The National Company Law Tribunal (NCLT) on Thursday termed the second e-auction proposed by the administrator of debt-laden Reliance Capital (RCap) as violation of bankruptcy rules.“The extended challenge mechanism is a violation of Section 30 (1a) of the Corporate Insolvency Resolution Process (CIRP) regulations,” NCLT Mumbai said.The administrator of debt-laden Reliance Capital (RCap) had...

China on Thursday defended its massive infrastructure ventures and investments in crisis-hit Sri Lanka and said that they have "boosted" its economic development, amid criticism from the US of Beijing's unproductive projects and opaque loan deals among the reasons for the country's bankruptcy."The China-Sri Lanka practical cooperation has always been led by Sri Lanka with scientific planning and t...

The Supreme Court on Tuesday held that wages and salaries of workmen and employees of a company undergoing insolvency should be paid first in full, provided they worked when the resolution professional was managing the company as a going concern.“This helps the workmen/ employee as salaries/ wages would now get precedence over other debts of the company,” SC lawyer Shikhil Suri said.A bench co...

Farmer leader Anil Ghanwat, a member of the panel set up by the Supreme Court to study the three farm laws, said the demand to extend minimum support price to 23 crops, if agreed to, will drive the country to bankruptcy.While the Centre has announced its decision to withdraw the three farm laws, farmers in Delhi are unwilling to end their strike before those are formally withdrawn and their demand...

RIL: Reliance New Energy Solar Ltd (RNESL), a unit of Reliance Industries Ltd (RIL), on 10 October said it will acquire 40% of Sterling and Wilson Solar Ltd (SWSL) in a deal underscoring the company's clean-energy ambitions. RNESL will buy a stake in Sterling and Wilson Solar, a leading solar engineering, procurement and constructions solutions provider, through a combination of primary investment...