New Delhi, Shareholders and non-convertible debenture (NCD) holders of IDFC First Bank have approved a proposal to merge parent IDFC Ltd with the lender. The National Company Law Tribunal (NCLT) convened a meeting on May 17 through video conferencing and other audio-visual means to consider and approve the composite scheme of amalgamation for IDFC First … Read more
Minority shareholders of ICICI Securities led by Bengaluru-based investment manager Manu Rishi Guptha have filed a class action suit with National Company Law Tribunal (NCLT) against ICICI Bank‘s bid to delist its broking arm from the Indian bourses. Last month, nearly 72% shareholders approved the scheme of arrangement for the merger of ICICI Securities with … Read more
The average time taken for resolution of stressed assets under the insolvency law reached a three-year high in the June quarter, according to a report. The longest delay was 643 days for the Financial Creditors (FCs) in the first quarter of this fiscal, as per the report by India Ratings based on an analysis of … Read more
New Delhi: A Mauritius-based Wadia group company that together with its affiliates indirectly holds a stake in Britannia Industries could take centre stage in a face-off between Go First‘s bankers – some of whom want collateral provided by that company overseas for loans taken by the airline to be included in a common security pool, … Read more
Amid instances of long delays in insolvency resolution process of various companies, IBBI chief Ravi Mital on Thursday said resolution requires innovation and “over regulation is not a solution”. Around 650 resolutions of debt-ridden corporates have happened since the implementation of the Insolvency and Bankruptcy Code (IBC) in late 2016. While acknowledging that the IBC … Read more
“This will definitely delay the process because I think the NCLT approval on the merger cannot come in until these cases are resolved. But nonetheless, I think the amounts therein are very low,” says Karan Taurani, Elara Securities.I just want to talk about this overhang. Now, this is further going to seem like it is … Read more
Torrent Investments had emerged the highest bidder with its offer of ₹8,640 crore December 21, 2022, for debt-ridden Reliance Capital in the auction conducted as part of its resolution process. | Photo Credit: Special Arrangement The division bench of National Company Law Tribunal (NCLT) on January 16 is set to decide Reliance Capital’s proposed reauction … Read more
Mumbai: (SBI) has put its ₹700-crore loan to the sick Visa Steel on the block, seemingly frustrated by the litigation delays on the distressed account for more than five years. The bank has set a reserve price of ₹230 crore for an e-auction which is slated for February 10. SBI’s offer to sell this account … Read more
Limited (HDFC) on Saturday said its life insurance arm has received nod from the pension fund regulator PFRDA for change in shareholding ahead of the merger between and subsidiary HDFC Bank. PFRDA vide its letter dated November 11, 2022 to , has granted its approval for proposed change in shareholding of HDFC Life, sponsor company … Read more
The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges. The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law. As many as 9 judicial members and 6 technical members have been appointed … Read more