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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.
Jindal (India) has submitted a debt resolution plan for Future Enterprises under the Insolvency and Bankruptcy Code (IBC) process. The company will be against Reliance Retail, which has sought time till October 30 to decide if it wants to bid for Future Enterprises.
Future Retail: In February 2017, L&T Finance had sanctioned a loan of Rs 200 crore in favour of the original borrowing entity Kaa Vee Retail Infra, which was later merged with Precision Realty Developers.
The financial creditor had moved the bankruptcy court against the property developer following a default of nearly Rs 119 crore. In February 2017, L&T Finance had sanctioned a loan of Rs 200 crore in favour of the original borrowing entity Kaa Vee Retail Infra, which was later merged with Precision Realty Developers.
The upcoming festive season could prove to be a landmark for India’s booming ecommerce sector, with the gross merchandise value (GMV) expected to go beyond Rs 5 lakh crore. What is fuelling this optimism?, , Magazine 21 Oct 2023