Treat flat owners at par with banks under insolvency law: Assocham to NCLT

With thousands of home buyers of Jaypee Infratech languishing with stuck projects, industry body Assocham on Sunday said the government and the National Company Law Tribunal (NCLT) must treat flat owners at par with banks under the insolvency law. An Ordinance, if needed, should be brought to amend the Insolvency and Bankruptcy Code (IBC) for… Continue reading Treat flat owners at par with banks under insolvency law: Assocham to NCLT

Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT

The National Company Law Tribunal (NCLT) on Thursday gave Jaypee Infratech time till August 4 to respond to a petition of insolvency filed by IDBI Bank after the company said it did not receive a notice from the tribunal on beginning the proceedings. IDBI Bank filed a petition for insolvency against Jaypee Infratech in the… Continue reading Insolvency case: Jaypee Infra must respond to petition by Aug 4, says NCLT

Banks need Rs 18,000 cr to resolve 12 NPA accounts flagged by RBI: Ind-Ra

Indian banks need to provide a bare minimum of Rs 18,000 crore additionally towards 12 big-ticket bad accounts identified for insolvency resolution, says India Ratings and Research (Ind-Ra). In June 2017, the Reserve Bank of India (RBI) had asked lenders to refer 12 identified accounts to the National Company Law Tribunal (NCLT) under the Insolvency… Continue reading Banks need Rs 18,000 cr to resolve 12 NPA accounts flagged by RBI: Ind-Ra

Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

The Gujarat High Court on Monday disposed of Essar Steel’s petition against insolvency proceedings initiated by its lenders after a directive by the Reserve Bank of India (RBI). This is likely to smoothen the insolvency proceedings against Essar as well as the 11 other non-performing accounts identified by the RBI. The four other steel companies… Continue reading Gujarat HC turns down Essar Steel plea against RBI’s insolvency proceedings

Slow to start, banks wrestle with insolvency regime

Financial News Neeraj Singhal, promoter and vice-chairman of Bhushan Steel, was arrested by the Central Bureau of Investigation (CBI) in August 2014. Singhal’s arrest came days after the agency had arrested S K Jain, the then chairman and managing director of Syndicate Bank on bribery charges. Soon after, the Bhushan Steel account was referred to… Continue reading Slow to start, banks wrestle with insolvency regime

HC puts StanChart’s plea on Essar Steel’s insolvency proceedings on hold

A division Bench of the Gujarat High Court on Wednesday adjourned Standard Chartered Bank’s appeal for quashing a single-judge Bench’s stay on insolvency proceedings filed against Essar Steel. The London-based lender said in its appeal, a copy of which is in possession of Business Standard, that Essar Steel had “failed to disclose” to the single-… Continue reading HC puts StanChart’s plea on Essar Steel’s insolvency proceedings on hold