News Update: September 29th, 2018
Road to resolution: LIC to open to subscribing to planned IL&FS rights issue Beleagured infra
Updates under IBC as on 29 Sept, 2018
1. Essar Steel IBC case: SC reserves verdict; timeline of twists and turns in race between
Updates under IBC as on 29 Sept, 2018
1. Essar Steel IBC case: SC reserves verdict; timeline of twists and turns in race
Updates under IBC as on Sept 28, 2018.
1. Maruti Suzuki Brezza gets 4-star safety rating, Renault Lodgy scores a zero in Global
Updates under IBC as on 27 September, 2018
1. NPAs: Whopping Rs 1.8 lakh crore debt recovery expected in FY19 from IBC and non-IBC
News Update: September 27th, 2018
Sebi issues show-cause notices to 300 brokerages in NSEL case The Securities and Exchange Board
Updates under IBC as on Sept 26, 2018
The companies (Registered valuers and Valuation) Third Amendment Rules, 2018 In Rule 11, for the
News Update: September 26th, 2018
IL&FS moves NCLT for direct line with creditors Debt-laden IL&FS, the holding company of the infrastructure group, has filed an application with the Mumbai bench of National Company Law Tribunal seeking permission to talk directly with creditors about resolving its staggering debt problem that has shaken markets and hurt investor sentiment. IL&FS said it will file an application for a scheme of arrangement under Section 230 of the Companies Act, 2013. This route, if permitted, will allow current IL&FS management to hold talks directly with creditors and propose a plan to resolve its problems. Source: The Economic Times Rescue Mission: LIC offers to hike its stake in IL&FS As the defaults in the IL&FS group fuelled speculation of a broader debt crisis in the financial sector, the government and Reserve Bank of India (RBI) went into a huddle here on Tuesday and resolved to come out with an action plan soon to salvage the infrastructure-financing conglomerate. Emerging from the meeting chaired by finance minister Arun Jaitley, Life Insurance Corporation of India chairman VK Sharma said the insurer won’t allow IL&FS to collapse and hinted that it might increase its stake in the firm. Source: Financial Express Election Commission to implement SC order in year end polls The Election Commission of India will straightaway implement the Supreme Court orders on ‘publicising’ criminal records of candidates in the upcoming assembly elections in five states and will issue a notification next week on the court’s orders as per norms, sources told ET. The move will throw a new challenge before all political parties that have been asked to ensure that each candidate in the fray must declare his or her criminal antecedents in ‘bold letters’ in forms detailed by the Election Commission. Source: The Economic Times Canara Bank drags GTL group to NCLT on default of over Rs 10 billion State-run Canara Bank has moved taken telecom infrastructure player GTL group to the National Company Law Tribunal (NCLT) after the company defaulted on its debt repayment. While GTL has defaulted on Rs 4.59 billion loans from the bank, GTL Infrastructure owes Rs 5.41 billion to the lender. “Canara Bank has filed an application for initiation of corporate insolvency resolution process against GTL and GTL Infrastructure,” the companies said in separate filings to exchanges. GTL, however, claimed that it is a victim of consolidation in the telecom sector. Source: Business Standard Bids invited for debt ridden Videocon under insolvency resolution process Resolution professional of debt-ridden Videocon Industries Tuesday invited bids from prospective buyers to take control of the firm, which has interest ranging from consumer electronics to oil and gas. The corporate insolvency resolution process (CIRP) of Videocon Industries Ltd, which has debt of around Rs 20,000 crore, was commenced under the Insolvency and Bankruptcy Code (IBC) following an order by the NCLT Mumbai on June 6, 2018. In a public announcement, VIL Resolution Professional (RP) Anuj Jain said insolvency resolution process in respect of 11 group companies of VIL has also commenced and for other four other entities, order is expected to be passed by the NCLT shortly. Source: The Economic Times
Updates under IBC as on Sept 25, 2018
Lenders to decide on stressed power projects by October 10 https://economictimes.indiatimes.com/industry/energy/power/lenders-to-decide-on-stressed-power-projects-by-october-10/articleshow/65894067.cms In a first, IL&FS
News Update: September 25th, 2018
Tata Steel opposes move to allow Liberty bid for Bhushan Power Tata Steel on Monday