"We have been directed by the court to come up with a comprehensive resolution plan and it is in the works," sources told Moneycontrol.
Bidders are asking for immunity from any past financial misdeeds, but the government should draw the line.
Jaypee Infratech went into insolvency in August 2017 after the National Company Law Tribunal (NCLT) admitted an application filed by an IDBI Bank-led consortium.
HDIL's one-time settlement offer of Rs 96.5 crore, drawn on PMC Bank, was accepted by Bank of India against dues of Rs 522.3 crore.
Illiquid projects, a slump in the real estate market and poor due-diligence have all contributed to the poor returns of these funds
The SFIO contended the NCLT does not have the jurisdiction to direct an investigation into the affairs under the provisions of the Companies Act.
Headed by Corporate Affairs Secretary Injeti Srinivas, it will also make recommendations on various issues pertaining to the implementation of the Companies Act as well as the Limited Liability Partnership Act.
Weekly wrap: RBI's new loan pricing norm may put banks in a fix, NBFCs' outlook remains grim and a checklist for customers of merging PSBs
Announcing the measure, Finance Minister Nirmala Sitharaman said the government will contribute Rs 10,000 crore for the special window and roughly the same amount is expected from outside investors.
The appeal is against the earlier NCLT order
Talks come as JSW Steel is unhappy with the takeover terms cleared by the NCLT. Banks tried to better the final terms for JSW, which had made two key demands, but were rejected by NCLT.
The Videocon group along with its with 15 operating companies, owes over Rs 90,000 crore to lenders and is among the 40 largest defaulters identified by the Reserve Bank in its first list for insolvency in late 2016.
The NCLT has approved JSW Steel’s bid to acquire Bhushan Power at a time when the steel industry is passing through a difficult phase
Mumbai-based developer Rustomjee Group had emerged as the lone bidder in the first round of bidding
The NCLT declared a moratorium, protecting the company from the lenders by prohibiting them to recover the amount for a certain period.
A two-member NCLT bench, headed by President Justice M M Kumar, has appointed an interim resolution professional (IRP) to take over the management of the company.
Garg also talked about how there was a need for a framework to resolve stressed financial entities and that the Financial Resolution and Deposit Insurance (FRDI) Bill, which was dropped last year, should be revisited.
Orix Corporation of Japan is already an equity partner in the group and owns 49 percent stake in each of these seven operating wind power plants.
The Kolkata bench of the National Company Law Tribunal (NCLT) had ordered to initiate insolvency proceedings against MBL Infrastructures in March 2017 over a plea filed by RBL Bank.
Homebuyers are now on par with financial creditors in the IBC scheme of things, but they are still sandwiched between secured and operational creditors
The board of IL&FS has already approved the sale of these entities to ORIX Corporation in its board meeting held on June 28.
This order is huge set back to Delliotte and BSR Associates which is part of KPMG group. Deliotte spokesperson said ““We note the NCLT’s ruling, which is unfortunate. We will review the order and decide on a course of action shortly. DHS LLP remains committed to high standards of audit quality and ethical conduct in its professional practice. The firm has faith in the regulatory and judicial processes and will continue to cooperate fully with the authorities.”
The company had last year announced issuance of secured redeemable non-convertible debentures as bonus debentures of Rs 60 in the ratio of one such debenture for every equity share at an interest rate not exceeding 8 per cent to be paid annually for a period of three years.
Ahluwalia Contracts had received work order for plumbing and civil work from Raheja Developers and had claimed dues of Rs 5.50 crore.