IL&FS, the board of directors of the company, has submitted an application to the National Company Law Appellate Tribunal (NCLAT) against several lenders, including IFCI, IIFCL, BoB, SBI, PNB, Indian Bank, and the government of Jharkhand, citing “undue delays” in obtaining consent for the transfer of road assets worth Rs 5,500 crore to an Infrastructure Investment Trust (InvIT) operated by
The Securities Appellate Tribunal (SAT) has issued a stay on the Insurance Regulatory and Development Authority of India’s (IRDAI) order to transfer the life insurance business of Sahara India Life Insurance Company Ltd to SBI Life Insurance Company Ltd. SAT emphasized that there is “no tearing hurry” for such a transfer and expressed surprise that the order was made without
SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd.SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016. In the last fiscal year, the company had posted a consolidated
State Bank of India (SBI) has been pulled up by national company law tribunal (NCLT) for lacking diligence in its approach to a bad loan recovery case that is before the court. The public sector bank had approached NCLT claiming it had misplaced papers pertaining to the account of a borrower, Tybros India Tours, and could not locate them at
National Company Law Tribunal, Chennai, admitted the application filed by State Bank of India (financial creditor) against Coastal Energen (corporate debtor), the power generating flagship company of the Dubai-based Coal and Oil Group to initiate Corporate Insolvency Resolution Process (CIRP) against the company, declare moratorium,and appoint an Interim Resolution Professional (IRP). The company has defaulted an amount of ₹1,458 crore
State Bank of India, the lead banker in the consortium of lenders moving the National Company Law Appellate Tribunal (NCLAT) on behalf of the committee of creditors seeking fresh bids for the bankrupt Videocon Industries, the appellate tribunal on Monday sought a reply from the successful bidder Twin Star Technologies. The matter will now come up for hearing on September
