Asserting that the offer is compliant, NBCC in a letter to the Interim Resolution Professional (IRP) also said the company is fully aware of its responsibilities to be compliant with applicable law in its deeds and actions
Read more about Kapil Wadhawan s 2nd proposal must be tested on merit, put to vote: NCLT on Business Standard. Directs administrator to place proposal before the CoC and inform the outcome within 10 days
May 21, 2021
Kapil Wadhawan (file photo) - Business Line×
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The Central bank, in its affidavit to the NCLT , noted that Wadhawan is in judicial custody with proceedings against him on allegations of cheating, fraud, among others
Permitting Kapil Wadhawan, erstwhile promoter DHFL to present a settlement offer would enable him to benefit from his own wrong and could eventually lead to the liquidation of the company, the Reserve Bank of India has submitted to the National Company Law Tribunal (NCLT).
“.affording the Applicant even an opportunity of presenting a purported settlement offer may amount to permitting the Applicant to take benefit of its own wrong, which led to complete downfall of DHFL and resultantly, the various stakeholders,” the RBI said in its affidavit to the NCLT, noting that Wadhawan is in judicial custody with proceedings against him on allegations of cheating, fraud, siphoning of funds and such other serious offences.
RIL entities seek NCLT nod for shareholders meeting to approve Future Group deal
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Last Updated: May 20, 2021, 11:02 PM IST
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Synopsis
Reliance Retail and Reliance Fashion have approached the National Company Law Tribunal (NCLT) seeking its permission to hold meetings of their shareholders and creditors to consider and approve the proposed merger with Future Group s retail, logistics and warehousing business in a Rs 24,713 crore deal.
Reliance Retail and Reliance Fashion have approached the National Company Law Tribunal (NCLT) seeking its permission to hold meetings of their shareholders and creditors to consider and approve the proposed merger with Future Group s retail, logistics and warehousing business in a Rs 24,713 crore deal. The Mumbai bench of NCLT had on Wednesday reserved its order over the application moved by the step-down firms of Reliance Industries Ltd (RIL).
NBCC, Suraksha submit revised bids for Jaypee Infra
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Last Updated: May 19, 2021, 05:30 PM IST
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State-owned NBCC and Suraksha group, which are on the fray to acquire Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and have also clarified issues raised by financial creditors.
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State-owned NBCC and Suraksha group, which are on the fray to acquire
Jaypee Infratech Ltd (JIL) through an insolvency resolution process, have submitted their revised bids and have also clarified issues raised by financial creditors. The companies have also improved their offers, which were submitted to the Committee of Creditors (CoC) on Tuesday.