MUMBAI: In a sign of support to Anil Ambani owned Reliance Communications (Rcom), lenders to the telecom operator have opposed China Development Banks insolvency filing to recover its $1.78 billion. At a committee of creditors meeting on 29 November 2017, a majority of Reliance Communications lenders, foreign and Indian, aggregating 31, decided to oppose China…
Shares of Reliance Naval and Engineering lost over 5 percent intraday on Thursday as investors turned cautious on the stock on insolvency proceeding. According to a report by CNBC-TV18, quoting Cogencis, IFCI has filed an insolvency case against the company in a bid to recover loans. The fall in share price also spilled over to…
Bankrupt wedding venue to go under the hammer in December GREEN VIEW: The Tangled Maze will go on sale at auction on December 15, after it went into liquidation in September, forcing booked weddings to be cancelled. POLISHED: Inside the Tangled Maze, which can host up to 200 guests for events and weddings, with smaller…
Chennai: It is not just promoters identified as wilful defaulters who have been barred from bidding for companies under the insolvency resolution process. The latest changes to the IBC (Insolvency and Bankruptcy Code), through an ordinance, has shut the doors firmly on guarantors to loans obtained by promoters from bidding as well. A person shall…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is expected to step up its drive against defaulters by allowing lenders to act against high-profile individuals, including promoters of many companies, who have given personal guarantees to corporate loan defaulters. The eight-member body will meet on Friday to discuss changes in regulations that will allow…
Section 29A of the Insolvency and Bankruptcy Code bars ousted promoters of an insolvent company from regaining control. It has not specifically disarmed any class of participants, but disallowing wilful defaulters from participating in asset-bids would mostly hurt promoters of debt-ridden companies, experts opine. ET spoke to industry watchers to gauge their views. Leave aside…
It is hard to believe, when you have been living in the quiet hell of Mortgage Arrears that you can still be your familys hero. This week a national campaign has started where the Irish Mortgage Holders Organisation (IMHO) are asking you, if you are in long term Mortgage Arrears to contact us. I know,…
Alitalia SpA, the bankrupt Italian airline searching for a rescuer, will get new uniforms designed by one of Italys most prominent stylists, the second re-branding in two years. The airline, which is on state support, said Wednesday that Alberta Ferretti will renew the companys look “to ensure that all personnel, both ground and flight staff,…
A regional trial court has issued an order to liquidate the assets of the Uniwide group, declaring as insolvent the former high-flying retailer which was still pleading for a chance to undergo corporate rehabilitation. In an order dated Nov. 23, the RTC of Parañaque Branch 258 issued an order to liquidate Uniwide Sales Inc., Uniwide…
MUMBAI: A recent Supreme Court judgement restraining independent directors of Jaiprakash Associates from transferring any personal assets over a group companys insolvency issue has sent shock waves through the independent directors fraternity, with experts warning that there would be few takers for this role. Several independent directors on boards of companies are now seeking legal…