New Delhi: Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 percent in Bhushan Steel Ltd (BSL). Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets…
In a development that could prop up the value of embattled real estate firm Jaypee Infratech, the Allahabad bench of the National Company Law Tribunal has ordered that 759 acres of land given to its holding company Jaiprakash Associates be returned to it as the transfer was fraudulent, preferential and undervalued. This will be a…
May 18, 2018 Print this page Now that the Insolvency Service and business and work and pensions committee are united in their denunciation of the Carillion board ( Carillion board and auditors savaged in scathing report , May 16) and the roles and ethics of its auditors, it is time to grasp a golden opportunity.…
The legislature might come up with a new structure by adding more DRT benches and revisiting provisions relating to individual insolvency. Although liquidation and bankruptcy seem to be similar words, bankruptcy of a company is not the same thing as winding up. Indian laws do not define bankruptcy. The Companies Act, 1956, contained provisions for…
A former FC 11 employee claims the sports academy targeted students who “werent smart enough for university and not good enough to play professional sport”. “It was a sham. The entire business was leveraged on government grants, and when the government turned off the tap, the bottom fell out.” FC 11 purchased a licence to…
Russia’s VTB Capital-based NuMetal Ltd today told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it. ArcelorMittal, the only other bidder to have put in a bid for Essar Steel…
Russia’s VTB Capital-based NuMetal Ltd today told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second round of bidding. The company added that the second round of bidding should be opened and the highest bidder be selected from it. ArcelorMittal, the only other bidder…
By PTI NEW DELHI: The National Company Law Appellate Tribunal (NCLAT) will next week hear Bhushan Steel promotor Neeraj Singal’s plea against acquisition of the company by Tata Steel. Singal has sought a stay on the National Company Law Tribunal (NCLT) order approving Tata Steel’s bid for the debt-ridden Bhushan Steel under corporate insolvency resolution…
Seeks termination of resolution process; if allowed, will be a first for cases being resolved under IBC. Binani Industries (BIL) on Wednesday moved the National Company Law Appellate Tribunal (NCLAT) offering to clear 100% of the claims of all creditors within two weeks if its subsidiary Binani Cement was brought out of the purview of…
Employees at audit firm Nkonki have applied to a Pretoria court to block the companys liquidation and have it put into administration instead so that there is a chance the business can be rescued, according to a court filing. Last month, Nkonki said damage to its brand and uncertainty over future revenue streams had led…