Tata Group Likely To Ask Govt For Indemnity Clause In Air India Disinvestment Deal
Air India Jet. (Wikimedia Commons)
The Tata Group may ask the Government to include an indemnity clause in the Air India privatisation deal to protect it from unexpected claims and risks arising out of the recent claims filed by Devas Multimedia and Cairn Energy, seeking to seize Air India s overseas assets,
Economic Times.
The development comes at a time when the Tata Group is known to be intensifying the due diligence on the airline. The group is said to be aiming to shield itself from any resultant court cases and hidden contracts which may suddenly turn up once a deal is closed.
Banks explore the option of invoking personal guarantee of promotion
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Banks explore option of invoking personal guarantee of promoters, says SC
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MUMBAI: The estimated recovery from the IL&FS resolution process at around 61% of overall group debt is better than the average 39% recovery by lenders under the Insolvency and Bankruptcy Code (IBC) process.
According to C S Rajan, MD of IL&FS, the company has managed this through a combination of court-approved sales and settlements. Given that there is no legislative or regulatory regime to deal with group insolvency, the board adopted a multipronged approach depending on the type of asset by focusing on resolution, restructuring and recovery.
In its April 2021 update, the new board enhanced its estimates of aggregate debt recovery to Rs 61,000 crore. This was an increase of Rs 5,000 crore over previous estimates, and represented a resolution of over 61% of (overall fund-based and non-fund based) group debt of approximately Rs 99,000 crore, as of October 2018.