RESOLUTIONS
IIHL raises concern over Rs 850 cr GST liability for implementation of RCap resolution plan
IndusInd International Holdings, owned by Hinduja Group, informed the National Company Law Tribunal of a Rs 850 crore GST liability issue hindering Reliance Capital's resolution plan. Despite receiving key approvals and being prepared to pay Rs 9,861 crore, the GST liability remains a problem. The tribunal set further hearings for September 19. The resolution plan was initially approved in February 2024.
Centre wants to beat dues blues by strengthening processes to speed up NPA resolution
Separately, a set of amendments to the Insolvency and Bankruptcy Code (IBC) is being considered to fix any shortcomings in the law. "These reforms are aimed at expeditious loan recoveries, giving more legal backing to recovery tribunals, and addressing delay tactics by borrowers in the recovery process," said a government official aware of the developments.
PDP promises Kashmir resolution, cross LoC trade, revocation UAPA and Disney Land Park in election manifesto
The People's Democratic Party has unveiled its manifesto for the forthcoming assembly elections, focusing on the resolution of the Kashmir issue and socio-economic reforms. Promises include 200 units of free electricity, social welfare programs for transgenders, and reopening traditional South Asian routes. Party chief Mehbooba Mufti expressed willingness to support the Congress-NC alliance if they align with the PDP's agenda and ruled out any alliance with the BJP.
Lenders to Reliance Cap raise concerns over Rs 7,300 cr debt term sheet offered by IIHL
Lenders to debt-laden Reliance Capital expressed concerns over the term sheet provided by IIHL for Rs 7,300 crore debt mobilisation, citing numerous conditions. The CoC sought further documents and moved to forfeit IIHL's Rs 2,750 crore escrow amount if defaults occurred. Interest on the debt from August 8 was also demanded.
Will extend complete support to Congress-NC alliance if it accepts PDP agenda: Mehbooba Mufti
Mehbooba Mufti of the PDP expressed support for the Congress-NC coalition in the Jammu and Kashmir elections, provided their agenda on Kashmir is accepted. She ruled out partnering with the BJP. The PDP manifesto emphasizes restoring statehood, cross-Line of Control trade, and revoking stringent laws. Elections will take place in September and October.
Insolvency cases over Rs 1000 cr hold 90% of recoverable value despite representing just 15% of total cases
Research showed that while just 15% of insolvency cases have claims over Rs 1,000 crore, they make up 90% of recoverable value. Specialized tribunals are being recommended to expedite high-value cases, and Finance Minister Nirmala Sitharaman proposed new NCLT benches to tackle these concerns and improve resolution times.
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What steps have you taken for homebuyers: SC asks YEIDA
Coming down heavily on YEIDA for its stand towards homebuyers in the residential projects, the court said: "You are not concerned with the homebuyers; that's where the problem lies." Observing that the homebuyers are the "ultimate sufferers", a bench led by Justice Sanjiv Khanna told solicitor general Tushar Mehta that "you cannot say that I'm concerned with my dues and the homebuyers, who are the real sufferers, can bear the brunt".
Adani Power gets NCLT’s nod to acquire Lanco Amarkantak Power for Rs 4,101 crore
Adani Power Ltd's resolution plan to acquire Lanco Amarkantak Power Ltd (LAPL) has been approved by the Hyderabad bench of NCLT. Adani Power intends to pay Rs 4,101 crore to take over the distressed company, which has admitted liabilities of Rs 15,633 crore.
Are there hidden secrets of the North Star? High-resolution images reveal amazing details
For the first time, scientists have been able to get high-resolution pictures of the surface of the North Star, which have shown off surprising details and shed light on the star's function in a triple star system as well as its distinctive traits as a Cepheid variable star.
Scindia promises industry-friendly process and swift resolution of issues at SAC meet
Scindia, who also holds the charge of Development of North Eastern Region, undertook the second meeting of the stakeholders advisory committee (SAC) with telecom equipment makers on Wednesday. As per an official statement, discussions revolved around ways to spur indigenous manufacturing, adopting pragmatic implementation approach, furthering ease of doing business and review of issues taken up in the earlier meeting.
NCLAT asks RP to bring on record e-mail sent to successful bidder Sarda Energy seeking clarification
The NCLAT asked SKS Power Generation's resolution professional to present communication with Sarda Energy about their resolution plan after concerns from Torrent Power and Vantage Point Asset Management. Both firms contested Sarda's selection, citing altered commercial terms. The CoC denied any bias, confirmed receiving funds from Sarda, and defended the decision process.
Lenders bank on SC and RBI’s direction to justify JAL’s admission into insolvency
The Supreme Court and RBI mandated the insolvency process for Jaiprakash Associates Limited (JAL) due to notable debt defaults. ICICI Bank emphasized the protection of public funds, presenting JAL's dues of Rs 1269 crore. The National Company Law Tribunal, Allahabad admitted the insolvency case, dismissing JAL's repayment claim.
CoC tells NCLAT that Sarda Energy’s Rs 2,000 crore resolution plan for SKS Power approved by 100% voting
The committee of creditors (CoC) of SKS Power Generation, comprising the State Bank of India (SBI) and the Bank of Baroda (BoB), informed the National Company Law Appellate Tribunal (NCLAT) on Tuesday that the resolution plan submitted by Sarda Energy and Minerals (SEML) was approved with 100% voting.
Top legal brains to helm 3-day Bengaluru ADR event from August 24
Bengaluru hosted a three-day event on alternative dispute resolution from August 24. Organized by key legal institutions, the event featured discussions and training sessions led by Supreme Court and High Court judges. Aimed at promoting mediation and arbitration, it engaged legal professionals, students, and researchers to enhance understanding and practice of ADR in Karnataka and beyond.
SBI, PNB in talks with Karnataka govt for 'amicable resolution' of ban issue
The Karnataka government has directed its departments and entities to cease all transactions with State Bank of India (SBI) and Punjab National Bank (PNB) following disputes over the redemption of funds linked to scams involving bank employees. Both SBI and PNB have responded, stating that they are in discussions with the state for an amicable resolution. The issue, now sub judice, arose after Karnataka Industrial Area Development Board and Karnataka State Pollution Control Board faced difficulties in withdrawing deposits totaling ₹22 crore. The government has set a deadline of September 20, 2024, for the closure of accounts.
Rana AK Singh takes charge as MD at SBI
Rana Ashutosh Kumar Singh has assumed the role of Managing Director in charge of Risk Compliance and the Stressed Assets Resolution Group at State Bank of India (SBI), following government approval last week. Gajendra Singh Rana, previously the chief general manager of the Mumbai circle, has been appointed as Deputy Managing Director for retail and real estate. Singh's new role includes overseeing departments previously managed by former MD Alok Choudhary. The recent changes come ahead of CS Setty's appointment as SBI chairman, succeeding Dinesh Khara, whose term ends on August 28.
NCLT directs RBI, DIPP to expedite approvals for implementation of RCap resolution plan
The National Company Law Tribunal asked the Reserve Bank and DIPP to expedite approvals for Hinduja Group's resolution plan for Reliance Capital, following an extension request due to regulatory delays. The tribunal extended the deadline to August 10, with a subsequent hearing on August 28, to conclude the deal.
NCLT approves Oberoi Realty arm’s acquisition of Nirmal Lifestyle Realty
The resolution plan of Oberoi Constructions involves paying around Rs 273 crore to financial, operational, and other creditors. The company was admitted into the corporate insolvency resolution process (CIRP) in December 2021 with claims amounting to over Rs 748 crore.
IIHL transfers money to creditors in first step to take over Reliance Capital
Earlier on August 1, creditors to Anil Ambani-promoted Reliance Capital, led by bond holders trustee Vistra ITCL (India) in a letter to Mauritius-based IIHL had warned the Hinduja company about consequences for failing to pay the Rs 2,750 crore to take over the debt-laden company by the July 31 deadline.
Lenders approve Nazara's resolution plan to buy Smaaash
Nazara's resolution plan received 99% of the creditors' vote in a process which was completed earlier this week. The second bidder-a consortium of financial services firm Resurgent India and Sanjay Lodha-did not increase its offer during negotiations with lenders, people cited above said.
Opposition considering submitting notice for moving resolution to remove Dhankhar as VP
Relations between Rajya Sabha Chairman Jagdeep Dhankhar and the INDIA bloc parties have grown tense. The opposition is mulling a notice to remove Dhankhar, accusing him of showing bias. Instances of the Leader of Opposition's microphone being turned off and a heated exchange with Jaya Bachchan have exacerbated the situation.
Nazara gets go-ahead for Smaaash acquisition from creditors
Nazara said the committee of creditors of Smaaash Entertainment had approved its resolution plan. Resolution professional (RP) Bhrugesh Amin has listed gaming machines, go-kart, bowling alleys and other entertainment devices spread across 13 centres as its assets.
West Bengal assembly passes resolution affirming state's unity amid controversy over North Bengal development proposal
On Monday, the West Bengal assembly passed a resolution affirming the state's unity in response to a proposal by BJP leader Sukanta Majumdar to incorporate North Bengal into the Ministry of Development of North Eastern Region (DoNER). The resolution, supported by both the ruling Trinamool Congress and the opposition BJP, includes the phrase "undivided and united Bengal" as proposed by BJP Leader of Opposition Suvendu Adhikari.
NCLT approved record 269 resolution plans in FY24
The National Company Law Tribunal (NCLT) approved a record 269 resolution plans under the insolvency law in 2023-24. This marks a 42 percent increase from the previous year, according to a report by Crisil Ratings. This surge was largely due to a greater investor interest in the turnaround of stressed assets and the appointment of new NCLT members.
Reliance Capital resolution: Lenders warn of remedial action against Hinduja's IIHL
Lenders of Reliance Capital cautioned Hinduja Group's IndusInd International Holdings for missing NCLT-imposed deposit conditions, including Rs 250 crore in a domestic escrow account and Rs 2,500 crore offshore. Given a final extension till August 10, IIHL has yet to meet deadlines, prompting lenders to reserve remedial rights.
US House resolution introduced on India-US strategic bilateral relationship
Observing that the people-to-people ties between India and the US are strong, vibrant, and mutually beneficial for both countries; the resolution said the Indian diaspora, a community of over 4,000,000 in the United States, has excelled in all areas of American life, with 80 per cent of Americans of Indian heritage obtaining college degrees.
Singapore firm gets NCLT nod to buy Alchemist Infra Realty
The tribunal directed Vantage Point Asset Management to furnish the updated bank guarantee, which should remain valid till the implementation of the resolution plan. The resolution professional had received claims of about Rs 1,293 crore and admitted claims of about Rs 947 crore.
West Bengal's NEET resolution today
A resolution on alleged irregularities in NEET will be moved in West Bengal assembly by the ruling Trinamool Congress on Tuesday under Rule 169, Speaker Biman Bandopadhyay said. "This decision was taken in the meeting of business advisory committee," he said.
Non-tariff barrier resolution on cards
India is gearing up to launch an online platform to address non-tariff barriers faced by exporters, focusing on SPS and TBT issues. The portal will monitor resolution strategies and compliance burdens to enhance competitiveness in global markets. With a plan to tackle technical regulations and trade barriers, India aims to boost its exports facing challenges in key markets like the EU, US, China, and Japan. Efforts are underway to streamline conformity assessments and address hurdles in exports such as chillies, tea, and shrimp.
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