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SumanSpeaks Capital Markets & Geopolitical Intelligence  ·  Estd 2006   Insolvency Law · Corporate Accountability When the Law Works Exactly as Designed — And Still Feels Wrong ₹22,006 crore in personal guarantees. Settled for ₹6.5 crore. Approved 80.81% to a minority that included two public sector banks — with the tribunal's own bench divided before a tie-breaking member stepped in. Subhash Chandra (Goenka), founder of the Essel Group and promoter emeritus of Zee, has settled a personal guarantee liability of ₹22,006 crore for ₹6.5 crore. The National Company Law Tribunal approved the plan this week. The case began small. In 2022, Indiabulls Housing Finance — now Sammaan Capital — moved against Chandra over a personal guarantee on a ₹170 crore loan to Vivek Infracon. By the time the insolvency plea was admitted in 2024, admitted c...
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The curious case of Reliance Naval and Engineering Ltd. 
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The stock of Reliance Naval and Engineering Ltd  (Rs.1.35) has been hitting UCs since some days. 

But,  surprisingly the lenders of Reliance Naval and Engineering Ltd (RNEL), a part of Anil Ambani Group, have sought expressions of interest from buyers for the sale of private shipbuilder under the Insolvency and Bankruptcy Code.

It being put to sale to recover outstanding loans of Rs.43,587 crore. The last date for submission of expressions of interest (EoIs) is June 27, 2020 while the final list of prospective resolution applicants will be issued on July 17, 2020 according to an EoI offer notice issued by the resolution professional (RP).

The company is now the second firm from the Anil Ambani Group to face insolvency after Reliance Communications Ltd.

On 20/05/2020, there were media reports that YES Bank sold 2,57,00,000 shares of Reliance Naval and Engineering at Rs.1.10 per share.

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