Page 5 - Debt Resolution

IL&FS gets approval to sell road asset Jorabat Shillong Expressway

Infrastructure Leasing and Financial Services on Tuesday said it has received the approval of Justice (retd) D K Jain - who is overseeing the debt-laden group's resolution process - for sale of Jorabat Shillong Expressway to Sekura Roads Ltd. Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure category-I alternative investment fund. JSEL is a wholly-owned subsidiary of IL&FS Transport Network (ITNL). It has been classified as an amber company. Amber category is for those companies that would not be able to meet their obligations but can meet only operational payment obligations to senior secured financial creditors. IL&FS in a statement said Sekura had bid Rs 916 crore for the 100 per cent stake in Jorabat Shillong Expressway (JSEL). "SRL had emerged as the highest bidder for JSEL and the same was ratified by the committee of creditors (CoC) of ITNL and JSEL," it said. The group will now seek approval from the National Company Law Tribunal (NCLT) ..

Lavasa hill city hits dirt; lenders may send company to liquidation

Lavasa, a subsidiary of construction major HCC, has defaulted on bank loans worth Rs 7,700 crore

Lanco Infratech and lessons from a failed group resolution of troubled debt

The firm fundamentally has no assets, say experts. Ten of its subsidiaries are under corporate insolvency, most holding either a single or a group of road or power assets

Road developers take conciliation route for claims amid liquidity crunch

Debt resolution, Covid-related liquidity concerns, and a long legal process acting as deterrent are some reasons pushing firms to pursue conciliation

Lenders to consider Videocon promoters' application for debt resolution

If the lenders agree to the proposal made by VIL's promoters, then it will be one of the first big ticket debt resolution by the lenders via Section 12A of the IBC

Banks may recast Rs 2-trillion loans, says SBI chairman Rajnish Kumar

India Ratings had earlier said banks may have to restructure loans worth Rs 8.4 trillion

US-based fund DVI invokes force majeure clause in Amtek's debt resolution

While a force majeure clause is common in commercial contracts, in an IBC case, the committee of creditors (CoC) generally doesn't agree to including such a clause in the resolution plan

RBI's loan restructuring scheme: Here's how it benefits you

The debt restructuring process involves a reduction of the interest rates on loans or an extension of its repayment tenure, or both

Kamath panel recommendations: 1,027 listed firms eligible for debt recast

These exclude banks, insurers, and NBFC

Loan recast: Things should be back on track in 2 years, says K V Kamath

In an interview to Abhijit Lele, Kamath said challenges faced by non-banking financial companies (NBFCs) should be dealt separately by the regulator

SBI invokes personal guarantees of Bhushan Power & Steel promoter

Action against Sanjay Singal comes within days of the Finance Ministry asking banks to invoke personal guarantees in all insolvency cases

FinMin directs govt-owned banks to invoke personal guarantees of defaulters

SBI takes lead in preparing list of all defaulters, including large corporations, whose firms are under bankruptcy proceedings

Covid-19 clouds IBC resolution, applicants seek payment schedule relaxation

In June, Deccan Value Investors (DVI), which won Amtek Auto, filed an application with the Supreme Court asking for an extension of time to discuss terms with the committee of creditors

MSME promoters likely to stay in charge during resolution process

However, all key decisions will have to be finalised by CoC; govt is also considering amending IBC to bring in the pre-packed scheme for all stressed companies

IL&FS Board looks to resolve 57% of total debt of Rs 99,000 cr

While the group's debt resolution amount has been revised upwards, the timeline has seen a delay partly due to Covid-19, with an Italian bidder backing out of a road asset sale deal

Debt resolution process: Bankers fret over spike in consultants' bills

Bankers say RPs are outsourcing human resources and audit/legal consulting to outside firms so as to plug all loopholes. Bankrupt companies also pay for special forensic audits and legal opinions

Covid-19 may turn extra Rs 1.67 trn debt into delinquent assets: Ind-Ra

This is over and above Rs 2.54 trillion anticipated prior to onset of pandemic, taking the overall quantum to Rs 4.21 trillion, or 6.63% of total debt

Reliance Naval gets five EoIs from investors, deadline ends Saturday

The US-based fund, Interups, has submitted the EoI, apart from Arcil, APM of Denmark, United Shipbuilding Corp of Russia, and Next Orbit Ventures

An attempt to resolve fallouts of pandemic on new and existing businesses

This is the situation in which a large number of recent and would be entrepreneurs around the world and in India find themselves

Implementing approved resolution plans amid Covid a challenge for India Inc

Experts point out the basic philosophy of the Code is to refer to the commercial wisdom of the CoC