Clipped from: https://www.businesstoday.in/current/corporate/dhfl-bidding-coc-declares-piramal-as-successful-bidder/story/428838.html Billionaire Ajay Piramal’s Piramal Group has emerged as the preferred bidder for debt-laden mortgage lender DHFL Piramal Capital and Housing Finance emerged as
Category: IBC-SEBI
HDIL diverted Rs 160 crore from PMC Bank to firm owned by Maharashtra MLA family: ED–business today
Clipped from: https://www.businesstoday.in/current/corporate/hdil-diverted-rs-160-crore-from-pmc-bank-to-firm-owned-by-maharashtra-mla-family-ed/story/428837.html ED claims that HDIL allegedly siphoned off Rs 160 crore to many companies belonging to Viva Group on garb of commission HDIL siphoned
The antitrust dilemma: CCI must come out with detailed penalty guidelines to reduce uncertainty – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/the-antitrust-dilemma-cci-must-come-out-with-detailed-penalty-guidelines-to-reduce-uncertainty/2176007/ Globally, the competition authorities, including the European Commission, the US, and the UK competition authorities, have issued penalty guidelines to ensure that the
Real estate cases under IBC make encouraging progress, 50% closed by Jul-Sep’20–business today
Clipped from: https://www.businesstoday.in/sectors/infra/real-estate-cases-under-ibc-make-encouraging-progress-50-closed-by-jul-sep-20/story/427319.html The enactment of the Insolvency and Bankruptcy Code in 2016, (IBC) along with RERA ushered in a new era of regulation for the
IL&FS addresses aggregate debt of Rs 32,000 crore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ilfs-addresses-aggregate-debt-of-rs-32000-crore/articleshow/80403132.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The total debt of Rs 32,000 addressed comprises of Rs 21,600 crore of debt addressed basis cash balances and nearly Rs 10,300 crore
Market now getting ready for ultra-fast pre-pack, says Sahoo – The Financial Express
Clipped from: https://www.financialexpress.com/industry/market-now-getting-ready-for-ultra-fast-pre-pack-says-sahoo/2175300/ “In fact, the market is getting ready for ‘ultra-fast pre-pack’,” MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI) who
general motors: GM India to appeal against rejection of plant closure, Maharashtra Govt’s move surprising says Co. – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/auto/auto-news/gm-india-to-appeal-against-rejection-of-plant-closure-maharashtra-govts-move-surprising-says-co-/articleshow/80371300.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Move sends a concerning message to potential future investors who want to bring jobs and investment to the state. Mumbai: US automobile major General Motors on Tuesday
Sebi approves Reliance Retail’s acquisition of Future Group’s retail assets – The Economic Times
Clipped from: https://economictimes.indiatimes.com/markets/stocks/news/sebi-approves-future-reliance-deal/articleshow/80371900.cmsSynopsis the retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of
SC upholds threshold for filing insolvency plea against realty developers – The Hindu
Clipped from: https://www.thehindu.com/business/sc-upholds-threshold-for-filing-insolvency-plea-against-realty-developers/article33612084.ece?homepage=true Amendments to IBC not vague: court The Supreme Court on Tuesday upheld amendments in the Insolvency and Bankruptcy Code which prescribe that at
With moratorium on filing fresh insolvency coming to an end, the process is expected to avoid a flood of cases at NCLTs – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/companies/pre-packaged-insolvency-resolution-process-in-the-making-for-covid-hit-india-inc/article33618320.ece With the moratorium on filing fresh insolvency coming to an end this March, the government is working on a pre-packaged insolvency resolution (PPIR)
Can IBC override existing contracts? Why giving primacy to insolvency law may set a wrong precedent – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/legal/can-ibc-override-existing-contracts-why-giving-primacy-to-insolvency-law-may-set-a-wrong-precedent/articleshow/80322886.cmsSynopsis There is no bar against the termination of agreements during the moratorium period under IBC other than contracts relating to essential services such
U.K. has said it cannot extradite Vijay Mallya, Centre informs Supreme Court – The Hindu
Clipped from: https://www.thehindu.com/news/national/uk-has-said-it-cannot-extradite-vijay-mallya-centre-informs-sc/article33600253.ece?homepage=true The U.K. government had communicated that there was a ‘further legal issue’ to be resolved before the businessman could be extradited The United
KSK Mahanadi’s insolvency in limbo as 4 bidders back out – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ksk-mahanadis-insolvency-in-limbo-as-4-bidders-back-out/articleshow/80158983.cmsSynopsis The four bidders were among seven applicants that had expressed interest in acquiring the power company that owns a 3,600 MW thermal power
RBI to propose stricter rules for ‘shadow banks’: report–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/rbi-to-propose-stricter-rules-for-shadow-banks-report/story/428162.html RBI has been trying to tighten regulatory norms on the sector since Infrastructure Leasing & Financial Services, the largest nonbank financial company, went
BharatPe may offer to pay back PMC Bank retail depositors in full: report–business today
Clipped from: https://www.businesstoday.in/current/corporate/bharatpe-may-offer-to-pay-back-pmc-bank-retail-depositors-in-full-report/story/428164.html The BharatPe-Centrum combine is of the four bidders that have made submissions to the Reserve Bank of India for acquiring PMC Bank. The
Ajay Piramal wins the most contested bankruptcy bid for Dewan Housing Finance Ltd – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/ajay-piramal-wins-the-most-contested-bankruptcy-bid-for-dewan-housing-finance-ltd/articleshow/80289989.cmsSynopsis Piramal’s bid received about 94 percent of votes of the creditors, followed by Oaktree at 45 percent, sources told ET. Adani Capital obtained
RBI’s FSDC panel reviews insolvency resolution under IBC – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/money-and-banking/rbis-fsdc-panel-reviews-insolvency-resolution-under-ibc/article33570381.ece The Sub-Committee, chaired by Governor Shaktikanta Das, also discussed changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in
Tweaking IBC for cross-border cases – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/tweaking-ibc-for-cross-border-cases/article33545085.ece?homepage=true The Insolvency and Bankruptcy Code 2016 has been beefed up to suit current needs but issues still remain Overhauling the insolvency and bankruptcy
CBI books Hyderabad-based Coastal Projects Ltd in connection with Rs 4,736 crore bank fraud – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/banking/cbi-books-hyderabad-based-coastal-projects-ltd-in-connection-with-rs-4736-crore-bank-fraud/articleshow/80187680.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The complaint from the SBI, now a part of the FIR, has alleged that the accused construction company, during the five year period
Govt may roll out ‘pre-pack’ scheme as IBC remains suspended–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/govt-may-roll-out-pre-pack-scheme-as-ibc-remains-suspended/story/427433.html Though resolution professional will be appointed, he will only be responsible for smooth running of the pre-pack process, which is supposed to be
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