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Go Your browser has Javascript disabled, so some things may not quite work how they should on LI right now: please enable JavaScript in your browser to fix things, we have no nefarious trackers, or scripts by Facebook, Google or others. In Brief Thursday, 22 April 2021 16:19 Projects Bengaluru based Prestige Estate has taken over a Mumbai housing project from the debt ridden Ariisto Developers resolving about INR 1650 crores of the total INR 2200 crores owed by Ariisto, as reported by The Times of India. The resolution plan as approved by the Committee of Creditors, is a hybrid plan where the stakeholders would be given upfront cash consideration of around INR 370 crores as well as a share of the commercial area of the project in the ....
Aircel, RCom lenders likely to challenge NCLAT order on spectrum sale The NCLAT order on spectrum sale may block transfer of Aircel and RCom spectrum to UVARCL and leave Indian and foreign banks with non-performing assets of around Rs 60,000 crore as claimed by the lenders PTI | April 19, 2021 | Updated 08:04 IST Lenders of debt-ridden telecom firms Aircel and Reliance Communications are planning to challenge the ruling of company law tribunal NCLAT over spectrum sale as they fear it will lead to NPAs of around Rs 60,000 crore claimed by them. The National Company Law Appellate Tribunal (NCLAT) in its order dated April 13 had ruled that the spectrum cannot be utilized without payment of requisite dues which cannot be wiped off by triggering CIRP (Corporate Insolvency Resolution Process) under I&B (Insolvency and Bankruptcy) Code . ....
Aircel & RCOM steering towards liquidation, resulting in Rs60,000 Cr NPA for Indian and Foreign Banks moneylife.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneylife.in Daily Mail and Mail on Sunday newspapers.
Claims of Rs 160 crore filed against Oyo subsidiary as NCLAT refuses to stay corporate insolvency proceedings 9 hours ago Creditors have submitted claims for Rs 160 crore from Oyo subsidiary Oyo Hotels and Homes Pvt. Ltd. (OHHPL), against which a corporate insolvency proceeding began earlier this month under the directions of the National Company Law Tribunal. This was first reported by Entrackr. On April 7, the NCLT had admitted OHHPL under the corporate insolvency resolution process after one of its hotel partners filed a Rs 16 lakh claim against the company. The petition to begin insolvency proceedings was filed by Rakesh Yadav, who was owed Rs 16 lakhs in dues, since OHHPL started defaulting on payments. The tribunal had asked OHHPL’s creditors to file their claims with proof to Keyur J Shah, the appointed interim resolution professional by April 15. ....
Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 crore NPA for Indian and Foreign Banks SECTIONS Aircel & RCOM steering towards liquidation, resulting in Rs 60,000 crore NPA for Indian and Foreign BanksIANS Last Updated: Apr 18, 2021, 12:29 PM IST Share Synopsis According to experts, based on the NCLAT Judgement, the Resolution Plan of UV Asset Reconstruction Company Ltd. (UVARCL) for Aircel, which was approved in June 2020, will be unworkable and the company will be heading for liquidation, resulting in zero recovery for Rs 18,000 crore owed to the lenders. Agencies The National Company Law Appellate Tribunal (NCLAT) ruling of last week in the Aircel vs Department of Telecommunications (DOT) case has cast a shadow on the resolution plans of Aircel and Reliance Communication Ltd. (RCOM). ....