ArcelorMittal has arranged the entire fund and is likely to transfer the amount by Monday; after the payment to the lenders, this will be the single-biggest recovery under the IBC

Shares of UCO Bank and Corporation Bank rallied up to 18 per cent in early deals on Friday amid reports that creditors to the bankrupt firm would receive payment soon

Amendment to IBC: The cabinet is expected to approve significant changes to the insolvency and bankruptcy code (IBC) at the earliest to safeguard the companies taking over the broke businesses from prosecution for financial crimes by the outgoing promoters

As many as 13 banks and over 23,000 homebuyers have voting rights in the Committee of Creditors. For a bid to be approved, 66 per cent votes are required

As against the admitted claims of secured financial creditors of Rs 9,783 crore, Suraksha and NBCC are offering repayment of only 62 per cent of their outstanding dues despite the liquidation value of the company being around Rs 13,000 crore

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the NCLT admitted an application by an IDBI Bank-led consortium

The court reiterated that in IBC, it is the CoC which has the ultimate authority over the matter concerning distribution of resolution proceeds

Irrespective of resolutions, companies going through the insolvency process are seeing large number of direct and indirect job losses

This will help make the insolvency process more attractive for the bidders and instil confidence in them

P&A Law Offices, which represents and advises nine registered homebuyers associations, has written a letter to Kuldeep Verma, who is an authorised representative of homebuyers in a committee of creditors (CoC)

Former Bhushan Power and Steel Ltd CMD Sanjay Singal was arrested by the ED on Friday and charged under the Prevention of Money Laundering Act (PMLA) after being questioned in connection with the case

The Essar verdict not only gives the single largest realisation from any asset to financial creditors, qualitatively also this is the biggest for the financial sector in getting their due rights and primacy in the scheme of things

A three-member NCLAT bench, headed by Chairperson Justice S J Mukhopadhaya, said a secured creditor cannot dissent with the resolution plan just to get more funds than other creditors and claim preference over other creditors

After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan's largest steel producer

The new management of Essar Steel may be headed by Aditya Mittal, who is the President and Chief Financial Officer of ArcelorMittal. He is also the CEO of ArcelorMittal Europe

The apex court reversed the order of NCLAT and reiterated that the secured financial creditors have primacy over operational creditors

Funds managed by Blackstone have invested Rs 1,750 crore in Ryka Commercial Ventures, the holding company of Future Lifestyle Fashion, through debentures

Kumar said India's pledges of contributions for operational activities of development for the year 2020 is to the tune of USD 13.5 million, in line with the country's long-standing tradition of supporting development activities across the UN system

Essar Steel case: The court stated that the NCLAT cannot interfere with the committee of creditors' commercial decisions

So far IVRCL got 'expression of interest' from two parties, while a third one may also be interested, says liquidator Sutanu Sinha. The NCLAT that has put a stay on the sale of assets of the company will be hearing the case on November 18