MUMBAI : A proposal by lenders to Reliance Communications Ltd (RCom) to seek fresh bids despite selecting UV Asset Reconstruction Co. Ltds (UVARCL) resolution plan could lead to prolonged litigation, said three legal experts. A decision based on the outcome of another insolvency case involving UVARCL would only cause delay as RComs resolution plan has…
DetailsThe late womans son, who asked not to be identified, said he was also considering legal action after months of delays by Chronos Care management. He said he had been repeatedly told by the company that it was unable to refund the bond because it was in the process of refinancing and had been badly…
DetailsIt is not yet a happy ending for the Kalrock-Jalan consortium of Jet Airways as employees of airline are unhappy with relief they are being offered which is slashed down from the actual claims TopicsJet Airways|employee IANS | New Delhi Last Updated at July 11, 2021 15:20 IST It is not yet a happy ending…
DetailsA DEBT expert who ran up nearly 40,000 of rent arrears on his 1.5million home has been declared bankrupt. Alan Harty, 41, failed to comply with an order to pay cash outstanding for 11 missed monthly payments. 1 Debt expert Alan Harty has gone bankrupt The money guru was taken to court by Glasgow-based landlord…
DetailsIn a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process. In the recent past, the exchanges have come across instances where the approved resolution plan provides for delisting of the company or write off/cancellation/extinguishment of…
DetailsThe Resolution Professional must now disclose the resolution approval immediately, within 30 minutes of the oral order, NSE said. The Exchange said it will highlight the impacted securities according to the Resolution Professionals information (Image: Shutterstock) The NSE has issued a set of guidelines for companies to follow under the Corporate Insolvency Resolution Process (CIRP),…
DetailsThis article first appeared in Forum, The Edge Malaysia Weekly, on July 5, 2021 – July 11, 2021. The past few months have seen business leaders placing their most tricky bets yet. With the ongoing pandemic and resulting lockdowns of varying degrees, businesses have been challenged in how they plan for their future, conserve cash…
DetailsI dont normally get to put a positive spin on the thorny topic of debt, but the latest 2020 Annual Report from the Insolvency Service of Ireland (ISI) has some good things in it. irst are the numbers of Personal Insolvency Arrangements (PIAs), down 3pc(only 3pc, that is, due to the pandemic clogging up courts…
DetailsLaw360 (July 9, 2021, 7:17 PM EDT) — A pandemic-triggered surge in corporate restructuring filings in 2020 trickled to a drizzle in the first half of 2021, but bankruptcy professionals don’t know if that slowdown will last, as favorable financial conditions wane and uncertainty increases over the spread of a coronavirus variant. The glut of…
DetailsInsolvency proceedings against OYO Hotels and Homes Pvt Ltd (OHHPL) have been dismissed by the National Company Law Appellate Tribunal (NCLAT) despite multiple hoteliers claiming unpaid debts by the company. Why was OYO undergoing insolvency proceedings? OYO was undergoing insolvency proceedings over a Rs 16-lakh claim made by a Gurgaon-based hotelier against the company. Newsletter…
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