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Business

Insolvency proceedings against Godrej partner MagicInfo start

A two-member NCLT bench, comprising R Varadharajan and KK Vohra, has admitted the insolvency plea moved by three flat buyers who had bought units at ‘Godrej Summit’ project in Gurgaon

Categories
Economy

Back door entry for errant promoters? NCLAT allows promoters under liquidation settle with creditors

Section 29A of IBC & Section 230 of Companies Act are conflicting in spirit, not in letters of law. Both laws are working at cross purpose.

Categories
Business

Jet Airways sent to bankruptcy court; banks abandon revival attempt

The lenders wanted a settlement of the Jet Airways case outside the IBC but it will be settled under the law the Narendra Modi government had introduced during its previous term

 

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Article Views

Making Banking Assets Perform: Tata Steel Acquires Bhushan Steel

Bad loans have been the deeper malaise of public sector banks which have inflicted deep wounds on Indian growth story. Narendra Modi government inherited this problem in legacy but has since got worsened. As the economy surged in the second half of the last decade, public sector banks (PSBs) opened their purses for the corporate […]

Categories
India

HC allows CPRPL to sell products under McDonald’s brand name

New Delhi: The Delhi High Court today declined to pass an interim order restraining Connaught Plaza Restaurants Pvt Ltd (CPRPL), a McDonald’s franchisee, from selling products under the name of the US fast food giant. CPRPL is a 50:50 joint venture of McDonald’s and its estranged Indian partner, Vikram Bakshi. Justice Rajiv Sahai Endlaw said […]

Categories
India

Banks set to refer 23 of 28 large stressed accounts to NCLT

Mumbai: With the RBI’s deadline ending today to resolve the 28 large stressed accounts that the regulator had identified on its second list, banks are set to refer as many as 23 of them for insolvency proceedings. In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts by […]