Tower companies Bharti Infratel and Indus Towers are the latest to object to a proposal to merge Reliance Communications’ wireless business with Aircel, being heard in the National Company Law Tribunal (NCLT)...
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...
Tribunals dismiss Macquarie Bank’s insolvency petition against Uttam Galva Metallics
The National Company Law Appellate Tribunal in Delhi has upheld a Chandigarh NCLT order dismissing Macquarie Bank’s insolvency petition against Uttam Galva Metallics on the grounds that the Australian lender was...
RCom, Aircel merger deal on sticky ground
The proposed merger of Reliance CommunicationsBSE -1.89 %’ wireless business and Aircel is clouded with more uncertainty with the Department of Telecommunications setting the Supreme Court’s go-ahead a...
Bhushan Steel, Bhushan Power face insolvency action
The National Company Law Tribunal (NCLT) on Wednesday allowed bankruptcy proceedings against debt-ridden Bhushan SteelBSE -1.34 % and Bhushan Power & Steel (BPSL). The companies have 180 days to come up with a...
Vittorio Colao, KM Birla expect Vodafone-Idea merger to be completed in 2018
A day after competition regulator gave its nod to the Idea Cellular and Vodafone merger, Kumar Mangalam Birla, chairman of Idea Cellular and Vittorio Colao, chief executive, Vodafone Group in a joint statement Tuesday...
SBI’s insolvency petition incomplete: Essar Steel
Essar SteelBSE 0.41 %, which failed to get a court stay on the bankruptcy proceedings against it moved by State Bank of India, told the National Company Law Tribunal (NCLT) that the insolvency petition was incomplete...
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...
Will Innoventive Ind see the first light of insolvency resolution?
Innoventive Industries, India’s first company to be tried under the new Insolvency and Bankruptcy Code, has failed to finalize a debt resolution plan in the stipulated six months, prompting the National Company Law...
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...
‘Gujarat High Court views could delay Insolvency Code resolutions’
The Gujarat High Court may have dismissed Essar Steel’s petition challenging the Reserve Bank of India’s direction to begin insolvency proceedings against the company, but some of the observations could be exploited by...