News

Reliance Capital COC rejects all bids, decides liquidation The Committee of Creditors (COC) of Reliance Capital (RCAP), in its meeting held on Wednesday, has decided to reject all the binding bids that it received from the bidders on Monday. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately. According to sources, the decision to reject the bids had been taken as the lenders are of the opinion that the bid value offere...
Reliance Capital COC rejects all bids, decides liquidation
Reliance Capital COC rejects all bids, decides liquidation
Source: IANS
1/12/2022 10:49:44 AM
NCLAT asks CoC to consider 63 moons' plea in DHFL Resolution Plan In a major boost to 63 moons technologies, which had filed a petition in the National Company Law Appellate Tribunal (NCLAT) against Piramal ascribing Re 1 value to Rs 40,000 crore worth of recoverable assets in the DHFL case, the NCLAT on Thursday ordered the petition to be considered by the Committee of Creditors (CoC). In a statement, 63 moons technologies said with this order, the CoC has to reconsider the provision of section 66 of IBC, which mandates that the benefit should go to all...
NCLAT asks CoC to consider 63 moons' plea in DHFL Resolution Plan
NCLAT asks CoC to consider 63 moons' plea in DHFL Resolution Plan
Source: IANS
27/01/2022 2:15:33 PM
Key News - State Bank of India Ltd, DHFL, Life Insurance Corporation, Alembic Pharmaceuticals Ltd, Axis Bank Ltd By ARETE Securities Key News India's largest bank SBI to invest $20 mn in fintech firm Pine Labs Pine Labs, a leading merchant commerce platform, announced a new investment of $20 million from India’s largest commercial bank, the State Bank of India (SBI). Earlier in 2021, Pine Labs had raised a total round size of $600 million from a marquee set of new investors and followed it up with a $100 million fundraise from US-based Invesco Developing Markets Fund. In addition to augmenting its merchant...
Key News - State Bank of India Ltd, DHFL, Life Insurance Corporation, Alembic Pharmaceuticals Ltd, Axis Bank Ltd By ARETE Securities
Key News - State Bank of India Ltd, DHFL, Life Insurance Corporation, Alembic Pharmaceuticals Ltd, Axis Bank Ltd By ARETE Securities
Source: ARETE Securities Ltd
5/01/2022 9:35:43 AM
Piramal pays consideration for acquisition and merger of DHFL Piramal Enterprises Limited on Wednesday announced that it has completed payment for the acquisition of Dewan Housing Finance Corporation Ltd (DHFL), marking the first successful resolution under the IBC route in the financial services sector. The National Company Law Tribunal, Mumbai Bench (NCLT), had earlier accorded its approval to the resolution plan of Piramal Group in relation to the CIRP (Corporate Insolvency Resolution Process) of DHFL. In value terms, the transaction is among t...
Piramal pays consideration for acquisition and merger of DHFL
Piramal pays consideration for acquisition and merger of DHFL
Source: IANS
29/09/2021 2:43:45 PM
63 moons to challenge NCLT order permitting Piramal to take over DHFL 63 moons technologies said on Tuesday that it will challenge the order of the National Company Law Tribunal (NCLT), permitting Piramal Group to take over DHFL under Insolvency and Bankruptcy Code and stated that the current resolution plan is contrary to law and against the interest of all DHFL's creditors, including NCD holders. The administrator of DHFL has filed applications for recovery of almost Rs 45,000 crore under Section 66 of the IBC against DHFL's promoters and other per...
63 moons to challenge NCLT order permitting Piramal to take over DHFL
63 moons to challenge NCLT order permitting Piramal to take over DHFL
Source: IANS
9/06/2021 9:02:25 AM
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer In a relief to Piramal Group, the National Company Law Appellate Tribunal (NCLAT) has stayed the NCLT order directing DHFL's Committee of Creditors (CoC) to consider the settlement of its former promoter Kapil Wadhawan. According to the lenders, allowing Wadhawan's proposal will destroy the fabric of the Insolvency and Bankruptcy Code. On May 19, the Mumbai-bench of the National Company Law Tribunal (NCLT) had asked the lenders of the bankrupt Dewan Housing Finance Corporation L...
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer
DHFL resolution: NCLAT stays NCLT order to consider Wadhawan`s offer
Source: IANS
25/05/2021 1:49:36 PM
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer In a major turn of events in the resolution of DHFL, the National Company Law Tribunal (NCLT) has asked its lenders to consider the settlement offer of former promoter Kapil Wadhawan. The tribunal has given the committee of creditors a period of 10 days to consider his offer and come back to the court with its decision by May 31, sources said. Wadhawan had filed a petition at the NCLT and the order was reserved since January 15. Kapil Wadhawan's offered to repay 100 per cent prin...
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer
NCLT asks DHFL lenders to consider Wadhawan`s settlement offer
Source: IANS
19/05/2021 5:13:35 PM
Fraudulent transactions of Rs 6,182 crore in DHFL unearthed  Transaction auditor Grant Thornton, in a report shared with the Administrator of DHFL, has found certain transactions which are undervalued, fraudulent and preferential in nature, putting the newly-discovered fraud at Rs 6,182 crore. The Administrator of Dewan Housing Finance Company Ltd, appointed under the Insolvency and Bankruptcy Code, 2016 to carry out the duties under it, obtained assistance from reputed professional agency, Grant Thornton to conduct investigation of the affair...
Fraudulent transactions of Rs 6,182 crore in DHFL unearthed
Fraudulent transactions of Rs 6,182 crore in DHFL unearthed
Source: IANS
21/02/2021 5:32:40 PM
Piramal Group says RBI approves its DHFL takeover MUMBAI  - Piramal Group said on Thursday India's central bank had approved its takeover of Dewan Housing Finance Corp, once the country's fourth largest housing finance company, before it defaulted on its debt. Lenders voted last month in favour of the group's takeover bid, worth 372.5 billion rupees ($5.1 billion). "The Reserve Bank of India (RBI) has approved the DHFL resolution plan from Piramal Capital and Housing Finance, submitted by the committee of creditor...
Piramal Group says RBI approves its DHFL takeover
Piramal Group says RBI approves its DHFL takeover
Source: Reuters
18/02/2021 1:55:37 PM
DHFL CoC declares Piramal as successful bidder Piramal Enterprises on Friday said that the Committee of Creditors (CoC) of Dewan Housing Finance Corporation Ltd (DHFL) have declared Piramal Capital & Housing Finance Ltd (PCHFL) as the successful bidder for DHFL. In a regulatory filing, Piramal said that the administrator of DHFL has informed the company of the CoC decision through a Letter of Intent (LOI). The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the Reserve Bank o...
DHFL CoC declares Piramal as successful bidder
DHFL CoC declares Piramal as successful bidder
Source: IANS
23/01/2021 10:08:29 AM
DHFL shares jump as Piramal set to take over crisis-hit lender BENGALURU  - Shares in India's Dewan Housing Finance Corp Ltd (DHFL) jumped on Monday after the troubled mortgage lender's creditors voted in favour of a $5 billion takeover bid from the Piramal Group. The stock, which gained 76% last year after two years of sharp falls, rose 5% in early trading and hit an upper price limit of 27.55 rupees. Once one of India's biggest non-banking financial companies (NBFCs), or "shadow" banks, DHFL had accumulated debts of alm...
DHFL shares jump as Piramal set to take over crisis-hit lender
DHFL shares jump as Piramal set to take over crisis-hit lender
Source: Reuters
18/01/2021 12:38:43 PM