Latest News

  • Lenders approved Resolution Plan in case of Athena Demwe Power Limited

    Navayuga Engineering Company Limited and state-run Sikkim Power Investment Corporation have submitted their bids for the planned hydro power project in the state of Arunanchal Pradesh amounting to Rs. 15,000 Crore. 

     

    Arunanchal Prade... Read More

  • HCL Services files insolvency plea against UCX

    IT firm HCL Infosystems today said its subsidiary HCL Services has filed an insolvency petition against Universal Commodity Exchange (UCX) for recovery of Rs 17 lakhs.

    "HCL Services Limited, a wholly owned subsidiary of the company (ie HCL Infosystems Ltd) had filed an Insolvency petition ... Read More

  • Allahabad Bank referred 65 accounts to NCLT

    State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal.

    The bank said in its annual report that the it was focusin... Read More

  • RBI Governor Urjit Patel likely to appear before par panel tomorrow

    RBI governor Urjit Patel is likely to face tough questions from a parliamentary panel tomorrow on a range of issues including the amount of cash returned post demonetisation, the PNB fraud and the mounting bad loans of banks.

    Patel is scheduled to appear before the Parliaments Standing Com... Read More

  • Vedanta acquires management control of Electrosteel Steels

    Metal and mining giant Vedanta has acquired the management control of debt-laden Electrosteel Steels.


    In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the... Read More

  • Patanjali to submit revised bid tomorrow to acquire Ruchi Soya

    Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to acquire bankruptcy-hit Ruchi Soya, is likely to submit a revised bid tomorrow as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value.... Read More

  • IBC mostly has 'principle-based' definition of financial, operational creditors: Sahoo

    Emphasising that the Insolvency and Bankruptcy Code applies to all kinds of businesses except financial service providers, IBBI Chairperson M S Sahoo has said the law has adopted mostly a principle-based definition of financial and operational creditors.

    In a significant move that would pr... Read More

  • IBBI keeps a 'vigilant eye' on conduct of insolvency professionals: Sahoo

    Insolvency and Bankruptcy Board keeps a "vigilant eye" on the conduct of insolvency professionals and prompt actions, including cancellation of registration, can be taken against them for misdemeanours, its chief M S Sahoo said.

    His comments come against the backdrop of co... Read More

  • SBI expects Rs 30,000cr recovery from resolution under IBC

    State Bank of India, the countrys largest lender expects to recover around Rs 30,000 crore from the resolution process under the Insolvency and Bankruptcy Code (IBC) during the current fiscal, an official said today.

    From the two stressed assets list referred for resolution under IBC by the Reserve Bank of... Read More

  • Focus should be resolution, not liquidation: Sahoo

    The Chairperson of Insolvency and Bankruptcy Board of India (IBBI) M S Sahoo today said that the focus on cases coming under Insolvency and Bankruptcy Code (IBC) should be on resolution and not liquidation to maximise the value of corporate debtors.

    He said that the soul of the Code was to keep the firm al... Read More