NCLT asks DHFL lenders to consider Wadhawan’s offer
May 19, 2021
Bankers say since PCHFL’s resolution plan has been approved by majority of the lenders, it is unlikely that their decision will change.
The resolution of scam-hit DHFL has taken a new twist, with the National Company Law Tribunal (NCLT), Mumbai, asking the company’s committee of creditors (CoC) to consider former Chairman & Managing Director Kapil Wadhawan’s resolution plan within next 10 days.
This comes even as the Tribunal is weighing DHFL (Dewan Housing Finance Corporation Ltd) Administrator’s application on the resolution plan of Piramal Capital & Housing Finance Limited (PCHFL) as approved by the CoC.
RBI not in favour of fresh insolvency freeze
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Synopsis
During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of non-performing assets (NPAs).
Reuters
(This story originally appeared in on May 17, 2021)The Reserve Bank of India (RBI) has shot down suggestions of a fresh suspension of the Insolvency & Bankruptcy Code (IBC) due to the second wave of Covid-19, while making it clear that banks can still restructure distressed but viable loans, ensuring that their balance sheets remain transparent.
During initial discussions with the government, RBI has indicated a freeze will not help anyone in the long run as it will only show lower level of non-performing assets (NPAs), government sources told TOI. The government has not completely shut the door on the issue but the regulator’s reluctance will certainly weigh on the decision.
Synopsis
The JIL went into the insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium. In the first round of insolvency proceeding, the Rs 7,350-crore bid of Lakshadweep, part of Suraksha Group, was rejected by lenders.
On November 6, 2019, the Supreme Court directed the completion of Jaypee Infratech s insolvency process within 90 days and ordered that the revised resolution plan to be invited only from NBCC and Suraksha Realty.
State-owned NBCC and Suraksha group, which are in the race to acquire debt-laden Jaypee Infratech Ltd (JIL), will submit their revised bids by Tuesday.
According to sources, a meeting of Committee of Creditors (CoC) is likely to be held on May 19 to discuss the bids submitted by both the parties under the Corporate Insolvency Resolution Process (CIRP). In the last meeting of the CoC held on Saturday, financial creditors, which includes representatives of lenders and homebuyers, discussed their
: Saturday, May 15, 2021, 10:49 PM IST
Mumbai: NCLT issues Insolvency Resolution Process against Wizcraft as principal loan borrower fails to repay Rs 60 cr
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The National Company Law Tribunal (NCLT) on Monday admitted a petition filed by IDBI Bank Ltd. seeking to invoke Insolvency and Bankruptcy proceedings against Wizcraft International Entertainment Private Limited for failing to pay around Rs 60 crore, an amount, which the original loan borrower - Great Indian Nautanki Company Private Limited (GINCL) failed to pay.
The bank alleged that Wizcraft being the corporate guarantor to the loan it granted to GINCL had issued an unconditional and unrecoverable Corporate Guarantee by which it undertook to pay forthwith upon demand without any demur all amounts payable by the borrower - GINCL. The bank even issued proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, in this matter.
The National Company Law Tribunal (NCLT) is said to be considering liquidation of the company after hearing arguments made by lawyers on behalf of the companys financial creditors, these people said.