Hindustan Oil Exploration s appeal against resolution plan continues to get rejected by NCLT
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Hindustan Oil Exploration Company (HOEC)s attempt to contest implementation of the Resolution Plan completed in September was struck down for the third time by NCLTs Allahabad Bench on December 21.
This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT.
HOEC continued to repeatedly approach the judiciary system to obtain a favourable result that would move JEKPL closer towards liquidation. This would then allow HOEC to gain control of its participating interest in Kharsang Field at no cost through one of its offshore subsidiaries.
After NCLAT, NCLT now also dismisses appeal of Hindustan Oil Exploration Company
By IANS |
Published on
Tue, Dec 29 2020 15:21 IST |
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Petrol. (File Photo: IANS). Image Source: IANS News
New Delhi, Dec 29 : Hindustan Oil Exploration Company (HOEC)s attempt to contest implementation of the Resolution Plan completed in September was struck down for the third time by NCLTs Allahabad Bench on December 21.
This a series of repeated appeals made by HOEC since 2018 which have been repeatedly dismissed by the NCLAT.
HOEC continued to repeatedly approach the judiciary system to obtain a favourable result that would move JEKPL closer towards liquidation. This would then allow HOEC to gain control of its participating interest in Kharsang Field at no cost through one of its offshore subsidiaries.
Oaktree Capital, one of the bidders for troubled mortgage firm DHFL, has alleged, that inspite of it offering maximum value to stakeholders, there is a consistent campaign to misrepresent information about its bid. The firm shot-off a letter to Reserve Bank of India (RBI) on Sunday, ahead of voting by lenders on bids which begins this week. Oaktree and Piramal group are in close race to get control over DHFL. The Adani group is also in fray. Oaktree said information is being presented in an incomplete and inaccurate manner to discredit its bid. The Oaktree letter confirms that it did not give its final bid on December 22 the last date of offering final plans and did so only after Piramal submitted its plans. It was only after Piramal offer was made to CoC, Oaktree raised its offer by Rs 1,700 crore. But, Piramal is offering more money upfront, said a source close to the development. Interestingly, both offers provide zero value to shareholders of DHFL.
Mediation Convention expected to make resolution of corporate disputes efficient
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The Convention, which came into force in September, and is a significant development in international commercial dispute resolution and will surely help India’s case in ‘Ease of doing Business’, said Kasiviswanathan Shanmugam, Singapore’s Minister of Home Affairs and Minister of Law.
MUMBAI: As a member of the Singapore Convention on Mediation (Convention), India can play a role in the swift resolution of corporate disputes through mediation, a senior Singaporean minister told ET.
This comes amid the government’s efforts to improve India’s ranking in ‘Ease of doing Business’.
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