Last Updated:December 15, 2024, 16:11 IST EIH, which was managing Golden Jubilee Hotels and has 16 per cent shareholding, contended that it could not be treated as a promoter and become ‘ineligible’ to be part of the resolution plan for the hotel under Section 29A of IBC. EIH contended that Section 29A is applicable to … Read more
Tata Motors on Thursday issued a clarification on an ET report that said Tata Sons is understood to be creating a holding company for Tata Motors to house its passenger car and commercial vehicle businesses that are being demerged and registered as two separate entities. The auto major said, the demerger is being done through … Read more
New Delhi: India is proposing to introduce a “voluntary” group insolvency framework under the bankruptcy law. This will facilitate a joint resolution of stressed entities of a domestic corporate group, given the interconnected nature of their operations, people aware of the development said. The framework will be a part of Insolvency & Bankruptcy Code (IBC) … Read more
Mumbai: ZEE Entertainment Enterprises Ltd. (ZEE), and Culver Max Entertainment Pvt. Ltd. (CMEPL) operating as Sony Pictures Networks India (SPNI), together with its group company Bangla Entertainment Pvt. Ltd. (BEPL), have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger cooperation agreement and the composite scheme of arrangement, according to … Read more
Coffee Day Enterprises Ltd, which also owns and operates a resort, renders consultancy services and is engaged in the sale and purchase of coffee beans, had defaulted in the payment of coupon payments of redeemable non-convertible debentures (NCDs). The Bengaluru bench of the NCLT on August 8 admitted the plea filed by IDBI Trusteeship Services … Read more
Hyderabad: The National Company Law Tribunal (NCLT) in Hyderabad has declared GVK Power and Infrastructure Ltd (GVKPIL) bankrupt, initiating the Corporate Insolvency Resolution Process (CIRP). This comes after GVK Coal Developers (Singapore) Pvt Ltd failed to repay the loan, including interest, amounting to Rs 18,000 crore to ICICI Bank and several other banks where GVKPIL … Read more
New Delhi: Edtech company Byju’s, mired in several controversies amid a cash crunch, has moved the Karnataka High Court against the order of the National Company Law Tribunal (NCLT), which restrained it from going ahead with its second rights issue. The second rights issue commenced on May 13 and was expected to end on June … Read more
Mumbai: The Pre-packaged Insolvency Resolution Process (PPIRP) has resulted in the full settlement of operational creditors’ claims in five cases. They are – Amrit India, Sudal Industries, Shri Rajasthan Syntex, Enn Tee International and GCCL Infrastructure and Projects. The government enacted the Insolvency and Bankruptcy Code (IBC) in August 2021 and introduced the PPIRP for … Read more
The board of IDFC First Bank presented the result of voting on the proposal for amalgamation before the NCLT. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First Bank Shareholders and non-convertible debenture … Read more
After a delay of nearly seven years, lenders of Amtek Auto’s listed subsidiary Metalysts Forgings are likely to recover part of their dues, as the bankruptcy court has approved the company’s acquisition. The Mumbai bench of the National Company Law Tribunal (NCLT) has given its nod to Metalyst Forgings’ acquisition by Deccan Value Investors LP-led … Read more
