NEW DELHI: An unsettling experience with the first insolvency verdict where someone related to the defaulting promoter of an auto components manufacturer managed to grab the company at dirt cheap price provided the trigger for the government to seal the opening for a repeat of similar sleighs which, along with a fraud on the exchequer,…
November 24, 2017 Dalibor Rohac Experimental feature Listen to this article Play audio for this article Pause 00:00 00:00 Experimental feature Give us your feedback Thank you for your feedback. What do you think? Ill use it in the future I dont think Ill use it … Read the full article at: https://www.ft.com/content/fa8ebc92-d068-11e7-9dbb-291a884dd8c6
MUMBAI: The Securities and Exchange Board of India (Sebi) plans to ease takeover rules to speed up the resolution of insolvency proceedings for stressed companies as local lenders seek to recover about ?9 lakh crore from entities rendered unviable by the mounting debt pile. The capital markets regulator will likely allow the demerged units of…
Nov 22, 2017 Dan Cole sympathises with the plight of Samoa’s players but insists it would be unethical for England stars to give them a portion of their match fee ahead of Saturday’s autumn international. Anthony Watson revealed recently that the possibility of donating part of the £23,000 earned for each Test — as recently…
New Delhi, DHNS: President Ram Nath Kovind has given his assent to the Ordinance to amend the Insolvency and Bankruptcy Code, 2016, to prevent wilful defaulters from buying back their stressed assets. The Ordinance amends sections 2, 5, 25, 30, 35 and 240 of the Code, and inserts new sections 29A and 235A in the…
MUMBAI/KOLKATA: Debt resolution for smaller companies may see higher challenges and number of companies going for liquidation may rise once the proposed changes to the Insolvency and Bankruptcy Code (IBC) become a law, resolution professionals dealing with smaller companies said. The proposed law may prevent wilful defaulter from buying out their their own units post…
A Lincoln accountant who has been declared bankrupt had £4.5m of debt. The head of Russell Payne & Co, Russell Payne, was interviewed by the Insolvency Service Official Receiver after a bankruptcy order was made earlier this year. It was found that he failed to disclose that he had disposed of assets in the lead…
Lincoln accountant Russell Payne failed to disclose assets in the lead up to his bankruptcy, with £4.5 million of debt, investigators have found. Mr Payne, who was head of Russell Payne & Co, was interviewed by the Insolvency Service Official Receiver after a Bankruptcy Order was made in June 2017. He failed to disclose that…
The RBI had in June put out a defaulter list of 12 largest NPA accounts in its attempts to fix the bad loans problem in Indias banking sector. Photo: Pradeep Gaur/Mint New Delhi/Mumbai: President Ram Nath Kovind gave his assent to an ordinance amending the Insolvency and Bankruptcy Code on Thursday, barring errant promoters of…
Several companies whose assets are facing insolvency proceedings today said they were not wilful defaulters and would like to participate in the bidding process if permitted. Legal experts were of diverse opinion, with some saying that barring companies from bidding would further depress the price of such assets resulting in more losses to the banking…