A recent ordinance introducing Section 29A in the Insolvency and Bankruptcy Code (IBC) debars promoters declared wilful defaulters of companies facing bankruptcy proceedings to bid for the stressed assets. This legal initiative has come not a day too soon. Clever operators who had stripped their companies and misused loans have been regaining control through legal…
LIFES never dull for controversial businessman and former Auburn deputy mayor Salim Mehajer. On top of facing a series of court battles over everything from his former relationship to his crumbling business empire, now he can reportedly add the threat of bankruptcy to the list. The 31-year-old is currently under virtual house arrest and facing…
Rewarding good work and recognising employees aspirations will drive performance and growth in the corporate world. The best example of this was set by the corporates in the U.S. in the post-Second World War era. Perhaps they went overboard and the after-effects are manifest now with income disparity becoming more acute. Practices such as huge…
If order gets passed, lenders will have to provision for 50 per cent of their debt Mumbai, Nov 30: Nearly 30 lenders of debt-ridden Reliance Communications (RCom) have opposed a petition by China Development Bank (CDB) to file an insolvency case against the telecom company. CDB, a lender to RCom, had filed the suit with…
A file photo of the Sebi headquarters in Mumbai. Eleven of the 12 large NPA accounts currently under insolvency proceedings, including Bhushan Steel Ltd, Alok Industries Ltd, Amtek Auto Ltd, Lanco Infratech Ltd, Electrosteel Steels Ltd and Era Infra Engineering, are listed companies. Photo: Abhijit Bhatlekar/Mint Mumbai: A committee set up to ease listing, compliance…
NEW DELHI: Government may consider giving different treatment to small and medium enterprises (SMEs) under the Insolvency and Bankruptcy Code (IBC) since they usually have limited number of buyers and rely largely on promoters for a resolution. It is my view that we have to consider the case of SMEs objectively since they form the…
A High Court judge has been asked to clarify legal issues potentially affecting more than 600 insolvency cases. Lawyers representing a number of debtors claim the insolvency service has ground to a halt due to alleged exploitation of a legal loophole by banks and other creditors. That claim is disputed by creditors who have alleged…
EVERYONE has heard of people being declared bankrupt but it’s not as simple as simply having no money. Here’s all you need to know about the complex way people get their debts written off. Getty – Contributor Here’s all you need to know about bankruptcy What is bankruptcy? Bankruptcy is a legal status whereby debts…
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…