The Supreme Court on Thursday allowed banks to launch insolvency proceedings under the Insolvency and Bankruptcy Code or IBC against those who had furnished personal guarantees for loans taken by companies that have defaulted. This ruling, a blow to many promoters, is significant more so because it again signals a shift in favour of Indian…
KoreasenergyandtelecomconglomerateSKGroup SK Energy Co., a unit of South Korean oil refiner and battery maker SK Innovation Co., is spinning off its crude oil storage and shipment business to launch an independent oil storage and logistics company. SK Energy, Koreas largest oil refiner, said on Monday it approved the spin-off plan at a board meeting held…
Jindal (India), which is part of the BC Jindal Group, has emerged as the sole bidder for Kishore Biyani’s Future Enterprises Limited (FEL). According to a report in Economic Times, Kolkata-based steel tubes and pipes maker Jindal’s plan was the only one that was submitted to the creditors till last week. November 10 was the…