more than two years and ultimately resulting in full recovery of the principal amount for the financial creditors.
Congress leader and All India Congress Committee (AICC) in charge of Karnataka Randeep Surjewala said on Sunday that the Congress Legislative Party (CLP) has unanimously passed the resolution and the observers will seek the opinions of all MLAs and convey it to the party high command.
The suspension came minutes after the party core committee that met in Hubballi recommended his suspension to its national president and former prime minister H D Deve Gowda, who is also Revanna's grandfather.
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.
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 Reserve Bank has revoked the deposit-taking status of Dewan Housing Finance (DHFL), the first financial services firm to go for bankruptcy proceedings, and has reclassified it as a non-deposit taking housing finance company, before approving the Piramal group's bid to take over it towards the end of the resolution process. The revelation comes in the June 7 NCLT Mumbai order that has approved the Rs 35,250-crore bid for the once second largest mortage lender by Piramal Capital & Housing Finance, forcing over 65 per cent haircut on the creditors and just Re 1 to its NCD holders to whom it owes more than Rs 45,000-crore. On the 14th page of the 86-page NCLT order by HP Chaturvedi and Ravikumar Duraisamy, it says DHFL no longer is a deposit taking NBFC but a non-deposit taking one.
Indian diplomatic sources said that India abstained from voting on the resolution in line with its traditional approach that it does not mix humanitarian issues with political issues.
IL&FS group would resolve debt of Rs 55,000 crore by March 2022, the board of the crisis-hit company has stated in its affidavit filed before the National Company Law Appellate Tribunal (NCLAT). While updating the progress of the resolution progress, the IL&FS board, led by Uday Kotak, said Rs 55,000 crore debt would be resolved through asset monetisation, restructuring and insolvency proceeding initiatives. Some of this has already been completed while the rest is at different stages of resolution, it said in a brief snapshot on the progress made in the ongoing resolution process till December 7, 2021, and suggested estimates of progress to be made by March 2022.
Default on repayments from March 25, the day when the nationwide lockdown began to curb coronavirus infections, would not be considered for initiating insolvency proceedings for at least six months.
According to the resolution plan, the airline is planning to start with six to seven aircraft on domestic routes and looking to restart international service within six months of resuming operations.
Noting the urgency and desire on the part of India to extradite people accused of corruption, the UK on Friday said a "legal process" is on in Vijay Mallya's matter and it has to be followed through as there cannot be any shortcut. In May last year, the fugitive businessman lost his appeals in the British Supreme Court against his extradition to India to face money laundering and fraud charges. Asked when can Mallya be extradited to India and if some kind of legal issue is still pending in the matter, new British High Commissioner to India, Alex Ellis, without pointing to any particular case, said he recognises the urgency, importance and the desire to get back people who are accused of corruption to India.
She said I treated her like a bachchi. At another moment, she said I had gone to various people and 'bitched' about her. She also threatened to bring the entire matter to the PM's notice. A revealing excerpt from Subhash Chandra Garg's We Also Make Policy: An Insider's Account of How the Finance Ministry Functions.
Congress general secretary Jairam Ramesh had on Sunday said his party has always believed that the legitimate aspirations of the people of Palestine must be fulfilled through dialogue while ensuring the national security interests of the Israelis.
The Vidarbha Cricket Association (VCA) has adopted a resolution to consider and approve its proposed new constitution as per the recommendations of the Lodha Committee.
The privileges committee of the Lok Sabha on Wednesday unanimously adopted a resolution to revoke the suspension of Congress leader Adhir Ranjan Chowdhury from the lower house.
Benches of the National Company Law Tribunal (NCLT) should not get into questioning a company's default once it is established by the creditors, particularly financial creditors, for admission to the corporate insolvency process. This is one of the key themes of the draft guidelines for the NCLT, which are being finalised by the Ministry of Corporate Affairs (MCA), a senior official said. According to the official, while the company law matters could involve the "principle of natural justice" and justify extended proceedings to hear all parties concerned, the same does not apply to the Insolvency and Bankruptcy Code (IBC) proceedings.
Synergy Group, the sole potential bidder for Jet Airways, had sought more time to take a decision on investing in the grounded airline.
Messages sent through Internet-based messaging service providers such as Whatsapp, Signal, and Telegram, as well as those which are encrypted, are understood to be within the Act's ambit.
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
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.
'With continued focus on votes, upcoming by-polls and purchasing politicians, the political hierarchy has little time for national defence.' 'They would do well to heed a veteran scholar, who says, "There will be war with China in the next few years. The next full scale war will have the involvement of Pakistan and terror elements, insurgents and intelligence assets operating inside India",' warns Lieutenant General Prakash Katoch (retd).
The MEA said the two sides shared their perspectives on the matter in the talks held in a friendly and cordial atmosphere.
Anil Agarwal-owned Vedanta Resources (VRL), which has hired Standard Chartered Bank to raise funds for its Konkola copper mine assets, says it is engaging with several potential partners for both short-term funds and long-term equity financing for the Zambian project. A Vedanta official said its commitment to optimising capital allocation and driving expansion is a key cornerstone of its strategy for the mines. It will enhance value creation and operationalise the Konkola Copper Mines (KCM).
In a press conference later in the day Sangma said that any resolution that is decided upon should be acceptable to the people.
In a post on X, Chidambaram said the Israel-Gaza war threatens to escalate and cause more deaths on both sides.
The multi-crore Dharavi slum redevelopment project involves no land transfer to the Adani group but to the Maharashtra government's departments, and the Ahmedabad-based conglomerate, as a project developer, will build houses that will be handed over to the same departments for allotment to residents of Asia's biggest slums, sources said. Denying allegations of land grab made by MP Varsha Gaikwad, sources close to the project said land parcels are to be transferred only to Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) of the state government's housing department.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
A powerful senatorial committee on Wednesday is set to consider a bipartisan resolution to recognise Arunachal Pradesh as an integral part of India, pushing back against China's military aggression to change the status quo along the Line of Actual Control.
Sun Pharmaceutical Industries reported a 34 per cent year-on-year (Y-o-Y) jump in net profit to Rs 2,654.6 crore in Q4FY24.
Are you looking to transform your health game? Dr Chetan Savaliya, director, Satvam Nutrition, has some tips for you.
Forest and tribal rights activist Alok Shukla will on Friday receive the prestigious Goldman Environmental Prize -- 2024 for successfully leading a community campaign that saved 4.45 lakh acres of biodiversity-rich forests from 21 planned coal mines in Chhattisgarh.
The company said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact".
The closure of BPSL would add about three million tonnes capacity to JSW Steel's existing 18 million tonnes.
Jet Airways is seeing a churn in its senior management ahead of its planned take-off this year. Sudhir Gaur, accountable manager and acting chief executive officer, is the latest to quit the company. Finance head M Shivakumar and head of management information system (MIS) Farazad Patrawalla moved out a few weeks earlier. Gaur had been part of the initial team selected by the Kalrock-Jalan consortium, which secured approval from the National Company Law Tribunal (NCLT) last June to revive the airline.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
The government on Wednesday directed online travel aggregators to process pending refunds related to air ticket bookings during the coronavirus lockdown period by the third week of November. In the wake of the coronavirus pandemic, there was a nationwide lockdown for varying periods starting from March 25, 2020, and scheduled commercial flight services were also suspended for a certain period. On Wednesday, the consumer affairs ministry held a meeting with online travel aggregators to discuss issues prejudicial to consumer interest in the travel sector.
An influential Hindu organisation in the United States has slammed a group of lawmakers for introducing a resolution in the House of Representatives on record of India's religious freedom arguing that it is grossly inaccurate and aims to provoke.
The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
Dhawan hasn't had a great time with the bat in IPL 2024, but is still Kings' highest run-getter currently with 152 runs from five innings, scoring at a strike rate of 125.61.
