Insolvency professionals are flummoxed by the latest rule from the Insolvency and Bankruptcy Board of India that prohibits them from outsourcing the work related to resolution of a bankrupt company. “All the assignments in which delegation of authority has taken place by the insolvency professional even if it is with the approval from the Committee…
A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo) HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government…
MUMBAI: The Reserve Bank of India has ordered banks not to initiate bankruptcy proceedings against Jaiprakash Associates, possibly in anticipation of legal complications after a Supreme Court ruling barred its promoters from selling or transferring assets, said bank executives. The ruling was aimed at safeguarding the interests of buyers of homes being built by the…
A man withdraws money from an ATM at a branch of Vietnam Prosperity Joint Stock Commercial Bank (VPBank) in Hanoi, Vietnam Nov 15, 2017. (Reuters photo) HANOI: Vietnams national assembly on Monday gave authorities the ability to declare troubled banks bankrupt, through an amendment to a law on the operation of credit organisations, the government…
January 4 2018, 12:01am, The Times Ross Maguire Once lawyers get hold of a system there will inevitably be unnecessary delays and expenses The new personal insolvency system had some spectacular successes last year. It was set up to deal with unsustainable personal debt in Ireland, which in the main means mortgage debt, particularly on family…
MUMBAI: Kolkata-based Adhunik Group has received about 15 to 20 separate expressions of interest (EoIs) collectively for its four struggling resources and metals companies that now await the resolution of Rs 5,000 crore in debt and claims at dedicated insolvency courts. Adhunik Alloys and Power, Adhunik Metaliks, Zion Steel, and Orissa Manganese and Minerals await…
A major labour hire company in the black coal industry has warned it risks insolvency due to a ruling that has resulted in it owing hundreds of workers more than $3 million. One Key Resources group, which supplies workers to BHP Billiton and Glencore, has appealed the Federal Court’s decision that found its broad-coverage enterprise…
Mumbai: Within few months of banks initiating insolvency proceedings against a dozen large corporates, insurers have put together a customised cover to protect the professionals appointed to run these defaulting firms. The cover is aimed at ensuring that the insolvency professional (IP), who takes on the role of the firm’s CEO at the behest of…
new David Charter, Berlin A consumer group is seeking to recover 1 million from the budget airlineHAUTE-CHRISTIAN DITTRICH/DPA/AP The sale of budget airline Niki to IAG, owner of British Airways, could hit turbulence tomorrow when a Berlin court is set to decide whether to reverse its insolvency filing. IAG agreed last Friday to pay 20…
The last year saw banks take blow after blow- be it the forced recognition of bad loans or taking companies to bankruptcy courts. While the recognition part is over, resolution holds the key for realising the benefits. The Man who would bear the burden! Forget finance minister Arun Jaitley, or the Reserve Bank of India…