Public sector banks as well as their private sector peers have added a staggering amount of non-performing assets (NPSs) to their respective portfolios over the past year, according to data submitted by the Union Finance Ministry in Parliament on Monday, July 18, The Federal reported.
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The Supreme Court has refused to interfere with the judgment of a Division Bench of the High Court of Tripura, where the High Court had held that a decree holder falls under the class of "other creditors" and so cannot be treated as a "financial creditor" under the Insolvency and Bankruptcy Code 2016, Mondaq reported.
The National Company Law Tribunal (NCLT), Chennai, has asked ASG Hospital for the sources of funds for its about ₹520-crore bid for Vasan Health Care Pvt. Ltd. under the corporate insolvency and resolution process, the Hindu reported. According to the legal proceedings, the committee of creditors had approved the Rajasthan-based ASG Hospital’s resolution plan with 97.9% voting in favour of the bid and sought the NCLT’s approval. At Friday’s hearing, the resolution professional told the NCLT that the bid was three times more than the liquidation value.
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Global energy markets that have thrown up plenty of anomalies in 2022 as flows get rerouted and prices jump just saw a fresh quirk: India, typically Asia’s leading gasoline and diesel exporter, has been forced to step up imports of the fuels, Bloomberg News reported. Gasoline imports are set to rise to about 37,000 barrels a day in the first half of July, an eight-month high, according to preliminary data by Vortexa Ltd. Diesel imports, meanwhile, are set to surge to the highest since February 2020 at about 69,000 barrels a day in the period. Refiners such as Indian Oil Corp.
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Edible oil firm Ruchi Soya Industries Ltd on Tuesday said the name of the company has been changed to Patanjali Foods Ltd with effect from June 24, the Economic Times of India reported. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process.
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Embattled businessman Vijay Mallya, who is based in Britain for over five years, is pursuing appeals in the UK courts in an attempt to overturn a bankruptcy order imposed on him by the High Court in London in July last year, the Economic Times of India reported. At a case management hearing at the Chancery Division of the High Court in London on Monday, Justice Tom Leech concluded that a set of interlinked hearings in the matter would be heard together.
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The resolution professional (RP) in the Anil Ambani insolvency case has sought an urgent hearing at the National Company Law Tribunal (NCLT) on the grounds that it had been more than a year since he submitted his report on the merits of a lawsuit brought by State Bank of India for recovery of ₹1,200 crore loans from the industrialist, but his report has not been taken up, the Economic Times of India reported.
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The Insolvency Law Committee has recommended against giving any special dispensation to the Securities and Exchange Board of India (Sebi) from the moratorium clause under the Insolvency and Bankruptcy Code (IBC), the Economic Times of India reported. According to the rules, once a company is admitted into insolvency under the code, a blanket moratorium kicks in barring regulators from initiating any fresh proceedings against the company.
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A bankruptcy court in Mumbai has admitted property developer Nirmal Lifestyle Kalyan Pvt Ltd under the Corporate Insolvency Resolution Process (CIRP) following a plea filed by Srei Equipment Finance Ltd., the Economic Times of India reported. Kolkata-based Srei Equipment Finance Ltd had approached the Mumbai bench of the National Company Law Tribunal (NCLT) after Nirmal Lifestyle Kalyan, an affiliate of Mumbai-based Nirmal Lifestyle Ltd, defaulted on its dues worth around Rs 84 crore.
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The Noida authority on Monday said that it has written to the Centre and Uttar Pradesh government, seeking revision in the provisions of the Insolvency and Bankruptcy Code (IBC) 2016, the Hindustan Times reported. The authority has asked to be included in the category of financial creditors for easier recovery of dues from defaulting realtors facing corporate insolvency resolution process (CIRP) at the National Company Law Tribunal (NCLT). “We have written to the Uttar Pradesh and central government seeking revision in the provisions of IBC-2016.
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