NCLT
Reverse flipping: The billion-dollar Gharwapsi fueling India’s startup swagger
Indian startups are increasingly “reverse flipping” back from foreign jurisdictions due to regulatory reforms, maturing capital markets, and rising investor confidence. This shift reflects India’s growing appeal as a global startup hub with strong domestic support.
Gensol CFO resigns, days after exit of promoters
In his resignation letter, available on stock exchanges, Aga said Gensol Engineering is currently facing significant challenges, with multiple regulatory bodies conducting investigations and the top management resigning from their respective roles.
Byju Raveendran calls $1.2 billion term loan a mistake
In an interview with ANI, Raveendran revealed that the decision, made collectively with board members including investor and founder directors, was not driven by desperation, as the company had raised USD 5 billion earlier.
Sapphire Media completes acquisition of Big FM 92.7
Sapphire Media Limited has successfully acquired the debt-ridden Reliance Broadcast Network, owner of Big FM 92.7, through the insolvency process. The acquisition, approved by NCLT and NCLAT, includes all statutory approvals from the Ministry of Information & Broadcasting.
Top tech and startup stories this week
Welcome to a new edition of ETtech Unwrapped – our weekend newsletter packed with the most important stories this week. Let’s take a look.
Corporate governance crucial for curbing fraud, says MCA report
The corporate affairs ministry has emphasized the importance of corporate governance to prevent fraud, protect investors, and maintain market confidence. This comes amid probes into alleged governance failures at Gensol Engineering and Byju's. The ministry highlighted legal safeguards under the Companies Act to ensure fairness and transparency, allowing stakeholders to address mismanagement.
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Won't be able to operate post FY26 without govt's timely support on AGR: Vodafone Idea told DoT
Vodafone Idea has warned the Telecom Department that it may not survive beyond FY26 without government support on AGR dues, as crucial bank funding discussions hinge on this. The telco has requested a waiver of interest and penalties on AGR dues, proposing a revised payment schedule to avoid potential collapse and protect its 200 million subscribers and government stake.
NCLT to hear Ireda's insolvency plea against Gensol next month: Report
The National Company Law Tribunal has issued a notice to Gensol Engineering after the Indian Renewable Energy Development Agency filed an insolvency plea against the company for defaulting on a Rs 510 crore payment. This action follows the resignation of Gensol's cofounders, Anmol Singh Jaggi and Puneet Singh Jaggi, who were barred by SEBI for alleged financial misconduct.
SEBI approves merger of Sumuka Agro Industries Limited with Gujjubhai Foods
Sumuka Agro Industries has received SEBI approval for merging Gujjubhai Foods, pending NCLT approval, to boost its FMCG presence. This strategic move aims to combine operational strengths, expand distribution, and enhance market positioning. Gujjubhai Foods' shareholders will receive 17.5 Sumuka Agro shares for every 10 shares held, increasing the promoter's stake to 64%.
UPI extras miss mark; Amazon streamlines India ops
Happy Friday! Most new features on Unified Payments Interface (UPI) have struggled to gain meaningful traction over the years. This and more in today’s ETtech Morning Dispatch.
Amazon India board clears merger of logistics arm with marketplace entity
Amazon is merging its logistics arm, Amazon Transportation Services (ATS), with its primary marketplace entity, Amazon Seller Services, to streamline operations and reduce compliance requirements. The National Company Law Tribunal has granted interim clearance for the merger. While ATS saw a revenue increase, Amazon aims to simplify its organisational structure amidst slowing e-tail market growth in India.
NCLT adjourns hearing on Bhushan Power & Steel's promoter plea for a month
The National Company Law Tribunal has postponed the hearing on Bhushan Power & Steel's case. Sanjay Singhal, the former promoter, filed a petition. He seeks enforcement of a Supreme Court order. The order quashed JSW Steel's resolution plan. The court directed liquidation of Bhushan Power & Steel. Solicitor General Tushar Mehta suggested hearing all stakeholders.
Liquidator puts Jet Airways' office space in Mumbai's BKC on the block
A government-appointed liquidator is auctioning an 83,000 sq ft office floor in Mumbai's Godrej BKC, formerly owned by Jet Airways, with a reserve price of Rs 335.24 crore. Brookfield Asset Management, which previously acquired two floors in the same building, holds the right of first refusal.
NCLT junks Adani Ports plea for delayed Tuticorin coal plan
The Mumbai bench of the NCLT rejected Adani Ports' plea for a delayed resolution plan for Tuticorin Coal Terminal, favoring the exploration of more bids. The tribunal noted the company's improved financial performance during the CIRP, suggesting broader investor interest. Currently, lenders are evaluating a proposal from Seapol Port, the remaining bidder for the asset.
Tikona Infinet settles CCD dues with L&T Finance, moves to exit insolvency process
Tikona Infinet settles its dues with L&T Finance related to Series 'E' Compulsorily Convertible Debentures, leading to the withdrawal of the insolvency petition from the NCLT. The dispute, centered on coupon rights among shareholders, has been resolved amicably through a settlement agreement. The withdrawal application is currently under process.
GVK Energy admitted to NCLT against IDBI’s Plea
NCLT initiated insolvency proceedings against GVK Energy following IDBI Bank's application for a Rs 1,106 crore debt, stemming from a corporate guarantee for GVK Power (Goindwal Sahib) Ltd. Despite a resolution plan for GVK Power, IDBI Bank recovered only Rs 306 crore, leading them to pursue the balance from GVK Energy.
NCLT admits L&T Finance plea against Tikona Infinet over unpaid dues
The Mumbai bench of the NCLT has admitted L&T Finance's insolvency plea against Tikona Infinet over a ₹116.01 crore default on coupon payments for convertible debentures. The tribunal appointed an interim resolution professional, clarifying that CCDs can be considered financial debt if coupon payments are obligatory, irrespective of their classification as equity instruments.
Finmin asks banks to strengthen legal recovery processes
The finance ministry is pushing banks to tighten legal recovery processes by reviewing advocates, streamlining case allocation, and reconciling settled cases. This directive follows concerns raised by the Supreme Court regarding the Bhushan Power and Steel acquisition. Banks are urged to expedite resolutions, minimize delays in NCLT filings, and actively pursue the vacation of stay orders to resume stalled processes.
Bhushan Power ex-promoter moves NCLT to give effect to SC liquidation order
Sanjay Singal, former promoter of Bhushan Power and Steel, has appealed to the NCLT Delhi to enforce the Supreme Court's decision overturning JSW Steel's resolution plan for BPSL. The Supreme Court had nullified the ₹19,700 crore plan, citing non-compliance with IBC sections, and mandated liquidation proceedings. Singal's application seeks the Tribunal's directives to implement the apex court's verdict.
Future tense for many past-perfect IBC deals: After JSW setback, past insolvency resolutions under the lens
A Supreme Court ruling impacts past insolvency resolutions. Some deals, similar to the JSW-Bhushan Power case, face scrutiny. These resolutions involved deferred payments or quasi-equity instruments. Ruchi Soya, Jaypee Infratech, and others are under observation. Experts report increased inquiries post the judgement. Patanjali Foods claims the ruling does not affect its Ruchi Soya acquisition.
Nazara’s resolution plan to acquire Smaaash gets NCLT nod
Sachin Tendulkar-backed Smaaash Entertainment has been undergoing insolvency proceedings under the Insolvency and Bankruptcy Code. It was admitted to insolvency proceedings in May 2022 and owes around Rs 452 crore to a group of lenders led by Edelweiss ARC. Other creditors include Yes Bank, Sidbi and Mabella Investment Advisors.
Venkat K. Narayana launches land platform backed by institutions; to focus on metro JVs, JDAs
Real estate veteran Venkat K. Narayana, formerly of Prestige Group, launches KVN Properties, an institutionally backed firm specializing in land aggregation across India. Targeting metro cities, KVN Properties aims to develop 10 million sq ft by FY26 through strategic partnerships and joint ventures. The company addresses land acquisition challenges, facilitating large-scale real estate projects.
RattanIndia Power Q3 Results: Net profit nosedives to Rs 125.94 crore
RattanIndia Power experienced a significant drop in net profit for the March quarter. The consolidated net profit stood at Rs 125.94 crore. This decline is attributed to a high base effect from the previous year. The company's total income increased to Rs 1,028.61 crore. The figures reflect the financial performance during January-March quarter.
Along with the Bhushan Power and Steel, JSW Steel case, RP under the spotlight, too
The Supreme Court stopped JSW Steel's purchase of Bhushan Power and Steel. This decision highlights Mahender Kumar Khandelwal's role. He was the resolution professional. The court cited delays and JSW Steel's funding. Khandelwal allegedly failed in his duties. He didn't seek extensions or verify JSW Steel's eligibility. Bhushan Power was among firms identified for resolution by RBI.
Not as simple as ABC, but miss IBC deadlines and liquidation looms
The Supreme Court's decision in the JSW Steel-Bhushan Power & Steel case brings attention to the delayed insolvency resolutions. Experts warn many companies may face liquidation. The court reaffirmed the 330-day deadline for resolution. Data shows many cases exceed this limit. Experts suggest quicker decisions are needed. Some believe auctioning assets upfront might be more efficient than prolonged CIRP processes.
SC ruling against BPSL's resolution plan likely have adverse bearings on JSW Steel financials
The Supreme Court's rejection of JSW Steel's BPSL takeover plan is anticipated to negatively impact JSW Steel's financials, potentially causing a 13% revenue decrease, according to CreditSights. The ruling, citing IBC violations, may also diminish JSW's competitiveness on India's east coast. JSW Steel faces surrendering BPSL assets, impacting steelmaking capacity and EBITDA.
SC scraps JSW Steel’s ‘illegal’ Bhushan Power and Steel deal, orders liquidation
The Supreme Court has nullified JSW Steel's resolution plan for Bhushan Power and Steel Ltd, deeming it illegal and ordering liquidation. JSW's plan involved a significant haircut for lenders, offering Rs 19,350 crore to financial creditors and Rs 350 crore to operational creditors.
Strategic buyers and investors scouting for insolvency-affected cement assets
Strategic buyers and investors are actively pursuing distressed cement companies undergoing insolvency, with Jaiprakash Associates Ltd's cement business being a prime target. Factors driving this interest include consolidation in the sector, government infrastructure initiatives, and the potential for cost optimization through acquisitions. Recent deals, like Nuvoco Vistas Corp's acquisition of Vadraj Cement, highlight this trend.
IPO-bound Meesho to change Indian parent entity’s name from Fashnear Technologies
Meesho’s board has approved renaming its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, aligning corporate and brand identity ahead of its IPO. The company has filed for approval with the Ministry of Corporate Affairs and NCLT. Meesho reported 34% order growth and 187 million annual transacting users as it prepares for a listing.
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