Latest news with #InsolvencyandBankruptcyCode
Time of India
20 hours ago
- Business
- Time of India
Oberoi Realty-led consortium wins bid for Hotel Horizon in ₹919 crore resolution plan
NEW DELHI: Oberoi Realty , in consortium with Shree Naman Developers and JM Financial Properties and Holdings , has been selected as the successful resolution applicant for Hotel Horizon (HHPL), a company undergoing insolvency proceedings under the Insolvency and Bankruptcy Code (IBC), 2016. The committee of creditors (CoC) has issued a letter of intent (LoI) confirming the approval of the consortium's resolution plan. As per the terms of the plan, the consortium will make a payment of ₹919 crore to the creditors of HHPL as full and final settlement of all dues, inclusive of the cost of the Corporate Insolvency Resolution Process (CIRP). HHPL, incorporated in 2004, owns a sea-facing land parcel measuring 7,502.49 sq meters on Juhu Tara Road in Mumbai. The property is proposed to be developed into a retail-cum-hotel project. Following the approval of the resolution plan, the consortium—or a special purpose vehicle (SPV) formed by it—will acquire 100% equity stake in HHPL. HHPL reported a turnover of ₹0.46 crore and a net worth of ₹78.51 crore in FY2014–15.
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Business Standard
a day ago
- Business
- Business Standard
Best of BS Opinion: From Delhi's IBC fix to Bengal's industrial reset bid
It always starts with a few raindrops. A hesitant drizzle tapping gently on windowpanes, the scent of damp earth rushing through the air, the sky unsure whether to break open or pull back. You pause. Look up. And somehow, instinctively, you know: the season is changing. The first signs of transformation rarely arrive with fanfare. They slip into our routines, barely noticed, easily dismissed, yet carry the weight of larger shifts. Similarly, across India's boardrooms, legislative halls, and corridors of power, we see such signs: tentative, scattered, but unmistakably signalling that something deeper is afoot. Let's dive in. In Delhi, the government seems ready to admit that the Insolvency and Bankruptcy Code needs more than minor tweaks. As our first editorial outlines, the Parliamentary Standing Committee has recommended exclusive NCLT and NCLAT benches to unclog IBC's resolution process, where cases drag nearly twice the permitted limit. The hope? With amendments expected in the Monsoon Session, this might just be the breeze before the downpour. In Bengal, too, the air is thick with irony and anticipation. Mamata Banerjee, once the fiercest critic of Tata's industrial push in Singur, is now seeking their investment ahead of state elections. But as our second editorial shows, a single meeting with N Chandrasekaran won't undo years of investor scepticism. Wooing investors is only half the job. Bengal must also tackle its deep-rooted anti-industry perceptions if it wants more than token showers of investment. Meanwhile, Akash Prakash raises a thunderous question: Why are Indian entrepreneurs afraid to take long-term risks? Our obsession with margins and capital efficiency, he argues, is holding us back from global dominance. Unlike China or the US, our ecosystem still chases safe returns, not disruptive scale. A cultural shift in capital allocation might be India Inc's most urgent stormcloud. Yet, opportunity beckons. Rajeswari Sengupta writes that a rare trade window has opened: the US-China tariff war offers India a low-barrier shot at becoming a global manufacturing hub. But unless we act fast to fix domestic bottlenecks, this chance may evaporate like steam off hot asphalt.
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Business Standard
a day ago
- Business
- Business Standard
IBC reset needed: Delays in the resolution process must be addressed
If resolution plans can be set aside years later, it undermines the credibility of the insolvency process and raises questions about the very foundations of the Code. This cannot be allowed to persist Business Standard Editorial Comment Mumbai Listen to This Article As reported by this newspaper, the Parliamentary Standing Committee on Finance, in a meeting last week, discussed the possibility of establishing a dedicated National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to expedite the resolution of insolvency cases under the Insolvency and Bankruptcy Code (IBC). Since the government is expected to introduce amendments to the IBC in the upcoming monsoon session of Parliament, the committee would do well to take this discussion forward and make suitable recommendations. The implementation of the IBC is seen as one of the most significant reforms in recent decades. For
India.com
2 days ago
- Business
- India.com
Bad news for Mukesh Ambani, this company share falls down to Rs 20, experts say…
Mukesh Ambani's makes big move, set to change very TV into..., move may effect... Mukesh Ambani's Reliance Industries backed Alok Industries stock fell over 3% last Friday, closing at Rs 20.68. Earlier in the week, on Tuesday, the stock had surged nearly 18%. Despite short-term movements, the stock has declined about 3% year-to-date and is down nearly 24% over the past year. Alok Industries Shares Decline Its 52-week high is Rs 29.77, and the 52-week low is Rs 13.90. The company currently has a market capitalization of Rs 10,332.67 crore. As of March 2025, Reliance Industries Ltd (RIL) holds a 40.01% stake in Alok Industries, while JM Financial Asset Reconstruction Company owns 34.99%. What Analysts Say? After the U.S. administration led by former President Donald Trump imposed a 35% tariff on Bangladesh, stocks in the textile sector were impacted. According to analysts Alok Industries is also impacted by this move. This move is expected to benefit the domestic apparel and textile industry. However profit booking at current levels has increased. According to LiveHindustan report, Religare Broking, also advises investors to consider exiting the stock near Rs 25, after the recent price rally. Alok Industries Share Price Performance Currently, the stock is trading above its 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day simple moving averages (SMA). According to Trendlyne data, Alok Industries has a 1-year beta of 1.2, indicating high volatility. What Is Mukesh Ambani Reliance & Alok Industries Connection? Mukesh Ambani's Reliance Industries Ltd (RIL) has an ownership stake in Alok Industries Limited. RIL's association with Alok Industries began in 2020 along with JM Financial Asset Reconstruction Company, acquired the company through an insolvency and bankruptcy auction process. RIL and JM Financial Asset Reconstruction Company jointly acquired Alok Industries, which was facing financial distress and had been listed under the Insolvency and Bankruptcy Code. (Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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Business Standard
2 days ago
- Business
- Business Standard
Nearly a decade into its existence, IBC framework needs to be reimagined
The famous "tareekh pe tareekh" dialogue from the Hindi movie Damini captures where we are now premium Raghu Mohan Abhijit Lele Listen to This Article 'A comprehensive law like the IBC is often viewed as a last resort by lenders — an avenue that needs to be explored after exhausting all alternatives. However, this view stems from the lack of a comprehensive vision for the future of a beleaguered borrower,' noted Rajeshwar Rao, deputy governor, Reserve Bank of India (RBI), at a conference on bankruptcy in Ahmedabad (May 6, 2022). His observation — five years after the Insolvency and Bankruptcy Code came into being — was a pointer to the convergence of opinion that outcomes under this architecture have not turned out the way it
