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NCLT admits personal insolvency application against Kishore Biyani, ET Retail

The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.

Mumbai , Maharashtra , India , Jagmohan-singh , Vikram-trivedi , Kishore-biyani-biyanimumbai , Kishore-vemulapalli , Ashish-pyasi , Kishore-biyani , Manilal-kher-ambalal-co , Chain-solutions , Supreme-court

NCLT admits personal insolvency application against Kishore Biyani

The admission of the application by the National Company Law Tribunal (NCLT) ensures moratorium on transactions of personal assets of the guarantor. But it does not give the resolution professional (RP) the right to take control of the personal assets of the guarantor. Following the ruling, the RP will invite claims from lenders and also validate them.

Mumbai , Maharashtra , India , Jagmohan-singh , Vikram-trivedi , Ashish-pyasi , Kishore-biyani , Kishore-vemulapalli , Supreme-court , Axis-trustee-service , National-company-law-tribunal , Chain-solutions

Religare Finvest to default on Rs 100 crore NCD payment obligation

Religare Finvest to default on Rs 100 crore NCD payment obligation
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Last Updated: Apr 14, 2021, 09:49 PM IST
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Synopsis
NBFC firm Religare Finvest Limited (RFL) had borrowed Rs 100 crore from Axis Bank by placing non-convertible debentures (NCDs) on a private placement basis in September 2015. The bonds, bearing a coupon of 10.68 per cent per annum, are set for maturity on April 30, 2021, Religare Enterprises Ltd (REL) said in a regulatory filing.
Agencies
The company has been in financial distress, primarily due to the alleged misappropriation of funds by erstwhile promoters Shivinder Singh and his brother Malvinder Singh.
Religare Enterprises on Wednesday said its arm Religare Finvest Limited will default on Rs 100 crore NCD payment obligation later this month to subscriber

Malvinder-singh , Shivinder-singh , Axis-bank , Religare-finvest-limited , Religare-finvest , Axis-trustee-service-ltd , Axis-trustee-service , Religare-enterprises , Religare-enterprises-ltd , Axis-trustee , Nbfc , Ncd-payment-obligation

Religare Finvest to default on Rs 100 crore NCD payment obligation

Religare Finvest to default on Rs 100 crore NCD payment obligation
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Malvinder-singh , Shivinder-singh , Axis-bank , Religare-enterprises-on , Religare-finvest-limited , Religare-finvest , Axis-trustee-service-ltd , Religare-enterprises , Religare-enterprises-ltd , Axis-trustee-service , Axis-trustee , மால்விண்டர்-சிங்