MUMBAI — Indian billionaire Mukesh Ambani has emerged as the savior preventing bankruptcy for his younger brother Anil Ambani’s Reliance Communications. Yet his Reliance Jio Infocomm, which has aggressively offered cut-price data and free services, has largely been blamed for the financial woes of RCom and other players. Reliance Jio Infocomm announced Thursday that it will buy…
The insolvency ordinance is now one step away from becoming a law— the government has tabled the bill in the Lok Sabha with some minor changes. CNBC-TV18’s Latha Venkatesh spoke to the head of SBI Rajnish Kumar, the MD of JSW Steel Seshagiri Rao and Rashesh Shah of Edelweiss to find out how they read…
, ET Bureau| Dec 28, 2017, 07.30 PM IST The Kolkata-based company is saddled with a debt burden of Rs 10,274 crore, an amount it owes to a consortium of banks led by SBI. The National Company Law Tribunal (NCLT) has extended time period for Corporate Insolvency Resolution Process for Electrosteel Steels Limited (ESL)by a…
The International Airlines Group, which operates British Airways and Iberia, is to buy Austria’s insolvent low-cost holiday carrier Niki, dpa has learned. With its network of European and North African vacation destinations, Niki declared itself insolvent this month after German carrier Lufthansa withdrew its takeover offer for the airline. Lufthansa said it abandoned its…
NEW DELHI: The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code (IBC), ET has learnt. The changes proposed in the Bill…
Banks will be pressed to take stakes in family homes next year in swaps for mortgage debt as part of a push to resolve some of the most distressed personal insolvency cases. The first cases involving the use of so-called debt-for-equity swaps are expected to be decided by the courts in 2018 as the little-known…
Ms Markle joined the Queen and the rest of the Royal family at Sandringham on Christmas Day, and was seen walking arm-in-arm with the Prince to the service at St Mary Magdalene Church. Prince Harry said that the family “loved having her there”, adding that they had “great fun” staying with the Duke and Duchess…
More than 8,600 employers nationwide spent part of November and December looking for a new workers compensation insurer. The need for replacement coverage came after the Florida Department of Financial Services declared insolvent and subsequently took over Fort Lauderdale, Florida-based Guarantee Insurance Co. An article about the proceedings was the ninth most read Workers Compensation…
MUMBAI: The insolvency professional supervising the Alok Industries bankruptcy process has called for fresh bids to resolve the Rs 29,000-crore default in the hope of attracting more bidders for the textile company, said two people with knowledge of the matter. “Alok was the only company among the 12 listed by Reserve Bank of India (RBI)…
The proposals include relaxing the requirement of a minimum 25% public shareholding and the stringent procedures to de-list a stressed company, if that is part of the resolution plan. (Reuters) The Securities and Exchange Board of India (Sebi) will consider a raft of proposals to ease various compliance procedures for listed insolvent companiesespecially with regard…