Electrosteel now applies to this Court: It was made clear by Electrosteel that the s. Before going further, it is convenient to dispose of the s. As I indicated to the parties during the hearing, leave would be refused, regardless of the view to which I came on the s.
While the Insolvency and Bankruptcy Code IBC has ushered in significant urgency in the bad loan resolution process, an analysis of the 12 large cases indicate that the day outer limit envisaged in the law for resolution is being tested in most cases.
Notwithstanding the first case of successful resolution of Bhushan Steel, which is being acquired by a Tata Group company, most resolution plans are being challenged in the Appellate Tribunals and the Courts, resulting in a breach of resolution time-limit.
The Code provides for resolution process to be completed in days, which can be extended by a maximum of 90 days.
As the accompanying chart shows, the days deadline is over in 10 out of 12 cases, while resolution has been conclusively done in only one case and cases are near completion. These 12 large cases account for total unpaid loans, or non performing assets, of Rs 3. The finance ministry expects banks to recover a total of Rs 1 lakh crore in these cases.
The lenders will receive around 65 per cent of their outstanding. Two cases of Era Infra Engineering and Jyoti Structures are still undergoing resolution process as the day deadline is valid till December, In Essar Steel and Bhushan Power cases attractive bids came after the expiry of initial deadlines, leading to legal problems.
Alok Industries and Lanco Infratech are two companies currently facing prospects of liquidation.
If it goes through, this will be the second major case of resolution under IBC.ELECTCAST Electrosteel Castings Limited stock price charts with advanced technical analysis and stock screening for NSE & BSE stock exchange India with stock compare.
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May 25, · The Arbitration and Conciliation (Amendment) Act, and therefore opposed to public policy. 8 The Bombay High Court in the case of Addhar Mercantile Private Limited v. the Calcutta High Court in Electrosteel Casting Limited v. Reacon Engineers (India) Private Limited, has taken a contrary view and held that . Get Share Stock Price of mmforgings ltd on BSE. Get Live BSE quote for mmforgings ltd. Get mmforgings ltd stock price graph, announcements, corporate actions, financial reports, results, shareholding pattern, peer companies comparison and more. Electrosteel Castings Ltd (BOM) Stock Analysis, 10 Years Financial Analysis, Interactive Charts, Stock Valuations, Value Investing.
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[i] Rendezvous Sports World v. Board of Control for Cricket in India, (2) BomCR ; Electrosteel Casting v. Reacon Engineers AIR . Castings Services Ltd have recently supplied 39 metres of MEA EN F mm wide channel drain to a chemical production site on Trafford Park, Manchester. The company is promoted by Electrosteel Castings (ECL) to set up a MTPA Integrated Steel and Ductile Iron Spun Pipes project near Siyaljori village in Bokaro District of Jharkhand.
The proposed plant will be based on Blast Furnace (BF) - Basic Oxygen Furnace (BOF) - Billet Caster and Hot Rolling Route.