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Reserve Bank of India sends banks second list of 26 loan defaulters for insolvency proceedings
Reserve Bank of India sends banks second list of 26 loan defaulters for insolvency proceedings
The Reserve Bank Of India (RBI) Has Sent Commercial Banks A Second List Of At Least 26 Defaulters To Be Referred To The National Company Law Tribunal (NCLT) For Which Insolvency Proceedings Should Be Initiated, Three Bankers Aware Of The Development Said.
News Nation Bureau | Edited By : Gautam Lalotra | Updated on: 30 Aug 2017, 11:20:16 AM
New Delhi:
The Reserve Bank of India (RBI) has sent commercial banks a second list of at least 26 defaulters to be referred to the National Company Law Tribunal (NCLT) for which insolvency proceedings should be initiated, three bankers aware of the development said.
Gateway Distriparks (GDL) had announced an amalgamation scheme between GDL and its subsidiaries Gateway Rail Freight and Gateway East India in September 2020.
Now, both NSE and BSE have conveyed their No-objection on 12 March, 2021 enabling the Company to go ahead with filing of the draft scheme with the National Company Law Tribunal (NCLT).
The Company, Gateway Rail Freight and Gateway East India have filed the Joint Company Application in relation to the Scheme with NCLT on 14 March, 2021 to begin the next step of the process.
The merged entity will have 4 rail-linked inland container depots for EXIM business, a domestic rail terminal in Navi Mumbai, 6 container freight stations spread across the country, and a combined fleet strength of 31 train sets and over 500 road trailers. In addition, the combined cash flows will enable the merged entity to accelerate debt reduction while at the same time allowing it to continue upon its expansion plans to build a wider network of rail
Defaulting promoters, who are barred from a resolution plan under section 29A of the Insolvency and Bankruptcy Code (IBC), cannot use the scheme of arrangement and compromise to gain control of a company while it’s in liquidation, the Supreme Court said on Monday.
As such, the scheme of arrangement under Section 230 of the Companies Act does not stop anybody from proposing a plan. However, if this provision is used to revive a company which is facing liquidation under IBC, the rules of 29A will apply in keeping with the intent of the law, the top court clarified.
Specifically in this case, the SC order barred promoters of Gujarat NRE Coke, a defaulting company, from proposing a revival plan in the event of liquidation under IBC.
The National Company Law Appellate Tribunal (NCLAT) on Monday directed the Ahmedabad bench of NCLT to decide within a week whether to admit or reject an insolvency plea filed against Sintex Industries by Punjab National Bank.