86% insolvency cases pending over 270 days
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86% insolvency cases pending over 270 days
TNN / Apr 6, 2021, 04:08 IST
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NEW DELHI: Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process.
Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days.
The four-year-old Insolvency & Bankruptcy Code which is credited with changing the debt repayment culture had provided for resolution within 180 days, with a possible extension of another 90 days. But, adjournments and multiple legal challenges in cases have meant that they usually go past the prescribed timelines.
Discom cannot terminate PPA with insolvent power company: SC
The Gujarat power distribution company had moved Supreme Court saying that neither the National Company Law Tribunal (NCLT) nor the NCLAT had the jurisdiction to stay the termination, which was done as per the clauses of the agreement
Dipak Mondal | March 9, 2021 | Updated 13:25 IST
Gujarat electricity distribution and trading company - Gujarat Urja Vikas Nigam Ltd - has been barred by the Supreme Court to terminate the power purchasing agreement (PPA) with an insolvent company - Astonfield Solar (India) Pvt Ltd.
The Supreme Court on Monday dismissed an appeal by the GUVNL against an order by the National Company Law Appellate Tribunal (NCLAT), which had earlier stayed the termination of PPA on grounds that the power generator - Astonfield Solar (India) - had filed for insolvency.
FM sympathises with agitating Noida home buyers; says they can seek relief under insolvency law
FM sympathises with agitating Noida home buyers; says they can seek relief under insolvency law
Finance Minister Arun Jaitley On Wednesday Said The Government Has Full Sympathy With The Agitating Noida Homebuyers And They Can Seek Relief Under The Insolvency Law. PTI | Updated on: 16 Aug 2017, 05:53:30 PM
New Delhi:
Finance Minister Arun Jaitley on Wednesday said the government has full sympathy with the agitating Noida homebuyers and they can seek relief under the insolvency law.
Hundreds of home buyers had been left in the lurch after the Allahabad bench of the National Company Law Tribunal (NCLT) last week admitted IDBI’s plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan.
Statkraft in advanced talks to buy Lanco Infratech’s hydel power unit
The unit houses two projects that have the capacity to produce 152 megawatts of hydro power
Synopsis
This is Statkraft’s second attempt at acquiring the company. It had conducted detailed studies of the company’s projects three years back but failed to arrive at a deal with its lenders.
New Delhi: Oslo-headquartered Statkraft is in advanced talks to buy Lanco’s under-construction hydel power unit, Lanco Mandakini Hydro Energy, according to multiple people aware of the matter.
The Norwegian state-owned company, which is arguably the largest generator of renewable power in Europe is negotiating with a bankers consortium led by Axis Bank to buy the unit.