NCLAT has directed the company to place the matter thereafter before the tribunal for its approval
The National Company Law Appellate Tribunal (NCLAT) on Thursday accepted a fresh distribution framework based on "pro-rata distribution" among creditors of debt-ridden IL&FS group from the proceeds of the sale, as suggested by the government. A two-member bench headed by Chairman Justice S J Mukhopadhaya said that the resolution framework should be "fair and equitable" and should ensure that interests of all stakeholders are considered and balanced. The appellate tribunal rejected the objections raised by the creditors, which wanted the NCLAT to follow Section 53 of IBC for distribution of funds, the appellate tribunal said that it would be against the public interest as the money invested by these public funds, in fact belonged to share and unit holders. "We reject the objections raised by some of the Creditors, as noticed above, we accept the suggestion of pro-rata distribution as suggested by Union of India and the procedure as suggested by it for the purpose of completing ...
Former RBI governor, Urijit Patel, had said in the aftermath of the blowout at PNB that the banking regulator was better positioned when it came to the oversight of private banks.
It will depend on the acquiring bank or financial institution's capacity to hold the assets till the market improves and sell them later to recover sizeable chunk of the loans
As per a notice published in Singapore's government gazette on March 3, HSBC filed its application for winding up of ITNL Offshore Pte Ltd in Singapore High Court on February 27
The National Company Law Appellate Tribunal (NCLAT) on Wednesday dismissed the pleas of debt-ridden IL&FS auditors -- Deloitte Haskins & Sells and KPMG arm BSR & Associates -- challenging their impleadment in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. A two-member NCLAT bench led by Chairman Justice S J Mukhopadhaya dismissed the pleas of auditors and other independent directors. The appellate tribunal, however, granted a relief to both auditors and other independent directors by allowing the operation of its earlier interim order passed on July 29, 2019 for two weeks. On July 29, the NCLAT stayed the order of the Mumbai bench of the National Company Law Tribunal (NCLT) to implead the auditors and the independent directors of IL&FS. Earlier on July 23, the NCLT had allowed the plea of the Ministry of Corporate Affairs (MCA) to implead the auditors and independent directors of IFIN. "On the request of the counsel, we allow (that) interim order .
Market participants say full recovery from credit risks can take more time
The bid validity for five projects is set to expire on February 29
Mainak accused of interfering with the ratings of IL&FS, says a forensic report.
To test the waters, Kejriwal says they'll bid for smaller projects worth Rs 50-250 crore
The government has approached the National Company Law Appellate Tribunal seeking additional 270 days to complete resolution process of 105 IL&FS group companies. The Ministry of Corporate Affairs (MCA) has also requested the appellate tribunal to release 55 other entities from moratorium, so that they can discharge their debt obligations. Certain protection and reliefs were granted to the 55 entities through an order passed by the National Company Law Appellate Tribunal (NCLAT) on October 15, 2018. In addition to the 55 entities, the ministry has also asked the NCLAT to release nine companies from the scope and operation of the October 2018 order, according to an affidavit filed by the ministry with the appellate tribunal. Lalpur Wind Energy, Etesian Urja, Khandke Wind Energy, Ratedi Wind Power, Wind Urja India, Tadas Wind Energy, Kaze Energy, Jharkhand e-Governance solutions Services and Infrastructure Development Corporation of Assam are the nine companies. "For the remaining .
Markets regulator Sebi is considering to increase penalty on rating agencies in connection with lapses on their parts in assigning credit ratings to non-convertible debentures of IL&FS, officials said on Monday. The crisis at diversified IL&FS, whose board was superseded by the government, came to light September 2018 and since then, the company as well as related entities have come under the regulatory lens. Sebi in December 2019 slapped a penalty of Rs 25 lakh each on ICRA Ltd, CARE Ratings Ltd and India Ratings & Research Pvt Ltd and had said the default by IL&FS occurred due to "lethargic indifference and needless procrastination and laxity" of the rating agencies. While the regulator came down heavily on the rating agencies with sharp observations but it was felt that the same was not reflected in penalty, officials said. They believe that the fine imposed by the Securities and Exchange Board of India (Sebi) on these rating agencies was quite low given the ...
The NHAI Conciliation Committee recently approved a claim for approximately Rs 707 crore for the ILFS-Fagne Songadh Expressway Limited project
With this, total claim approvals for the group now stands at Rs 2,700 crore
Companies under the green category will be those that continue to meet their payment obligations
One of the key holding companies in the IL&FS group, it provided loans to various third-party borrowers and many entities of the group
CoC's role should be limited to voting on highest bidder, contends firm
Hearing a plea by Deloitte Haskins and Sells and KPMG arm BSR & Associates, the NCLAT on Friday reserved its order on the NCLT's jurisdiction over impleadment of auditors in the case involving alleged fraud in IFIN, a subsidiary of IL&FS. The two-member bench led by Chairman Justice S J Mukhopadhaya also sought a written submission from the Ministry of Corporate Affairs by Tuesday, to determine whether the NCLT has jurisdiction to initiate civil proceedings against any party. The Ministry of Corporate Affairs (MCA) had asked the National Company Law Tribunal (NCLT) to freeze the assets of the former auditors in the case involving alleged fraud in IFIN, a subsidiary of Infrastructure Leasing & Financial Services (IL&FS). Arguing for the government, a counsel said that impleadment is being sought to explain the conduct by auditors. He said all those persons who have been impleaded are directly attached with the affairs or the management of affairs of the company and ...
Sources said the settlement amount could be revised up to four times upwards
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end