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insolvency: binani industries questions cement arm's bidding process




binani industries, the promoters of binani cement, has put a question mark on the insolvency process of the cement company by valuing it at rs 173 billion (including mining rights of rs 117 billion) against the bids of around rs 63 billion received from dalmia bharat and ultratech cement. in a filin...



steel, cement asset bidders can take cci nod after win, say experts




tata steel, jsw steel, and ultratech bids for stressed assets in the cement and steel industries, under the insolvency and bankruptcy code (ibc) regulations, will not face hurdles from competition laws, claim experts. bidders for stressed assets in cement and steel industries will have to take appro...



birla, dalmia are said to have bid rs 60 bn each for binani cement




billionaire kumar mangalam birla and an investor group led by dalmia bharat ltd. are emerging as the lead bidders for india’s binani cement ltd., which is being sold under the country’s insolvency process, people with knowledge of the matter said. birla’s ultratech cement ltd. and the dalmia b...



jsw to bid in partnership with a global pe player for binani cement today




jsw cement will make a bid on monday in partnership with a global private equity (pe) player for debt-laden binani cement. the bid deadline for binani is monday.jsw cement managing director parth jindal said the pe entity would have a majority in the proposed entity. he declined to divulge the name....



news digest: modi flags off metro train, auto firms' ev plans, and more




aditya birla, piramal-bain, shree make aggressive bids for binani cement india’s top cement majors, including ultratech cement of the aditya birla group and shree cement, and the stressed asset investment fund of piramal enterprises and bain capital credit have made aggressive bids for binani ceme...



ibc resolution of steel firms pushed to fy19




indian lenders are likely to wrap up the resolution process of bhushan power & steel (bpsl), essar steel, monnet ispat & energy, and electrosteel steels only in the first quarter of the next financial year (fy19) and miss the initial deadline of december-end set under the insolvency and bankruptcy c...



jsw cement plans to raise west bengal production capacity to 3.6 mtpa




jsw cement plans to increase the production capacity in west bengal from 2.4 mtpa to 3.6 mtpa besides a captive power plant in the same location, a top company official said today. "the current installed capacity at the salboni plant is 2.4 mtpa. we plan to build another 1.2 mtpa capacity for which ...



insolvency rules for corporate guarantors, individual firms by december




the rules for individual insolvency under the insolvency and bankruptcy code are likely to be notified by december. "it will come in a phased manner. at this point, we are trying to cover corporate guarantors. that is our main issue. in the first phase, we are dealing with corporate guarantors and i...



sail plans to bid for stressed assets of essar, bhushan steel




the country's largest steelmaker sail is considering bidding for the stressed assets of essar steel and bhushan steel that are facing insolvency proceedings.according to sources, "a team of sail has visited the units of essar steel and bhushan steel almost 20 days back to assess how are units and to...



non-performing assets: naming and shaming




how insolvency cases play outthe national company law appellate tribunal (nclat) dealt with two cases involving private bank icici and defaulting company innoventive industries ltd in one and starlog enterprises ltd in another. both were disposed of by nclat in may.while icici lost the first case, i...



under insolvency process, acil may get bids form dhunseri tea, warren tea




even as the expression of interest for assam company india ltd (acil), which is facing the insolvency resolution process under the national company law tribunal (nclt), is yet to commence, at least two tea companies have expressed an interest in bidding for the firm. both of these firms -- dhunseri ...



insolvency ordinance impact: over 70% of smes face liquidation




around 70% of small and medium enterprises (smes) undergoing insolvency proceedings face liquidation as their promoters are the only ones presenting resolution plans. the recent ordinance amending the insolvency and bankruptcy code (ibc) virtually debars promoters from bidding for their stressed ass...



cement shares extend rally; deccan cements, mangalam cement hit new high




shares of cement companies were trading higher for the second straight day on expectation of increase in demand on the back of pick up in the affordable and rural housing segments.prism cement, deccan cements, orient cement, panyam cement and gujarat sidhee cement were up in the range of 5% to 12%, ...



don't look for ready-made solutions: ibbi chief to insolvency professionals




sending out a strong message, insolvency and bankruptcy board of india (ibbi) chairperson m s sahoo today said insolvency resolution professionals should not look for "ready-made solutions" and desist from overcharging for their services. his remarks come against the backdrop of concerns about the c...



bidders face up to five-year lock-in for shares of stressed assets




bidders for assets of companies undergoing insolvency proceedings face up to a five-year lock-in for the shares they acquire. lending banks are insisting on this to deter sales of the assets by the new promoter at a profit within months of the takeover. “it is a good strategy that the applicant’...



insolvency: bidders may not be able to sell stressed assets for 5 years




bidders for assets of companies undergoing insolvency proceedings face up to a five-year lock-in for the shares they acquire. lending banks are insisting on this to deter sales of the assets by the new promoter at a profit within months of the takeover. “it is a good strategy that the applicant’...



another list of defaulters sent to nclt




on friday, banks sent all companies from the reserve bank of india's second list of defaulters on large-size corporate loans to the national company law tribunal (nclt) for insolvency resolution. this was after rbi refused to a proposal from the banks to relax the rules in this regard for those comp...



insolvency resolution: bidding for monnet ispat delayed again




the financial bidding for monnet ispat, the first of the stressed steel companies to go on sale, has been put on hold for a second time as bidders sought clarity on income tax (i-t) liabilities. the bids were due on monday.  the bidders are worried that the i-t department would levy a tax on the ha...



financial bidding for resolution of 12 big npa accounts by month-end: sbi




country's largest lender state bank of india (sbi) expects financial bidding process for resolution of 12 big stressed accounts to be over by the end of this month, said the bank's top official.sbi is the lead banker in 6 out of 12 large npas with total outstanding loan of rs 1.75 trillion. "financi...



news digest: ntpc plant explosion, plush hotel rooms in sky, and more




from piramal's race to buy binani, electrosteel to suzuki ceo's concerns over india's electric push, bs brings you up to speed with latest newsbs web team  last updated at november 3, 2017 04:27 isthttp://mybs.in/2uahispalso readnews digest: pharma firms face price heat, markets log new highs, and ...



bankruptcy norms: knee-jerk reactions to structural deformities




a couple of recent amendments in the insolvency and bankruptcy board of india (insolvency resolution process for corporate persons) regulations, 2016, seem to be knee-jerk reactions towards the various issues surfaced in the implementation of the insolvency and bankruptcy code (ibc).   on august 16...



nclts get 4,300 insolvency petitions since inception in may 2016




since the national company law tribunal (nclt) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the reserve bank data.the insolvency and bankruptcy code came into existence with the enactment of the insolvency and bankruptcy code ...



final bidding round: arcelormittal, numetal vie for debt-laden essar steel




the race to take over essar steel entered the final phase with the submission of two bids on monday, one by numetal, a company in which vtb bank has a majority and the ruias are a minority partner, and the other by arcelormittal. potential bidders such as tata steel and vedanta did not participate i...



videocon industries moves bombay hc against sbi, rbi; hearing next week




videocon industries has moved the bombay high court against state bank of india and the reserve bank of india and the union government, appealing to the court to stay the lender’s move to send the company to the national corporate law tribunal (nclt) under the insolvency and bankruptcy code. a div...



insolvency rules for individuals & firms by dec 17'




the rules of the new insolvency regulations to bring individual businesses under its purview are likely to be in place soon, an official of the insolvency and bankruptcy board of india (ibbi) said ."the rules and regulations for the first phase for insolvency regulations for individuals and firms is...