The new insolvency ordinance is expected to create substantial problems for SMEs and most may be liquidated if the revival plan does not work out. At the heart of the problem is Section 29A, a new section of the Insolvency and Bankruptcy Code, 2016, that makes certain persons ineligible to be a resolution applicant. Those…
The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. Photo: Mint Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. HDFC Bank looks to raise Rs24,000 crore via…
By Lisa Lambert WASHINGTON (Reuters) – The U.S. Education Department on Wednesday canceled the student-loan debts of 12,900 people defrauded by defunct Corinthian Colleges, but its announcement that it will give varying amounts of debt relief in the future set off fierce criticism. For-profit higher education provider Corinthian collapsed in 2015 amid government investigations into…