Brokers say the stock’s parabolic advance is likely driven by speculators, rather than by a change in the company’s fortunes.
The move will help make the insolvency process more attractive for the bidders and instil confidence in them, sources said.
DHFL’s owes its lenders nearly 1 trillion rupees including several mutual funds, banks, pension funds, insurance firms and retail investors.
I think we were the first to get off the block and actually take some decisive steps to reducing leverage, said Essar's Prashant Ruia.
One of the Jet Airways aircraft, parked in the Schiphol Airport in Amsterdam, has already been seized.
The former billionaire's RCom itself fell back into bankruptcy earlier this year.
The bankruptcy tribunal will consider putting Reliance Naval & Engineering Ltd. in bankruptcy on Wednesday.
The court described remedies under the Consumer Protection Act, 1986, and RERA as “concurrent remedies”.
The debt-laden company became went into bankruptcy on June 20.
SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid.
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