Latest news with #Bhushan
Mint
a day ago
- Business
- Mint
Parliamentary panel to recommend fresh set of changes to insolvency code
New Delhi: India's insolvency regime is set for further reform as the Parliamentary Standing Committee on Finance will likely recommend a set of measures aimed at speeding up decisions and boosting creditor recoveries under the Insolvency and Bankruptcy Code (IBC), two people familiar with the matter said. The suggestions will follow the committee's ongoing review of the Code. The review comes amid growing demands for speeding up debt resolution and improving recovery rates, and legal complexities exposed by the recent Supreme Court ruling in the Bhushan Power & Steel resolution case. Read this | House panel to scan IBC functioning after SC's Bhushan order The House panel, led by lawmaker Bhartruhari Mahtab, met last week with officials from the ministry of corporate affairs and the Insolvency and Bankruptcy Board of India (IBBI), along with executives of three state-run banks, to assess the performance of the Code since its rollout in 2016. In the meeting, officials told the panel that the IBC has become the principal recovery mechanism for banks and financial institutions, accounting for nearly half of all debt recoveries, and has also helped reduce borrowing costs for distressed companies, one of the persons quoted above said. However, the process continues to suffer from persistent delays and subpar recovery rates in many cases, often due to protracted litigation among stakeholders. So far, creditors have realised ₹3.89 trillion from approved debt resolution plans and ₹9,330 crore from liquidated companies, according to data from the IBBI. Another ₹1 trillion was realised from cases settled directly between creditors and companies. The committee is expected to meet more stakeholders, including insolvency professionals and industry representatives, before finalising its report, one of the people cited above said. Among the concerns raised in last week's meetings were the challenges faced by homebuyers in ongoing insolvency cases, the person added. Queries emailed on Monday to the ministry, the Parliamentary committee and IBBI seeking comments for the story remained unanswered at the time of publication. Experts say that resolving these bottlenecks will require strengthening the judicial infrastructure supporting IBC. 'To improve the IBC process, we need faster court decisions. This can be done by increasing the number of judges, reducing adjournments, and using better technology for case tracking. The process should stick to strict timelines to avoid long delays that reduce the value of assets," said Ritesh Kumar Adatiya, director, NPV Insolvency Professionals Pvt. Ltd. Court ruling questions IBC operations The Supreme Court last month rejected the five-year-old resolution plan for Bhushan Power & Steel Ltd (BPSL), citing jurisdictional issues and violations of IBC provisions. The ₹19,700 crore successful bid by JSW Steel Ltd was overturned, and the court ordered the liquidation of the company. It later granted JSW time to file a review petition. In a landmark ruling, the apex court held that bankruptcy tribunals do not have powers of judicial review over statutory authorities such as the Enforcement Directorate (ED). It also struck down an earlier National Company Law Appellate Tribunal (NCLAT) order that had insulated BPSL's assets from ED attachment, saying the tribunal had exceeded its jurisdiction. Read this | Mint Explainer: The Supreme Court's Bhushan Power ruling that has stunned India's insolvency ecosystem That decision, along with other recent Supreme Court rulings on the priority of statutory dues and the Competition Commission of India's (CCI) clearance requirements for certain resolution plans, has introduced new legal complexities not originally anticipated in the Code. The Ministry of Corporate Affairs is now working on a draft amendment bill to clarify some of these ambiguities and streamline the process. The bill is expected to be tabled in Parliament later this year. Despite the recent judicial setbacks, the Code has a strong foundation and remains robust in ensuring debt resolution, though some glitches persist in areas where the law remains unclear, said the second person cited earlier. NPV Insolvency Professionals' Adatiya added that outcomes under IBC can improve significantly if resolution plans are filed earlier and by credible applicants. 'Proper background checks, faster approvals, and fewer legal hurdles after plans are approved can go a long way in protecting lenders' interests," he said. Also read | A series of court orders changed bankruptcy rules. Now, the govt is amending the law 'IBC has helped change the credit culture in India," he added. 'But to improve outcomes, we need quicker resolution, stronger checks on resolution applicants, and better coordination between regulators, courts, and professionals. This will boost confidence and improve returns for creditors."
Hindustan Times
a day ago
- Entertainment
- Hindustan Times
India's richest film family has no superstars, still a ₹10000 crore net worth; richer than Kapoors, Khans, Konidelas
It has been less than three decades since Hindi cinema earned the tag 'industry'. Earlier called the Hindi filmdom, Bollywood has grown exponentially in size and scale, producing films worth hundreds of crores each month. This has led to some of the biggest stars and producers becoming billionaires themselves. Over the years, as sons and grandsons have followed in their seniors' footsteps, wealthy film families have developed, from the Kapoors to the Chopras. Even down south, the Konidelas and the Akkinenis have extended their monopolies. Yet, none of them are as rich as this one film family, which started as fruit vendors and now lord over Bollywood. The Kumars of T-Series are the richest family in Indian cinema, according to the Hurun Rich List. The latest edition of the India list from Hurun, released last year, put the family's net worth at $1.2 billion (over ₹10,000 crore). This means that the Kumars are now the richest family in Bollywood, a tag once held by the Kapoors and, eventually, the Chopras. The Chopra family - owners of Yash Raj Films and BR Films - have a combined reported net worth of over ₹8000 crore, putting them in the second place after the Kumars. Shah Rukh Khan's family has a net worth of ₹7800 crore according to Forbes. The Kapoors, once the richest film family in India, are way below in the list with a combined net worth of just over ₹2000 crore. Some of the richest film families in India exist in the Telugu film industry, where some big clans operate, including the Mega Family (the Konidea-Allu family that includes Chiranjeevi, Pawan Kalyan, Ram Charan, and Allu Arjun), and the Akkineni-Daggubati family (includes Nagrjuna, Naga Chaitanya, Venkatesh, and Rana Daggubati). The Mega Family has an estimated net worth of ₹4000 crore, courtesy of their production companies and successful films, but the Akkineni-Daggubati family is ahead with an estimated combined net worth of over ₹5000 crore, largely due to Nagarjuna's massive wealth. Yet, these two families are much behind what Bhushan Kumar and his family have managed, building an empire worth ₹10,000 crore. And it has done so without any acting superstar in the midst. Bhushan Kumar runs T-Series with his uncle and co-chairman Kishan Kumar, an actor-turned-producer. Other members of the family in Bollywood include actor-director Divya Khossla (Bhushan's wife), actor Khushali Kumar (Bhushan's sister), and singer Tulsi Kumar (Bhushan's younger sister). The Kumar family draws the bulk of their wealth from T-Series, the media conglomerate that began as a music label and is now one of India's biggest film production companies. The company also owns several other subsidiaries and an acting school in Noida. Just one generation ago, their patriarch Gulshan Kumar (Bhushan's father and Kishan's brother) was a fruit vendor in Delhi. His career path changed after he and his father acquired a shop selling music cassettes in the 70s. From there, he graduated to start his own record label, Super Cassettes, which developed into T-Series.
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First Post
a day ago
- Entertainment
- First Post
As the web-series 'Panchayat' gears up for season 4, a look at its rise and what's next
This season guarantees a fresh mix of local politics, shifting loyalties, and a fresh set of quirky curveballs that will test relationships and bring unexpected alliances read more Panchayat has become one of India's most loved and acclaimed series. Over three remarkable seasons, it has captured hearts nationwide with its blend of humor, emotional depth, and brilliantly understated performances. Now, as fans eagerly await the next chapter, Panchayat returns with Season 4, promising quadruple the drama, laughter, and chaos along with heartfelt moments from the cherished world of Phulera. The buzz around Season 4 is at its peak, as fans prepare to step back into the familiar lanes of Phulera and reunite with their favorite characters — from the ever-conflicted Abhishek to the unfiltered Pradhan Ji, Vikas, Prahlad, and the unforgettable ensemble who've become household names. STORY CONTINUES BELOW THIS AD This season guarantees a fresh mix of local politics, shifting loyalties, and a fresh set of quirky curveballs that will test relationships and bring unexpected alliances. With Pradhanji and Bhushan's rivalry escalating and Phulera's future uncertain, Season 4 promises to deliver both hilarious and profoundly touching moments. 'The story of Panchayat has evolved steadily over the past three seasons, and it continues to unfold in surprising and meaningful ways.' said Chandan Kumar, writer of Panchayat. 'For me, each season is like peeling a new layer of an onion — what appears simple on the surface carries many emotions and complex dynamics underneath. With every layer, Phulera becomes more than just a setting; it turns into a living, breathing world filled with laughter, grief, politics, and quiet transformation.' Director Deepak Kumar Mishra added, 'Panchayat's success lies in its authenticity. From the start, we focused on building a world that feels real and lived-in—and with each season, we've only deepened that. Season one was more intimate, centered on emotions and objects. By season two, the narrative expanded with the Phulera election, and we had to choose between introducing new characters or evolving the ones we had. Bhushan aka Banrakas rose naturally—driven by the plot and my own fondness for him. As the story grew, so did the writing challenges, especially around sensitive arcs like character deaths. But staying true to the show's tone was always non-negotiable. The characters have grown organically, and their journeys now shape the story in meaningful ways. And yes, Bhushan vs Pradhanji is far from over!' Produced by The Viral Fever, created by Deepak Kumar Mishra & Chandan Kumar, Panchayat Season 4 is written by Chandan Kumar, and directed by Deepak Kumar Mishra & Akshat Vijaywargiya. The brand new season brings back the much-loved talented cast, featuring Jitendra Kumar, Neena Gupta, Raghubir Yadav, Faisal Malik, Chandan Roy, Sanvikaa, Durgesh Kumar, Sunita Rajwar, and Pankaj Jha. Get ready to return to Phulera, where new challenges await, old rivalries simmer, and every corner holds a story. STORY CONTINUES BELOW THIS AD
Pink Villa
2 days ago
- Entertainment
- Pink Villa
Missed Panchayat 3? Here's your quick recap before Jitendra Kumar-led season 4 arrives
The quiet village of Phulera came alive once again in Panchayat Season 3, which delivered a blend of rural charm, emotional depth, and simmering political drama. As fans count down to the much-anticipated Season 4 release on July 2, 2025, it's the perfect time to revisit the key events that shaped the last season. From Abhishek's unexpected return to the village, Bhushan's political ambitions, to a shocking act of violence that shook the village to its core, Season 3 ended on a gripping note, setting the stage for even bigger twists ahead. As anticipation builds for the release of Panchayat Season 4 on July 2, 2025, let's revisit the pivotal events of Season 3 that have set the stage for the upcoming installment. A Return to Phulera Amidst Political Turmoil Season 3 opens with Abhishek Tripathi (Jitendra Kumar) returning to Phulera after a brief transfer. His comeback is orchestrated by Pradhanji (Raghubir Yadav) and Manju Devi (Neena Gupta), who, with the help of Vikas (Chandan Roy), stall the joining of a new secretary aligned with MLA Chandrakishore Singh. The MLA's arrest on charges of animal cruelty further aids their efforts to reinstate Abhishek. Bhushan's Ambitions and Escalating Tensions Bhushan (Durgesh Kumar), harboring aspirations to become the next Pradhan, intensifies his political maneuvers. Aligning with the MLA, he seeks to undermine Pradhanji's authority, leading to a series of confrontations that highlight the deepening political divide in Phulera. Personal Struggles and Community Bonds Prahlad Pandey (Faisal Malik), grappling with the loss of his son, finds solace in community service, using the ₹50 lakh compensation to aid villagers in need. Meanwhile, Vikas confronts financial challenges as he plans to expand his family, adding depth to his character arc. The White Pigeon Incident and Its Fallout In a symbolic gesture to mend ties, the MLA requests a white pigeon for a peace ceremony. However, the pigeon dies unexpectedly, leading to a public outcry and the MLA's hasty retreat from the village. Climax: Violence and Its Aftermath The season culminates in a violent confrontation when the MLA, enraged by the villagers' actions, leads an armed assault on Phulera. The villagers, united under Pradhanji's leadership, defend their home, resulting in a tense standoff. Subsequently, an assassination attempt on Pradhanji leaves him hospitalized, prompting Abhishek to confront the MLA and his associates. Setting the Stage for Season 4 With the panchayat elections imminent and political tensions at an all-time high, Season 4 promises to delve deeper into the complexities of rural governance and personal dynamics. Fans eagerly await the continuation of this compelling narrative on July 2, 2025. The makers recently dropped a teaser of the new season, leaving fans buzzing with excitement. With elections around the corner and Pradhan ji going up against Bhushan, the upcoming season promises to be even more exciting to watch. Meanwhile, season 3 of Panchayat was more than just village antics and lighthearted humor, it was a turning point for many characters and the village itself. With Pradhanji recovering from a life-threatening attack and elections looming, the stakes have never been higher. Abhishek, once indifferent about his role, now finds himself deeply entangled in Phulera's socio-political landscape. Bhushan and the MLA's alliance has escalated tensions, hinting at an all-out power struggle in Season 4.
Time of India
24-05-2025
- Business
- Time of India
Bhushan Power case: JSW weighs legal options
MUMBAI: JSW Steel is considering legal options after the Supreme Court rejected its resolution plan for Bhushan Power and Steel. The court ordered Bhushan's creditors to pay back Rs 19,300 crore, which is the amount JSW paid to buy Bhushan. It also directed Bhushan's creditors to repay the equity investments made by JSW in Bhushan. JSW, controlled by steel tycoon Sajjan Jindal, said on Friday it reviewed the situation with lawyers and believes it has strong legal grounds to take further action. The legal step is to ask the court to review its May 2 decision, which found JSW's resolution plan violated India's bankruptcy laws. The court also ordered Bhushan to be liquidated. JSW stated that it followed the law when implementing the original resolution plan, adding that it took all necessary steps to revive Bhushan to its current state.
