The Gujarat high court on Monday cleared the way for the Reserve Bank of India (RBI) to press ahead with the bad-loan resolution process, dismissing Essar Steel Ltd’s petition challenging the initiation of bankruptcy...
Warranted time to complete debt restructuring: Essar Steel
With the Gujarat High Court dismissing Essar SteelBSE 0.41 %’s plea against RBI’s insolvency order, the company today said it should have been given time to complete its debt restructuring. Essar Steel...
GVK Energy raises Rs500 crore for Goindwal Sahib power project
GVK Energy Ltd has closed funding for its 540 MW coal-fired power project in Punjab, having raised Rs500 crore from Deutsche Bank in priority funding, according to two people directly aware of the development. The funds...
Inox wind challenges National Company Law Tribunal’s order
Wind energy solutions provider Inox Wind (IWL) is challenging the National Company Law Tribunal’s Chandigarh bench order on insolvency, claiming it is solvent and in “excellent” financial health. ET had...
SBI not in favour of JSW buying stake in Monnet Ispat
India’s largest lender State Bank of India is not in favour of a JSW Steel proposal in its current form to buy a controlling stake in debt-laden steelmaker Monnet IspatBSE -2.33 %, the bank informed the Mumbai bench of...
Bank of Baroda moves NCLT to recover Rs97 crore from Binani Cement
Bank of Baroda has filed a petition against Binani Cement Ltd with the National Company Law Tribunal’s (NCLT) Kolkata bench, seeking to recover Rs97 crore in an outstanding loan under the new Insolvency and Bankruptcy...
Initiative for merger should come from banks: Former RBI Governor C Rangarajan
Former RBI Governor C Rangarajan today said bank merger should be need-based and the initiative should come from the lenders themselves. “Initiative for merger should come from banks themselves and there must be...
Bankruptcy proceedings to make the wallets of consultants fatter
As banks try to recover cash from companies that defaulted on loans, top consulting partners and lawyers helping with the insolvency proceedings may end up earning as much as some Indian CEOs do. Big consulting firms —...
Essar Steel seeks more time from RBI for debt restructuring
The Essar group wants more time from the Reserve Bank of India to close its restructuring package with banks for Essar SteelBSE 0.41 % and has termed as unfair the regulator’s decision to refer the firm to the...
Here are 9 ways for banks to raise capital to tackle NPAs
Strike at the root, and the branches will fall. Maratha warrior Peshwa Bajirao followed the adage to remain undefeated throughout his life time. But the Indian banking system, caught in a fierce battle with non...
M/s. Parker Hannifin India Pvt Ltd Vs. Prowess International Pvt Ltd.
Facts of the Case Parker Hannifin India Private Limited is an operational creditor of Prowess International Private Limited. A petition under Section 9 of Insolvency and Bankruptcy Code, 2016 i.e. Application for...
Defaulters may follow Essar route to block bankruptcy
A number of large loan defaulters may follow the footsteps of Essar Steel by approaching courts to block bankruptcy proceedings against them, after the steelmaker got a stay on hearings on an insolvency petition moved...