NCLT

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.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday directed the Ahmedabad bench of NCLT to pass an order on the insolvency resolution plan submitted by Essar Steel’s RP, in which ArcelorMittal emerged as the highest bidder.

State Bank of India’s (SBI) decision to sell its Essar Steel debt does not “augur well” for public sector banks, a senior finance ministry official said.

The NCLT has allowed the former directors of the crippled IL&FS Group to withdraw Rs 2 lakh each per month from one of their bank accounts after intimating the the tribunal.

Senior advocate C A Sundaram representing the two firms said that removal of the chairman was not even on the agenda item of the board meeting of Tata Sons on October 24, 2016, when he was sacked.

he resolution professional of Reid & Taylor India has sought permission from the Mumbai bench of NCLT to file criminal a complaint against Nitin Kasliwal, the promoter of the bankrupt premium apparel brand.

Cases related to defaulting builders should be first taken up by regulators under the new real estate law RERA before being referred to the NCLT for insolvency proceedings, realtors’ body NAREDCO has suggested.