Patanjali Ayurved Ltd has argued that under the insolvency and bankruptcy code, relatives of a wilful defaulter can’t participate in a bidding process.
This makes Provogue the fourth company from the textile and garment sector to attempt loan resolution in bankruptcy courts.
New Delhi-based Amtek Auto owes over ₹12,300 crore to its lenders.
Sole bidder AION Capital-JSW Steel had offered ₹2,875 crore so far to acquire Monnet Ispat and Energy Ltd, while the company owes more than ₹11,000 crore to its lenders.
A Mumbai division bench of NCLT dismissed the petition filed by the Mistry family’s investment firms, saying it found no merit in the case.
Aircel and its subsidiaries Aircel Cellular Ltd and Dishnet Wireless Ltd together owe around Rs50,000 crore to creditors.
This might create a minor hiccup as the Anil Ambani-owned company has entered into a binding agreement to sell off parts of RCom’s assets to Reliance Jio.
The Ruia family owned steel firm is one of the 12 cases identified by the Reserve Bank of India for initiating insolvency proceedings at NCLT.
KOSEP, a subsidiary of Korea Power Generation, is seeking back around $7.5 million it invested from the Indian company.
RCom and Reliance Jio have not disclosed the exact valuation of the deal yet.