Corporate insolvency resolution process (CIRP) was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL), and resolution plans were approved in cases of DHFL and BPSL, with amount realisable to creditors of Rs 37,167 crore and Rs 19,895 crore, respectively.
Various mechanisms are available for recovery, which include, inter alia, filing of a suit in civil courts or in Debts Recovery Tribunals, action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, filing of cases for initiation of corporate insolvency resolution process (CIRP) in the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, said a written reply by the Finance Ministry in Lok Sabha on Monday.
"As per the inputs received from the Insolvency and Bankruptcy Board of India, CIRP was initiated in the cases of DHFL, ABG Shipyard and Bhushan Power and Steel (BPSL), and resolution plans were approved in cases of DHFL and BPSL, with amount realisable to creditors of Rs. 37,167 crore and Rs. 19,895 crore respectively," said the reply.
Further, liquidation order was passed in case of ABG Shipyard, and more than Rs.1,000 crore has been realised by the liquidator from sale of assets.
The Reserve Bank of India has informed that no fraud pertaining to H-Tech Auto has been reported by any bank, informed the Ministry.
Further, the Central Bureau of Investigation has informed that charge sheets have been filed by it in the cases of DHFL, ABG Shipyard and BPSL.
Besides that, the Directorate of Enforcement has apprised that proceeds of crime amounting to Rs 10,232.43 crore have been attached and six persons have been arrested in these cases, under the provisions of the Prevention of Money Laundering Act, 2002, added the reply.
Adani Power gets Letter of Intent to acquire Vidarbha Industries Power
Adani Power Limited (APL) on Monday said it has received a Letter of Intent (LOI) to acquire Vidarbha Industries Power Limited.
Gautam Adani hails MP's investment readiness, transformative leadership of PM Modi, CM Yadav
Announcing a whopping Rs 1.10 lakh crore investment and creation of 1,20,000 lakh jobs by the end of the decade, India’s top businessman Gautam Adani lauded the transformative leadership of Prime Minister Narendra Modi and Chief Minister Dr Mohan Yadav,
Adani Portfolio's tax contributions reach Rs 58,104 crore for FY 2023-24
The Adani Group's total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore for the financial year 2023-24, showcasing a significant increase from the previous year's Rs 46,610.2 crore through its portfolio of listed entities, the company said on Sunday.
Reliance Consumer Products partners with Assam’s established business house, Jericho, to set up a cutting-edge bottling facility
Reliance Consumer Products Ltd (RCPL), a leading FMCG and beverage company, has strengthened the presence of Campa’s portfolio in Northeast India with the inauguration of a new bottling plant in Guwahati, Assam. Developed in collaboration with local partner Jericho,
India poised to stay world’s fastest growing economy in 2025-26: RBI bulletin
High frequency indicators point towards a sequential pick-up in momentum of India's economic activity during the second half of 2024-25, which is likely to sustain moving forward, according to the latest RBI monthly bulletin.
Adani Portfolio clocks highest ever TTM EBITDA of Rs 86,789 crore, core infra biz surges
Led by its core infrastructure business, the Adani Portfolio has delivered the highest-ever trailing-twelve-month (TTM) EBITDA of Rs 86,789 crore, the Adani Group said on Thursday.
India doing well on protecting small investors, corporate governance improved significantly: NSE CEO
India is doing well in protecting small investors while corporate governance has improved significantly amid rapid technological changes, National Stock Exchange (NSE) MD and CEO, Ashishkumar Chauhan, said on Tuesday.
Tesla ramps up hiring in India after Elon Musk-PM Modi meet in US
After the successful visit of Prime Minister Narendra Modi to the US, Elon Musk-run Tesla has ramped up hiring in India, a market where it is slated to enter anytime soon.