The National Company Law Tribunal (NCLT) has turned down the appointment of Vijaykumar V Iyer of consultants Deloitte as an interim resolution professional (IRP) to resolve the Rs 44,000-crore Lanco InfratechBSE -4.76 %...
Tata Steel looking at acquisitions, open to buying stressed assets
Tata Steel Ltd is actively looking at inorganic expansion as part of its growth strategy while it aims to ramp up capacity in India, chairman N. Chandrasekaran told the firm’s shareholders at its annual general meeting...
Global investors line up for stake in Bhushan Steel
Debt-laden Bhushan Steel Ltd, which has been referred to the National Company Law Tribunal (NCLT) for insolvency proceedings, has caught the eye of several financial investors. According to at least two people aware of...
JSW Steel may partner Piramal-Bain fund to bid for Bhushan Steel
Billionaire Sajjan Jindal’s flagship JSW SteelBSE 1.96 % is in advanced talks with a distressed fund jointly floated by Piramal Enterprises and Bain Capital Credit to bid for Bhushan SteelBSE 1.96 %, which has recently...
JSW Steel, Piramal Enterprises eye joint bid for stressed assets
Sajjan Jindal-controlled JSW Steel is in discussion with Piramal Enterprises for a partnership that could result in a joint bidding of assets currently going through the insolvency process. According to the contours of...
How the bankruptcy code can be abused by unscrupulous elements
When a little-known company Shiv Sneha Associates advertised that it would file bankruptcy proceedings against the NYSE-listed MakeMyTrip, valued at $3 billion, to recover its dues, it showed how a new law can become a...
SSG Capital eyeing stake in debt-laden Bhushan Steel
Asia-focused special situations investment firm SSG Capital Management is interested in acquiring a stake in distressed steel company Bhushan Steel Ltd, said two people aware of the development. “Bhushan Steel promoters...
Aion and SSG cap racing to acquire debt ridden Alok Industries
A special situations fund — set up by US private equity giant Apollo Global Management and ICICI Venture — and pan-Asian reconstruction specialist SSG Capital have set sights on controlling stake in troubled textiles...
What’s next for Jyoti Structures, Monnet Ispat, Alok Industries?
The next leg in the resolution process for Jyoti Structures, Monnet Ispat and Alok Industries, with National Company Law Tribunal (NCLT) approving bankruptcy proceedings against them Mumbai: The National Company Law...
NCLT reserves order on Bhushan Steel bankruptcy petition
The National Company Law Tribunal (NCLT) today reserved its order over the bankruptcy petition filed by the country’s largest lender SBI against Bhushan Steel BSE -1.16 % Ltd. A bench headed by Justice MM Kumar...
KKR starts bankruptcy proceedings against Amtek Auto’s overseas assets
Global private equity giant KKR has launched bankruptcy proceedings against the international subsidiary of Amtek Auto Ltd, which is itself in India’s bankruptcy court, two people aware of the development said...
NCLT Court admits Alok Industries for bankruptcy
The National Company Law Tribunal (NCLT) on Tuesday admitted insolvency proceedings against textile company Alok IndustriesBSE -0.35 %, which owes about Rs 23,000 crore to a consortium of lenders. An application for...