BANKRUPTCY COURT

Bankruptcy court admits insolvency plea against listed firm India Steel Works

The Mumbai NCLT admits India Steel Works Ltd for insolvency resolution following an application by Stecol International Pvt Ltd. Vallabh N Sawana appointed as interim resolution professional. India Steel Works plans to appeal at NCLAT for urgent relief. Tribunal prohibits legal actions against India Steel Works, restraining asset disposal. Stecol International approached NCLT after India Steel Works defaulted on dues of Rs 2.6 crore.

More in BANKRUPTCY COURT

Dalmia Bharat consortium emerges as highest bidder for Binani Cement

This will probably the first debt resolution under the bankruptcy court where lenders won't have to take any haircut on the loans outstanding from the company.
Rs 2 lakh crore loans may head to bankruptcy court

These loans are mostly from infrastructure sectors and are in different stages of restructuring under plans such as strategic debt restructuring or the so-called sustainable structuring of stressed assets.
Videocon may be referred to bankruptcy court

Videocon with Rs 47,500 crore of debt and Jaiprakash Associates with Rs 26,000 crore were the top two in a bunch of 29 defaulters that the RBI listed in August.
NPA-laden banks looking to avoid bankruptcy courts

Banks, which are struggling to make headway in 12 of the biggest cases mandated by RBI in June, are hesitant to take the next batch to the NCLT.
RBI's new diktat could see banks face Rs 50,000 crore blow

RBI has told banks to set aside at least 50% of the loan amount as likely losses for all cases referred to the insolvency process.