SBI BANKRUPTCY PLEA
NCLT declares Videocon promoter Venugopal Dhoot bankrupt on SBI plea; appoints bankruptcy trustee
The National Company Law Tribunal (NCLT), Mumbai Bench, has declared former Videocon Industries promoter and director Venugopal Nandlal Dhoot bankrupt on a petition filed by the State Bank of India (SBI), after the failure of his personal insolvency resolution process and repayment plan.
Supreme Court dismisses Reliance Communications, lenders' petitions against bank guarantee invocation
The Supreme Court dismissed Reliance Communications lenders' challenge to the DoT's bank guarantee invocation. The court stated lenders should have approached the high court first for this matter. The DoT sought to invoke bank guarantees totaling approximately ₹800 crore from four banks. Lenders argued the Supreme Court's prior judgment did not justify this invocation. They contended the DoT's action disrupted the insolvency resolution process framework.
Vijay Mallya slams Indian banks, says they should be ‘ashamed’ over recovery transparency
Fugitive businessman Vijay Mallya has criticized Indian public sector banks for allegedly withholding details of asset recoveries. He stated that the banks should be ashamed for not providing a full account, especially after the Union Finance Minister confirmed ₹14,100 crores have been restored.
PC Jeweller faces insolvency plea from SBI; NCLT adjourns hearing till Aug 21
Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default.
Sterling Oil admitted for bankruptcy
SBI had moved the bankruptcy court after the company defaulted on its dues of nearly ₹1,655 crore. The Mumbai bench of the National Company Law Tribunal (NCLT) has appointed Purusottam Behera as the insolvency resolution professional to carry out the function under the Insolvency and Bankruptcy Code, 2016.
SBI to sell its Rs 700-cr Visa Steel loan account
SBI's offer to sell this account comes even as the Orissa High Court, for the second time, stayed initiation of the insolvency process against Visa after the Cuttack bench of the National Company Law Tribunal (NCLT) had admitted the borrower for commencement of bankruptcy proceedings, acting on a plea by Punjab National Bank (PNB) late November.
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NCLT allows SBI petition seeking insolvency proceedings against Bil Energy
The Mumbai bench of the National Company Law Tribunal (NCLT) allowed the State Bank of India’s petition to initiate the insolvency proceedings after the state-owned lender approached it in 2019 against the manufacturer of transformers parts following a default on dues of over Rs 167 crore.
NCLT admits SBI's plea seeking insolvency proceedings against steelmaker Reform Ferro
The company had originally defaulted on its loans in April 2014 and later the lender approached the Debt Recovery Tribunal (DRT) against the company in June 2015.
NCLT admits insolvency plea against infrastructure firm Valecha Engineering
The State Bank of India (SBI) had filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT) after the company failed to repay its dues exceeding ₹347 crore.
NCLT Admits Topworth Urja & Metals under CIRP
State-owned lender Bank of Baroda had approached the bankruptcy court in 2018 against Abhay Lodha- promoted Topworth Urja & Metals after it defaulted on its dues of about ₹ 218 crore.
SBI seeks insolvency proceedings against Global Offshore Services
Mumbai-based Global Offshore Services is an offshore oil and gas support service. SBI contends that Global Offshore owes about Rs 600 crore to the bank.
Bankruptcy court admits insolvency resolution plea against Jyoti Ltd
The company was started as an engineering department of Alembic Chemical and later it was carved out into an independent company.
HC seeks Centre, SBI stand on Atul Punj plea against IRP regulations on personal guarantors
The court also issued notice in a similar petition moved by Punj in which L and T Infrastructure Finance is a party instead of SBI. In the second petition also he has challenged the constitutionality of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.
SBI moves SC to vacate stay on recovering dues from Anil Ambani by invoking personal guarantee
A division bench of the high court led by justice Vipin Sanghi had on August 27 stayed a Mumbai bankruptcy tribunal order appointing IRP. SBI had invoked personal guarantee clause to recover dues worth Rs 1,200 crore.
Delhi High Court halts insolvency proceedings against Anil Ambani in Rs 1,200-crore loan default case
The SBI had moved the NCLT to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.
Anil Ambani moves Delhi HC to challenge the appointment of IRP by NCLT
Ambani in his petition is also challenging the Mumbai bankruptcy tribunal order which allowed the appointment of an interim resolution professional to examine State Bank of India’s petition seeking to recover dues worth Rs 1200 crore. Ambani in his petition is relying on a recent order in the matter of businessman Lalit Jain, where Delhi High Court stayed insolvency proceedings and issued notices to MCA, IBBI & Law Ministry.
NCLT decides to appoint IRP in a Rs 1,200-crore case filed by SBI against Anil Ambani
State Bank of India (SBI) had moved the National Company Law Tribunal (NCLT) in Mumbai to recover over Rs 1,200 crore from Anil Ambani under the personal guarantee clause of the bankruptcy law.
NCLT reserves order against Anil Ambani in a plea filed by SBI
The public sector lender had approached the Mumbai-bench of the National Company Law Tribunal (NCLT) under Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking its intervention to direct the insolvency board to nominate a resolution professional (RP) to assess and submit a report on the assets owned by Ambani.
NCLT posts SBI, Anil Ambani case hearing to June 30
Last week, SBI had moved the insolvency court to recover more than Rs 1,200 crore from Ambani under the personal guarantee clause of the bankruptcy law.
Jet Airways shares plunge nearly 15%
At NSE, shares plunged 14.82 per cent to hit one-year low of Rs 106.30.
Mumbai court to hear bankruptcy petitions against 15 Videocon companies
SBI had filed multiple pleas in different courts to initiate recovery proceedings against 14 other companies linked to the parent company.
NCLT admits Venugopal Dhoot’s plea to consolidate insolvency cases
National Company Law Tribunal’s (NCLT) principal bench in New Delhi on Thursday admitted Dhoot’s plea and sought a reply from SBI by October 24.
ICICI Bank's insolvency plea may not be admitted by NCLT: Punj Lloyd
According to the company, 90 per cent of its lenders are supporting a resolution plan under the leadership of the State Bank of India (SBI) for restructuring the outstanding debts of the company.
Lenders give Adani Wilmar option to up Ruchi Soya offer
The move is aimed at complying with the spirit of the Central Vigilance Commission’s guidelines.
Second round of bidding for Ruchi Soya on Monday
Ruchi Soya is part of 40 companies that the Reserve Bank of India has directed banks to refer to the bankruptcy court for effective resolution.
SBI-led lenders take Videocon units to bankruptcy court
The debt, nearly about Rs 13,000 crore, has been grouped into four clusters to facilitate the resolution plan. Four IRPs have also been appointed by the banks.
NCLT rejects Gemini’s bankruptcy petition
Tribunal raises doubts over ‘unnatural’ facts in the application
SBI's insolvency petition incomplete: Essar Steel
The Gujarat High Court had earlier dismissed Essar Steel’s plea against a Reserve Bank of India (RBI) directive asking lenders to initiate bankruptcy proceedings against the debt-laden firm.
NCLT reserves order on Bhushan Steel bankruptcy petition
A bench headed by Justice MM Kumar also reserved order on the plea filed by Punjab National Bank (PNB) against Bhushan Steel & Power Ltd.
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