Directs lenders to conduct fresh voting from May 31.
The Committee of Creditors (CoC) submission before a National Company Law Appellatre Tribunal (NCLAT) implied that only Rs 39,500 crore would be available for distribution among the financial creditors and operational creditors.
StanChart has approached the NCLAT alleging that the CoC had discriminated against it, as it was being offered only 1.7 per cent of its total dues from Essar Steel's resolution plan, while other financial creditors, forming part of the CoC, were getting over 85 per cent of their dues.
HUDCO claims that it had given Rs 60 crore loan to Bakshi for his hospitality company, Ascot Hotels Pvt Ltd and the loan account turned into NPA (non performing asset).
NCLAT’s May 2 order allows banks to declare the account as NPA.
The regulator said the insurers with exposure to Anil Ambani-run Reliance Capital's subsidiaries--Reliance Home Finance and Reliance Commercial Finance--will have to make provisions for debt of these companies which were downgraded by Care Ratings last month.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities, which are unable to pay their debt.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the accounts of the debt-ridden IL&FS and its 300 group entities.
An NCLAT bench headed by Chairman Justice S J Mukhopadhaya on April 30 directed the matter to be listed on May 7.
It was also important for RBI to ask banks to make this disclosure as it bids to regain the higher ground after recent setbacks
Mumbai-headquartered infra lender and its 348 group companies owe over Rs 94,000 crore, of which over Rs 54,000 crore are owed to banks.
During the proceedings, the NCLAT bench headed by Chairman Justice S J Mukhopadhaya said that the operational creditors cannot be treated differentially.
Senior advocate Gopal Jain, representing the RBI, submitted before the NCLAT that true reflection in the books of the banks is important for fair accounting because it has early warning signals.
Sunil Goel had approached the National Company Law Appellate Tribunal (NCLAT) against the order passed by the Chandigarh bench of National Company Law Tribunal (NCLT), which had directed Guild Builders not to create pledge on 1.48 crore shares of realty firm except for top-up or margin calls.
The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt ridden Essar Steel.
The NCLAT also made clear that it has not stopped IL&FS and its group entities from going for resolution process.
A two-member bench headed by Chairman Justice S J Mukhopadhaya also clarified that there was no stay on the government to proceed with the resolution plan for IL&FS companies.
NCLAT listed the matter for next hearing on April 22 and said 'CoC would not approve any other plan' in between.
The NCLAT had on March 20 asked the resolution professional of Essar Steel to call for a fresh meeting of its CoC to reconsider distribution of Rs 42,000 crore fund.
The appellate tribunal also issued notice to DoT and directed to list the matter on April 8 along with the main case.
The RBI is seeking modification of the order passed by the tribunal which has provided moratorium on repayment of loans regarding the accounts of IL&FS and its over 300 group companies.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
Earlier, debt-ridden RCom in its plea before the NCLAT said that it wants to voluntarily go back into the insolvency process, as it will help selling its assets in a time bound manner.
The apex court has asked RCom group to pay Rs 453 crore in four weeks, by March 19, failing which Ambani will have to go to jail.
According to reports, PNB expects to recover about Rs 2,500 crore from Essar Steel.