The RBI had in June put out a defaulter list of 12 largest NPA accounts in its attempts to fix the bad loans problem in Indias banking sector. Photo: Pradeep Gaur/Mint New Delhi/Mumbai: President Ram Nath Kovind gave his assent to an ordinance amending the Insolvency and Bankruptcy Code on Thursday, barring errant promoters of…
Several companies whose assets are facing insolvency proceedings today said they were not wilful defaulters and would like to participate in the bidding process if permitted. Legal experts were of diverse opinion, with some saying that barring companies from bidding would further depress the price of such assets resulting in more losses to the banking…
November 23, 2017 Amy Kazmin in New Delhi Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use … Read the full article at: https://www.ft.com/content/ccafaea6-d042-11e7-b781-794ce08b24dc
Mumbai: Valuation of the stressed assets facing insolvency proceedings is unlikely to be impacted with the Ordinance that debars promoters who have been tagged as willful defaulters from bidding for such assets, SBI chairman Rajnish Kumar said. The President on Thursday gave his assent to the Ordinance amending the Insolvency & Bankruptcy Code, 2016. The…
By Andrew Bullock For Mailonline Published: 20:27 AEDT, 23 November 2017 | Updated: 23:53 AEDT, 23 November 2017 e-mail 21 View comments It was a busy 50th birthday for Boris Becker as he enjoyed a plush lunch at The Ivy in London in the afternoon before heading to C London in Mayfair for a slap…
MUMBAI: State Bank of India chairman Rajnish Kumar has said that there are many new buyers interested in taking over defaulted companies and the value of these businesses will not dip if promoters are prevented from bidding for them. The SBI chairman’s statement comes after the government amended the Insolvency and Bankruptcy Code to bar…
NEW DELHI: Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law, with the President giving his assent to an ordinance to amend the bankruptcy code. “The President of India has given his assent today to the Ordinance to amend the Insolvency and…
President Ram Nath Kovind on Thursday gave assent to the government’s ordinance to amend the Insolvency and Bankruptcy Code, aimed at tightening the current framework amid rising number of insolvency cases. The Cabinet on Wednesday approved bringing in an ordinance to make “some changes” in the Code, Corporate Affairs Minister Arun Jaitley said. The Code,…
NEW DELHI: The government on Wednesday recommended an ordinance to significantly tighten the norms to bar promoters of companies facing insolvency proceedings from bidding for the ailing entities, in a move that will shut out several business families from vying with competitors and overseas funds. Apart from seeking to ban bidding by wilful defaulters, the…
The Cabinet on Wednesday approved changes to the Insolvency and Bankruptcy Code (IBC), and sent it to the President for his approval. Once approved, the ordinance will be placed before Parliament in the winter session. Finance minister Arun Jaitley did not divulge details about the changes being made to the code, since the Presidents approval…