The agency filed the additional charge sheet in the case of cheating against Yes Bank founder Rana Kapoor and Dewan Housing Finance Limited (DHFL) promoters Kapil and Dheeraj Wadhawan last month.
The CBI conducted searched and recovered a large number of luxury watches worth crores of rupees and other items.
While the NBFC was able to lower share of wholesale loans to 64 per cent as on March end from 88 per cent last year, it reported a net loss of Rs 321 crore during Q4FY22 on account of higher provisions made for stressed non-real estate wholesale loans.
Strict timelines prescribed under the code, multiplicity of cases and lesser number of tribunals have increased the backlog of cases
The court’s June 3 order will give more power to lenders and ensure speedy recovery in cases under the bankruptcy court, according to bankers and legal experts
Indian lenders are left with no choice except liquidation of stressed assets under the bankruptcy code, thanks to a mismatch between the quoted value of the asset and the bid price, experts said.
The CBI on Thursday arrested Avinash Bhosale, chairman of Pune-based real estate group ABIL group, in an alleged corruption case involving Yes Bank founder Rana Kapoor and Kapil Vadhawan of DHFL, officials said.
The National Company Law Tribunal (NCLT) had on June 7, 2021, approved the resolution plan for DHFL’s reverse merger with Piramal Capital and Housing Finance Limited.
The Supreme Court has said creditors can invoke personal guarantees to recover corporate loans, even if the insolvency process hasn’t been triggered
The ED said this in its second supplementary (third overall) charge sheet filed in special court here recently against Rana Kapoor, his family, Wadhawans and others in a money laundering case.
The disclosures pertain to regulatory requirements, exposure to sectors like real estate, capital market, among others
The NCLAT had termed it "illegal" for proceeds from avoidance applications to be appropriated by the successful applicant rather than to be disbursed among creditors.
PCHFL acquired DHFL in September 2021 for a total consideration of Rs. 34,250 crore. PCHFL has retained over 3,000 employees of the DHFL Group and are also adding over 2,000 new jobs in the merged entity.
With this order, now the CoC have to reconsider the provision of section 66 of IBC which mandates that the benefit should go to all the creditors of DHFL, 63 Moons said.
The market regulator, in an interim order issued in September 2020, blocked the 12 DHFL promoters from accessing the securities market.
Some banks also favour SREI board dissolution and appointment of RBI administrator. However, RBI's decision on the Srei Group resolution matter is awaited. In FY 2020, RBI audit flagged Rs 8,576 crore of probable related -party lending by Srei group.
They will primarily focus on increasing their lending book and as far as the mix is concerned, it will be 50:50 retail and wholesale.
The company has paid a total consideration of Rs 34,250 crore for the completion of the acquisition.
Creditors of Dewan Housing Corporation Ltd (DHFL) are all set to receive money, as early as this week, from Piramal Capital and Housing Finance Limited, a unit of Piramal Enterprises.
The three appeared in court and filed for bail through their legal team comprising Vijay Agarwal and Rahul Agarwal, who argued that the charge sheet was filed without Bindu, Radha and Roshni being arrested, and, therefore, as per a Supreme Court judgement, they deserve to be granted bail.
Rana Kapoor's wife and daughter were named as accused in the supplementary charge sheet filed by the CBI, but the duo was never arrested in the case.
The NCLT had on June 7 approved Piramal Group's overall resolution plan for DHFL, subject to a few conditions.
DHFL shares trading: The resolution plan, approved by NCLT in the successful bid of Piramal Group for DHFL, envisaged zero value for the shares of DHFL
The resolution plan, approved by NCLT in the successful bid of Piramal Group for DHFL, envisaged zero value for the shares of DHFL. Despite this the stock was allowed to be traded
The firm believes that the resolution plan is contrary to law and that this resolution plan is against the interest of all DHFL credit holders including all NCD holders.