Lenders of debt-ridden Reliance Capital have postponed the second auction to April 11 for which three suitors have expressed interest to participate, the Indian Express reported. Earlier, banks had fixed the second auction date as April 4. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd. of Hinduja Group, Torrent Investment and Singapore-based Oaktree.
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According to court documents analyzed, Statkraft, the largest renewable energy company in Europe, is on track to become the first multinational corporation to acquire an Indian power company through the insolvency and bankruptcy code (IBC) process after the national company law tribunal (NCLT) approved its Rs 1.80 billion offer for Lanco Mandakini Hydro Energy, Construction World reported.
Only 15 percent of the 267 insolvency cases admitted in company law tribunals during October-December 2022 reached resolution with overall recovery of just 27 per cent of claimed amount, the IBBI data showed, the Economic Times of India reported. As much as 45 per cent cases were concluded through liquidation, according to a Kotak Securities analysis of the latest data from the Insolvency and Bankruptcy Board of India (IBBI).
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State Bank of India (SBI) has filed an insolvency petition against Kolkata-based engineering, procurement and construction (EPC) company Simplex Infrastructures in the National Company Law Tribunal (NCLT) for recovery of its dues after attempts to restructure its loans did not succeed, the Economic Times of India reported. The company owes lenders led by Punjab National Bank (PNB) a total of ₹9,600 crore and is one of the largest accounts to be taken to the bankruptcy courts in recent times. The NCLT is likely to hear the petition later this month.
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Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31, Reuters reported. The Gautam Adani-owned conglomerate also prepaid a $500 million facility it had taken for Ambuja acquisition financing, it said in a statement on Sunday, adding that the payment comes in continuation of promoters' commitment to repay the leverage.
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Billionaire Gautam Adani and his family have prepaid all borrowings backed by Adani Group company shares, senior executives at the conglomerate told investors at a meeting in London on Wednesday, according to people who attended, Bloomberg reported. The London meeting was part of a worldwide roadshow aimed at reassuring international investors that the ports-to-power empire’s finances are under control, after as much as $153 billion in combined market value was erased from company stocks following a January short seller’s report.
The National Company Law Tribunal (NCLT) is scheduled to pass its judgement on Tuesday on Mumbai-based Suraksha group's bid to acquire Jaypee Infratech Ltd through the insolvency process, the Economic Times of India reported. In late November last year, the NCLT reserved its order on Suraksha group's bid to acquire Jaypee Infratech Ltd and complete around 20,000 flats for aggrieved homebuyers.
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The Mumbai bench of the National Company Law Tribunal has admitted an insolvency petition against N Kumar Housing and Infrastructure Limited which was a corporate guarantor for Poonam Resorts Limited which has defaulted on a loan amounting to over Rs 60 crore, the Economic Times of India reported. Details of the insolvency petition show that the company which is the principal borrower and the one that stood as corporate guarantor had the same director — N Kumar. he petition was filed by the erstwhile Allahabad Bank, now merged into Indian Bank, for non-payment of over Rs 60 crore.
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The National Company Law Tribunal (NCLT) has admitted Mumbai-based KLT Group's subsidiary, Colour Roof India (CRIL), under the corporate insolvency resolution process and appointed Hemant Kumar Shah as the insolvency resolution professional, the Economic Times of India reported. The company is involved in design, development and supply of roof and wall cladding sheets. The NCLT's Mumbai bench admitted the company in an application filed by Phoenix ARC, which had approached the tribunal after the company allegedly failed to repay its dues of over ₹166 crore.
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The National Company Law Appellate Tribunal or NCLAT on Friday stayed insolvency proceedings against Zee Entertainment Enterprises Ltd (ZEEL), the Economic Times of India reported. Admitting a plea by ZEEL Managing Director and chief executive Punit Goenka, a two-member NCLAT bench stayed the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT). On Wednesday, NCLT had admitted a insolvency plea against ZEEL by private sector lender IndusInd Bank and also appointed Sanjeev Kumar Jalan as the resolution professional in the matter.
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