NCLAT upholds Bhushan Steel sale to Tata Steel, rejects issues over its ineligiblity

Aug 10 2018

NCLAT upheld the sale of Bhushan Steel to Tata Steel, rejecting allegations of its ineligibility by the promoters of the debt-ridden firm.

Israel's Cellcom to buy 70 pct of fibre optic venture

Aug 08 2018

Israel’s largest mobile phone operator Cellcom said it signed a memorandum of understanding to invest in the Israel Electric Corp’s (IEC) fibre optic venture.

PSBs' bad loans rise to 15% of gross advances in FY18: Govt

Jul 24 2018

The gross bad loans of public sector banks (PSBs) hit 15 per cent of advances in 2017-18, government said in Parliament today.

IIFCL hopeful of recovery through IBC resolution

Jul 19 2018

India Infrastructure Finance Company said it was hopeful of speedy recovery in accordance with the resolution procedure of IBC.

IBBI working on cross-border insolvency norms

Jul 19 2018

IBBI Chief M S Sahoo today said the process to put in place a framework for cross-border insolvency cases is underway.

PNB's NPA recovery in first quarter tops FY'18 level

Jul 15 2018

Scam-hit PNB's recovery of over Rs 7,700 crore in bad loans during the first quarter in the current fiscal has surpassed the total amount it recovered in the entire 2017-18 financial year, indicating that it has embarked on the turnaround path, the bank's top official has said.

India will achieve double-digit growth soon, says BSE Chief

Jul 08 2018

With growing GDP, legislative reforms such as GST and IBC (Insolvency and Bankruptcy Code), India will hit double-digit growth rates soon," Chauhan told IANS.

Soon, enrol for insolvency associate course

Jul 05 2018

The govt will soon start a short-term programme to train individuals as insolvency and bankruptcy associates, officials said.

IBBI amends norms, notifies procedures for home buyers under insolvency proceedings

Jul 04 2018

IBBI) has mandated that a resolution professional should determine whether a corporate debtor had indulged in fraudulent transactions within a specified time period.

Essel Group, SREI left in fray to acquire Deccan Chronicle

Jun 28 2018

Saddled with a whopping debt of Rs 9,000 crore, the ownership of Hyderabad-based Deccan Chronicle Holding would soon change hands.

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Stocks In News



Aircel moves SC to make Airtel clear dues

Alleges that the co withholding Rs453 Cr of bank guarantees paid on its behalf

Bank guarantees have lapsed and Aircel wants Airtel to pay the money

Alleged that Airtel is trying to usurp the sum

Aircel says without the money it may get liquidated

ET reports


Bain joins KKR in race for Max Healthcare stake

PE firms look to buy 47% stake from Life Healthcare for $450-540 Mn

ET reports


To decide on buy back of shares on Aug. 20


Co planning $400 Mn stake sale is speculative in nature

Jet Auditor BSR may quit if issues are not resolved is factually incorrect

Have been pro-actively working on multiple revenue enhancements

Evaluating various funding options to meet liquidity requirements on priority

Relationship with Etihad Airways very strong

No delays in discharging any loan obligations to any of the lenders

Default status in tabular statement only due to technical errors, rectified now

Clarifies that reports of stake sale are purely speculative

Also Clarifies that rumors of auditor quitting if issues not solved are factually incorrect

Seeks lenders help in bid to avoid default

Airline wants waiver of loan covenant on existing debt facility of $185mn

Co has to repay or refinance at least $500mn of existing debt to avoid default

Told lenders it won’t be able to meet min $50mn profit condition for FY19

Consortium of lenders yet to decide on Jet’s request

Airline’s total debt was Rs 9430 Cr as on 31st March 18

Mint reports


Have noticed a difference in your responses dated August 9 & 10

Clarify whether mgmt extension from audit committee as per Aug 10 response

Or did Audit Committee not recommend results to board as per Aug 9 response?

In Aug 10 response, details of "Certain Matters Not Closed" not provided

Provide exact reasons for which audit committee has not approved results

Again ask you to give us date when board meet to consider results will be held

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