NCLT

Debt-ridden ABG Shipyard has announced commencement of the liquidation process under the Insolvency and Bankruptcy Code.  “NCLT vide order dated April 25, 2019 ordered commencement of liquidation of ABG and appointed Sundaresh Bhat as the liquidator of ABG,” debt-ridden firm said in a BSE filing.

Debt-ridden Reliance Communications (RCom) on Tuesday withdrew its petition challenging an NCLT order that allowed insolvency resolution process against the company.

The NCLT has issued contempt notices to the heads of Axis Bank and StandardC for allowing the former head of ILFS Financial Services Ramesh Chandra Bawa to withdraw money and access the lockers.

ACG Associated Capsules, whose bid was rejected by the lenders earlier, approached the NCLT for reconsidering its bid for Sterling Biotech.

Reliance Communications promoters’ stake has come down to 22 per cent in January-March 2019 quarter, with family and group firms jointly losing more than half of the equities, the telecom firm said.

Omaxe promoter entity Guild Builders has been restricted from further pledging of its shares in the realty firm as the NCLAT on Tuesday modified the order passed by the NCLT in a dispute between the company’s CMD Rohtas Goel and his younger brother Sunil Goel.

Retirement fund body EPFO has started a survey to assess the amount of investments parked in crisis-hit infrastructure finance company IL&FS by 1,374 private provident fund trusts regulated by it, a source said.

Power Finance Corporation (PFC) is looking at out-of-court settlements for stressed projects. The state-run company expects to resolve 20-30 per cent of the stressed projects in the next three month

The National Company Law Tribunal (NCLT) Mumbai on Tuesday ordered the liquidation of the debt-hit fashion textile major Reid & Taylor after all attempts to revive it failed.

Essar Steel on Wednesday said the Rs 54,389-crore offer by its shareholders to pay all dues of financial and operational creditors of the company was much superior to a rival offer by ArcelorMittal and lenders should not be pressured into giving control of the company to any entity that undervalues it.