MUMBAI Lanco Infratech Ltd confirmed on Saturday that the Reserve Bank of India (RBI) had directed the company’s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country’s bankruptcy laws. Lanco is among 12 companies that the RBI has ordered lenders to take to bankruptcy court as it strives to cut…
KEVIN STENT/FAIRFAX NZ Sir Ngatata Love, a former chief executive of Te Puni Kokiri, was sentenced on fraud charges to two-and-a-half years in prison after a three-week trial at the High Court in Wellington. A company linked to Sir Ngatata Love’s fraud case has been put into liquidation. In late 2016, Inland Revenue (IRD) successfully applied…
By: ENS Economic Bureau | Mumbai | Published:June 20, 2017 2:07 am Related News IDBI Bank has started insolvency resolution process against Lanco Infratech Ltd on Monday following a directive from the Reserve Bank of India (RBI). While this is the first resolution process initiated by the lenders against 12 large borrowers identified by the…
Bharati Defence & Infrastructure Ltd * Intimation of initiation of corporate insolvency resolution process (CIRP), appointment of interim resolution professional (IRP) Source text: bit.ly/2rHMWGk Further company coverage: ‘); $(‘.second-article-divide’).append($(‘.slider.slider-module’)); $(‘.third-article-divide’).append(‘ Also In Bankruptcy News ‘); var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $(‘.related-content.group-one ul’); var $relatedContentGroupTwo = $(‘.related-content.group-two ul’); $.each($relatedItems, function(k,v) { if…
June 19 Bharati Defence & Infrastructure Ltd * Intimation of initiation of corporate insolvency resolution process (CIRP), appointment of interim resolution professional (IRP) Source text: bit.ly/2rHMWGk Further company coverage: ‘); $(‘.second-article-divide’).append($(‘.slider.slider-module’)); $(‘.third-article-divide’).append(‘ Also In Bankruptcy News ‘); var median = (relatedItemsTotal / 2); var $relatedContentGroupOne = $(‘.related-content.group-one ul’); var $relatedContentGroupTwo = $(‘.related-content.group-two ul’); $.each($relatedItems, function(k,v)…
Mumbai: Insolvency proceeding against Lanco Infratech, one of the 12 loan defaulting banks identified by the Reserve Bank of India (RBI) has been started by IDBI. The proceeding comes on the heels of the RBI directing certain banks to take action against defaulting borrowers. According to the Economic Times, IDBI has initiated the proceeding under…
The words `liquidation’, `bankruptcy’ and `insolvency’ carry an unmistakable sense of drama -a tone of finality, a sign of unforgiving verdict, and a hint of a new beginning. Amid screaming headlines and flashes of `breaking news’ announcing the start of bankruptcy proceedings against 12 truant corporate borrowers, one is led to believe that the wheels…
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The Ministry of Corporate Affairs has notified the relevant sections 55 to 58 of the Insolvency and Bankruptcy code,2016 pertaining to the Fast Track Process and also notified that…
The rules notified by the insolvency regulator explain the procedures and timelines to be followed to help in resolution of insolvency within 90 days such as announcement of the appointment of interim resolution professionals (IRPs) and submission of claims of financial dues. Photo: AFP More From Livemint » Mumbai: The Insolvency and Bankruptcy Board of…
New Delhi: Lanco Infratech today said the Reserve Bank has directed its lead lender IDBI Bank to initiate insolvency proceedings for the company under the Insolvency and Bankruptcy Code (IBC). “Lanco Infratech Limited (LITL)…vide letter dated June 17, 2017, intimated under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that Reserve Bank…