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...
Essar Steel vs RBI: How a press release became centre of controversy
An innocuous sentence in a Reserve Bank of India (RBI) press release is at the centre of a challenge filed by Essar Steel Ltd against the initiation of bankruptcy proceedings by its lenders. If the Gujarat high court’s...
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...
BIRLA Group Restructuring Deal Updates
On June 1, 2017, The Hon’ble National Company Law Tribunal (“NCLT”) bench at Ahmedabad, have approved the merger of Aditya Birla Nuvo Ltd. (“ABNL”) and Grasim Industries Ltd. (“Grasim”), to be followed by the listing of...
Essar Steel knew of insolvency move: RBI to Gujarat High Court
The Reserve Bank of India (RBI) on Wednesday told the Gujarat High Court that Essar Steel’s claim of nearly completing its restructuring and being unaware of insolvency proceedings was false. Darius Khambata, RBI’s...
Approached lenders for NOC on slump sale of Mundra Power: Adani Power
Adani PowerBSE 0.68 % on Tuesday said that it has approached lenders for no-objection certificate (NOC) for a slump sale of its “Mundra Power Project” to its subsidiary company Adani Power (Mundra). Last...
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...
Lenders of Electrosteel apply for insolvency case against company
Lenders to beleaguered Electrosteel Steels have urged the National Company Law Tribunal (NCLT) to admit insolvency proceedings against the West Bengal-headquartered company. Electrosteel Steels, which owes more than Rs...
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...
PSL Limited files for insolvency
The Ashok Punj-owned PSL Limited, the largest manufacturer of pipes in India, has filed for insolvency under the Insolvency and Bankruptcy Code, 2016. It owes Rs 4,000 crore to 24 banks and other institutions, including...