Shareholders can play spoilsport for lenders banking on resolution plan – Economic Times

MUMBAI: Amid the euphoria over Bankruptcy Code and hopes of turning around debt-ridden companies, many lenders have overlooked a simple, yet crucial, caveat. Almost all significant decisions such as offering preference shares to infuse funds into a defaulting company, selling properties and assets, floating convertibles, and declassifying the promoter following a dilution of shareholding –…

India’s bad loan recovery plan reaches a critical turn as big new roadblock looms – Economic Times

MUMBAI: The bad-loans recovery exercise now has a puzzle to solve: Who pays the 20% Minimum Alternate Tax (MAT) on book profits when assets are written down? The problem, say industry trackers, is that the purchase of a distressed asset triggers write-downs in the profit and loss (P&L) accounts of companies, resulting in likely book…

Bankrupt Invercargill psychiatrist says $4200 a fortnight not enough for balanced and normal lifestyle – Stuff.co.nz

A bankrupt psychiatrist couldn’t convince the courts his repayments should be reduced so he had more money for weekly massages and a personal trainer. A bankrupt Invercargill psychiatrist was unable to convince the courts his fortnightly debt repayments should be reduced so he could maintain a better work-life balance, including personal trainers, weekends in Queenstown…

Insolvency process: Who will pay 20% MAT on book profits when assets are written down? – Economic Times

MUMBAI: The bad-loans recovery exercise now has a puzzle to solve: Who pays the 20% Minimum Alternate Tax (MAT) on book profits when assets are written down? The problem, say industry trackers, is that the purchase of a distressed asset triggers writedowns in the profit and loss (P&L) accounts of companies, resulting in likely book…