Two non-bank lenders, Finance Advisors & Managers and Vista ITCL (formerly IL&FS Trust Company), have taken Mumbai-based developer Rashmi Housing to the National Company Law Tribunal (NCLT), for defaulting on a Rs 26.24-crore payment. … READ FULL STORY
The government, on October 1, 2018, seized control of debt-trapped IL&FS, superseding its board with one led by India’s richest banker Uday Kotak and vowed to stop further loan defaults. This is only the … READ FULL STORY
The Supreme Court, on September 6, 2018, allowed the Corporation Bank, which has led a consortium of banks to lend loans to the Amrapali Group, to move the National Company Law Tribunal (NCLT). A … READ FULL STORY
In a filing to the Bombay Stock Exchange (BSE), construction firm HCC, on August 30, 2018, said that the National Company Law Tribunal (NCLT) has admitted a plea filed by operational creditors, who initiated … READ FULL STORY
In a setback to the Jaypee Group, a Supreme Court bench headed by chief justice Dipak Misra, on August 9, 2018, set a limitation period of 180 days, to conclude the insolvency proceedings against … READ FULL STORY
Banks and financial institutions (FIs), which have lent money to Jaiprakash Associates Limited (JAL), on July 17, 2018, urged the Supreme Court that the assets of holding firm JAL, should not be used for … READ FULL STORY
State-run Punjab National Bank (PNB) and Carlyle Group, which owns over 32 per cent in PNB Housing Finance, have announced that they have appointed merchant bankers, to sell at least 51 per cent stake … READ FULL STORY
A Supreme Court bench headed by chief justice Dipak Misra, was informed by senior advocate Fali S Nariman, on July 16, 2018 that Jaiprakash Associates Limited (JAL) has already deposited Rs 750 crores with … READ FULL STORY
The Supreme Court, on July 4, 2018, suggested that realty firm Jaiprakash Associates Limited (JAL) should pay Rs 600 crores, instead of Rs 1,000 crores ordered earlier, to refund the principal amount to the … READ FULL STORY
Maintaining that it was ‘fully committed’ to construct homes and make payments to home buyers for the delay in handing over possession, Jaiprakash Associates Ltd (JAL) has also sought the constitution of a committee, … READ FULL STORY
Maharashtra’s real estate regulator MahaRERA chief Gautam Chatterjee, while welcoming the central government’s decision to empower home buyers by giving them the status of financial creditors under the bankruptcy law, however, added that the … READ FULL STORY
The Supreme Court, on May 16, 2018, ordered real estate firm Jaiprakash Associates Limited (JAL), to deposit an additional Rs 1,000 crores, by June 15, 2018, to refund money to the home buyers, if … READ FULL STORY
With the Reserve Bank of India (RBI) giving no relaxation to its February 12 framework on the resolution of stressed assets, banks are likely to become more cautious and risk-averse to long-term funding, especially … READ FULL STORY
