As per newspaper reports, mobile tower giant Indus Towers (Indus) is learnt to have asked debt-ridden Vodafone Idea (VIL)Â to clear outstanding dues and pay every month on time for continuity of the business post-November. The step is supposedly taken after the independent directors of Indus raised concerns on the mounting receivables from VIL At … Read more
As per the newspaper reports, debenture holders have approached NCLT invoking insolvency proceeding against Peninsula Land (PL). Plea is due to default by one of the SPVs of PL on it’s payment obligations towards the debenture holders in July 2021. Debenture holders had invoked corporate guarantees worth Rs 117 crore provided by PL. As per … Read more
Company law tribunals have 14 days to admit or reject an insolvency case, but official data shows that not one application was admitted in this period. A discussion paper by the Insolvency and Bankruptcy Board of India lays down the time taken for admission of Section 9 applications (to start insolvency proceedings) in the last … Read more
The Company has missed the last date for payment of Rs 3,494.56 crore to banks and others lenders. Key points to note – The last date for payment was December 31, 2021. The due date was as per the One Time Restructuring (OTR) plan approved by the lenders in April 2021 under an RBI announced … Read more
The engineering procurement and construction (EPC) company that went into liquidation, is set to be acquired by Hyderabad businessman Ponguleti Prasad Reddy along with consortium members for Rs 1200 crore. This would imply a recovery of 8% for lenders. IVRCL was pushed into liquidation after lenders rejected two separate resolution plans submitted by Shankar Sharma … Read more
RBI on October 4, 2021 superseded the struggling NBFC, Srei’s board, appointed an administrator (ex CGM of Bank of Baroda) and intends to shortly put it under the insolvency process (ICBC). Action has covered both Srei Infrastructure Finance and it’s wholly owned subsidiary Srei Equipment finance Ltd. Key points to note – The action came … Read more
RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent “hard earned public money being stolen” as companies’ promoters stash away money on the side and get “80-90% haircut” from bankers during the insolvency resolution process. In an apparent reference to recent … Read more