Mumbai: A senior member of the committee on bankruptcy law and one of its architects has voiced his criticism of the Ordinance that bars ousted promoters of an insolvent company from regaining control. The Ordinance is obsessed with large borrowers, can adversely affect the fortunes of struggling small and mid-sized companies looking for a second…
Lenders should not be compelled to reject resolution plans from promoters. Photo: Reuters The Insolvency and Bankruptcy Code is one of the biggest reforms of recent times and is expected to be the solution to the countrys highly stressed banking system. In fact, this view is also acknowledged by the World Bank in its Doing…
Bankrupt wedding venue to go under the hammer in December GREEN VIEW: The Tangled Maze will go on sale at auction on December 15, after it went into liquidation in September, forcing booked weddings to be cancelled. POLISHED: Inside the Tangled Maze, which can host up to 200 guests for events and weddings, with smaller…
MUMBAI: Mahindra Defence and Shapoorji Pallonji Group may independently bid for the troubled Bharati Defence and Infrastructure (formerly Bharati Shipyard) in the first such bankruptcy resolution attempt under the Insolvency and Bankruptcy Code for the security industry. The two companies are currently evaluating the deal that values the target company at $350 million, said three…
Beware moral policing. Which is pretty much what the Ordinance on the amendment to the Insolvency and Bankruptcy Code (IBC) by GoI amounts to. It practically bars promoters of insolvent companies from bidding for these companies. The preamble to the Insolvency and Bankruptcy Code (IBC) states that its objectives are to maximise the value of…
Bankrupt wedding venue to go under the hammer in December GREEN VIEW: The Tangled Maze will go on sale at auction on December 15, after it went into liquidation in September, forcing booked weddings to be cancelled. POLISHED: Inside the Tangled Maze, which can host up to 200 guests for events and weddings, with smaller…
NEW DELHI: The Supreme Court today agreed to hear IDBI Bank’s plea seeking modification of its order staying insolvency proceedings against embattled real estate firm Jaypee Infratech on September 11. A bench comprising Chief Justice Dipak Misra and Justices Amitava Roy and A M Khanwilkar considered the submission of the bank that staying the order…
Shortly before the general election, the government introduced a new statutory insolvency regime for the FE sector, in the shape of the Technical and Further Education Act 2017. Although intended for implementation ahead of the 2018-19 academic year, the process could be delayed if the rules and regulations required to support it do not come…
ONE of South Australias oldest pieces of substantial furniture is in danger of leaving the state. Scammells Auctions will auction a colonial bookcase dating back to the early 1840s which is believed to be one of the states first pieces of furniture. As well as its age, the piece is unique for its river red…
Chegutu West member of the Parliament Dexter Nduna and his wife Schalastica have been declared bankrupt after failing to repay a $231 000 debt owed to Standard Charted Bank. In his ruling High Court judge Justice David Mangota said the two failed to satisfy granted in 2011 while the final order was issued in September…