The Mittal-owned company told the SC it would lift the escrow on Rs 7,000 crore and pay the money owed by Uttam Galva and KSS Petron -- the defaulting companies in which the steel tycoon is classified as promoter -- if it gets to bid successfully for Essar Steel.

The bank was able to recover around Rs 8,445 crore in the April-June quarter alone, which is over 23 per cent of all recoveries made during the period. PNB recovered around Rs 5,618 crore in FY18 and Rs 5,643 crore the previous year.

World's largest steel producer ArcelorMittal on Monday offered Rs 42,000 crore to acquire Essar Steel Ltd, upstaging a Rs 37,000 crore bid by Russia's VTB Group-backed Numetal.

Flipkart's investor would have to give \"written notice of at least five business days prior\" to Tencent for such transfer or sale of share, according to the share issuance and acquisition agreement filed by Walmart with the US Security and Exchange Commission.

Numetal's first bid was rejected due to the 25% share owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia, since he was deemed a related party.

The National Company Law Appellate Tribunal (NCLAT) has asked US-based brick-and-mortar behemoth Walmart and its recent acquisition, Flipkart, to explain their business model in India.

The National Company Law Appellate Tribunal (NCLAT) said that pending the litigation here, the Cyrus Mistry camp which was seeking a status quo over it cannot be \"forced to sell shares\".

With recent frauds shaking investors' trust in corporate governance standards, we look at role, limitations and accountability of independent directors who are custodians of these standards.

The appellate tribunal also rejected the claims of engineering and construction major L&T, an operational creditor of Bhushan Steel Ltd, opposing Tata Steel's resolution plan seeking a higher priority in debt resettlement.

PNB posts Rs 940 crore Q1 loss amid decline in NPAsScam-hit Punjab National Bank (PNB) reported a loss of Rs 940 crore for the June quarter of financial year 2018-19. The public sector lender had posted a net profit of Rs 343.40 crore in the same quarter of last fiscal. This is the second consecutive quarterly loss for the second biggest state-run lender. The scam-hit bank had recorded biggest ever quarterly loss of Rs 13,417 crore for the January-March period on the back of Nir...

Cyrus Mistry, the ousted Tata Sons chairman, may have lost the boardroom battle against the conglomerate at NCLT last month, but he will certainly be hoping for better luck with the National Company Law Appellate Tribunal (NCLAT).

The Tribunal pushed back the deadline to August 13 on the plea of Tata Steel, which had been declared the highest bidder in July - for the second time

The Insolvency and Bankruptcy Code can lead to huge job losses in the short to medium term as many companies, including some big names, face liquidation.

The court asked RCom to pay Rs 550 crore to Ericsson by October 1. It also directed Anil Ambani to give an undertaking to pay the amount to Ericsson.

A Boston Consulting Group report reveals that economies like US, UK, Singapore, Hong Kong, Germany and Japan have a recovery rate of 80% and a resolution time frame of under one-and-half years. India has posted a sub-par recovery rate of 26.4% and an average resolution time of 4.3 years.

NCLT on Monday said Cyrus Mistry's petition against his removal as Tata Sons' chairman two years ago has no merit.

At a hearing before a two-member bench of the National Company Law Appellate Tribunal (NCLAT), senior lawyer Abhishek Manu Singhvi, appearing for ArcelorMittal, said \"NuMetal and Rewant Ruia are alter ego of each other. They both are the same.\"

NCLT's only success stories so far have seen banks taking a significant hair-cut and settling for recovery of Rs 50,000 crore.

Vedanta has moved on to the next step in the acquisition drama over Electrosteel Steels Ltd (ESL) by setting up a new board of directors, even as a petition challenging its eligibility to bid for the same is pending before the National Company Law Appellate Tribunal.