Dr. Agarwal Healthcare Limited has evinced interest in buying Vasan Healthcare Pvt. Ltd., the National Company Law Tribunal (NCLT), Chennai, was informed, while seeking extension of time for the insolvency resolution process, The Hindu reported. In 2017, the NCLT had ordered the commencement of insolvency proceedings against Vasan Healthcare, in a petition filed by Alcon Laboratories (India) Pvt. Ltd., one of its suppliers. Later the proceedings were stayed by a single judge of the Madras High Court.
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Billionaire Lakshmi Mittal is revisiting a plan to set up a steel plant in the mineral-rich eastern Indian state of Odisha with an investment of $6.9 billion, after abandoning an earlier attempt to build a mill in the province, Bloomberg News reported. ArcelorMittal Nippon Steel India Ltd. has signed an accord to build a steel plant in the state with an investment of 500 billion rupees ($6.9 billion), Chief Minister Naveen Patnaik’s office said in a Twitter post. Federal Steel Minister Dharmendra Pradhan said on Twitter earlier this week that he had “good conversations” with Mittal.
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Provisions of the Indian insolvency law that protect a corporate debtor from other proceedings will also cover dishonoured cheques, the supreme court ruled, taking a view contrary to two earlier high court verdicts, Bloomberg Quint reported. Moratorium allowed under Section 14 of the Insolvency and Bankruptcy Code will apply to proceedings under Section 138 of the Negotiable Instruments Act used to recover an amount for a bounce cheque, the top court ruled. The top court, however, said the protection will be available only to the corporate debtor and not its management personnel.
After plunging into one of the worst recessions of any major economy, India is showing signs of a modest comeback, the New York Times reported. But that recovery is uneven, and the country is still struggling to find ways to sustain growth. Its service sector is vulnerable, and the vast informal economy — which employs farmhands, day laborers, rickshaw drivers and many millions of others — remains weak as well.
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DHFL on Thursday said it has received no objection from the Reserve Bank and has filed an application with NCLT for submission of the resolution plan of Piramal Capital & Housing Finance, the Economic Times reported. Earlier this week, DHFL had announced Piramal group's resolution plan getting approval from the RBI.
The National Company Law Tribunal has rejected applications of Jet Airways (India) Ltd.’s workers unions seeking a copy of the resolution plan submitted by a consortium led by Dubai-based entrepreneur Murari Lal Jalan and Kalrock Capital. A bench comprising Janab Mohammed Ajmal and V Nallasenapathy, who heard the case through video conferencing, observed that a resolution plan can only be presented to the creditors’ committee or the adjudicating authority for its approval.
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The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted insolvency proceedings against Topsgrup Services and Solutions, popularly known as Tops Security, the Economic Times reported. The bench has also appointed chartered accountant Rajendra Karanmal Bhuta as interim resolution professional (IRP) to oversee the company’s day-to-day affairs and revival plans.
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India’s Supreme Court stopped regulatory approval for the Future Group’s $3.4 billion asset sale to Reliance Industries Ltd., delaying the deal in a boost for Amazon.com Inc., which wants to scuttle the transaction in its bid to dominate the country’s retail sector, Bloomberg News reported. Agreeing with the American e-commerce giant’s petition, the top court on Monday overturned a lower court’s ruling and said the National Company Law Tribunal can continue hearing the case but must not give a final nod till further orders. The court also sought written statements from Future Retail Ltd.
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Traders in India are once again testing the central bank’s pledge to support the government’s massive borrowings, Bloomberg News reported. The tension is showing in the benchmark 10-year yield that surged past 6% on Thursday, a level seen as a line in the sand for the Reserve Bank of India. Underwriters had to buy almost 70% of government debt put up for auction as a near-record debt-sale plan and concerns over fewer liquidity measures spook traders.
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India is considering setting up a body comprising of independent experts that will take over the role of privatizing state-run companies once the government decides to divest, Bloomberg News reported. The panel will replace bureaucrats, who currently manage privatization, as well as minority stake sales, the people said asking not to be identified because the discussions are private. The proposal is at an early stage and a final decision hasn’t been taken, they said. An external panel will help accelerate the asset sale process and bypass red tape, according to the people.