NEW DELHI: Congress on Monday alleged that government-run Gujarat State Petroleum Corporation (GSPC) owed over Rs 12,000 crore in loans to various banks, and accused the Narendra Modi-led BJP government of trying to prevent the company from being declared bankrupt. Congress MP and spokesperson Jairam Ramesh alleged that a Rs 20,000 crore scam had been…
Wyndham recorded the highest number of debtors entering personal insolvency within the greater Melbourne area in the June quarter this year. There were 93 personal insolvencies recorded in Wyndham between April and June, according to the Australian Financial Security Authority. That compares with 80 personal insolvencies between January and March. Elsewhere in the west, Melton…
MUMBAI/NEW DELHI: Private power companies defaulting on an estimated Rs 1.7 lakh crore loans to 34 projects ran out of time to avoid insolvency proceedings on Monday, with the Allahabad high court refusing to grant interim relief. The court’s decision leaves no other option for lenders but to initiate insolvency proceedings according to the Reserve…
HYDERABAD: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech, after the infrastructure firms committee of creditors rejected a revised resolution plan from Thriveni Earthmovers. The Hyderabad bench of NCLT headed by judicial member Ratakonda Murali appointed the companys resolution professional, Savan Godiavala, as liquidator. Lanco Infratech has consolidated debt…
Australian tax authorities are chasing food delivery company Foodora for unpaid tax and superannuation before it exits the country. The Australian Taxation Office and Revenue NSW started investigating Foodora’s tax obligations before the food delivery company went into voluntary administration earlier this month, having classified its food delivery riders as employees instead of independent contractors.…
NEW DELHI: The Allahabad High Court declined to give private power companies any interim relief on the Reserve Bank of India (RBI) circular that tightened bad loan norms on Monday, the deadline for finalising resolution plans for the stressed assets. The court suggested the government could use a special dispensation that has never been used…
(CTech) China’s chip designer and manufacturer Sanan Optoelectronics Co. Ltd. is in talks to acquire Israel-headquartered communication chips company ColorChip Ltd., according to people familiar with the matter. The deal discussed values the latter at around $300 million, the people familiar with the matter said. Based in Xiamen City in China’s Fujian province, Shanghai-listed Sanan…
The Hyderabad Bench of the National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech Limited (LITL), the holding company of the Lanco group, having a consolidated debt of Rs 500 billion. The Bench has appointed resolution professional (RP) Savan Godiawala as the liquidator and directed him…
The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala…
Citing an RBI notification, Congress leader Jairam Ramesh on Monday demanded that the SBI should declare Gujarat State Petroleum Corp (GSPC) bankrupt and said the company owed Rs 12,000 crore to several banks. He accused the Modi government of trying to protect the company from being declared bankrupt. Ramesh said that on February…