Resolution professional valued Binani Cement assets improperly: NCLT
The Kolkata Bench of National Company Law Tribunal (NCLT), in its order, has upheld the allegations filed by the promoter of Binani Cement against the company’s resolution professional, Vijay Kumar Iyer, of conducting an improper valuation of the firm’s stressed assets as well as violating rules laid down by the Insolvency and Bankruptcy Board of India (IBBI), which resulted in escalating the cost of the resolution process.
With wings clipped, payments banks face uphill task
In 2015, the Reserve Bank (RBI) gave in-principle approval for 11 entities to set up a different lender entity, termed ‘payments banks’. The objective was to establish new entities that could facilitate digital payments with minimal friction and bring more people into the banking system’s fold. Three years later, these seem to be struggling to carve and retain a niche for themselves. In fact, three — Cholamandalam Distribution Services, Sun Pharmaceutical and Tech Mahindra — surrendered their licenses without starting operations
Insolvency deadline ends today: Lanco Infratech likely to face liquidation
Lanco Infratech is likely to face liquidation as a resolution plan by Thriveni Earthmovers was not approved by its committee of creditors (CoC), the company said in a regulatory filing on Thursday. One of the 12 large cases to be sent to the National Company Law Tribunal (NCLT) last year, Lanco’s 270-day insolvency deadline ends on May 4. Lanco Infratech owed banks Rs 43,502 crore at the end of fiscal 2017.
NCLT puts off FACOR liquidation, gives more time for resolution
The Kolkata bench of the National Company Law Tribunal on Thursday directed the resolution professional (RP) for Ferro Alloys Corporation, the corporate debtor who stood guarantor for Facor Power, to file an application seeking continuation of moratorium, which according to the Bank of India terminated on April 2, with no resolution plan approved within the stipulated 270 days period. While this calls for liquidation of Ferro Alloys, the bench of justice Jinan Kr and Madan B Gosavi asked the RP to continue managing the affairs of the debtor, allowing more time to get a complete resolution plan approved.
GST: exporters hopeful of a single filing format
The GST Council is likely to consider a long-pending proposal of merging the three GSTR return forms (GSTR 1, 2 and 3) into one which would reduce rejections due to mismatch of entries, bring down the load on the GST network by one-third and expedite refund for exporters. “The proposal, made by the advisory group to the law review committee of the GST Council, is likely to be weighed at the Council’s meeting on Friday,” a government official told Business Line.
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