Many companies are battling insolvency proceedings, and a lot of them will see either promoters giving up or being taken over. In June 2017, the Reserve Bank of India referred 12 accounts, identified as wilful defaulters, to the insolvency process under the Insolvency and Bankruptcy Code (IBC). Later in the year, it identified 28 more…
Experts of the National Hydro Power Corporation (NHPC) have come up with a via media solution to the Polavaram cofferdam problem raised by the Union Ministry of Water Resources. The experts, in a report to the Central government, have suggested that water could be diverted into the canals by building the main earth-cum-rock filled (ECRF)…
“People end up being trapped in the credit card cycle, where they are constantly catching up,” said Capalad. Breaking out requires a concerted effort. First step: Curtail new credit card debt. Shift recurring purchases to a debit card or checking account, she said. Do the same with discretionary purchases that can add up fast, such…
This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution. Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries are now among those to face NCLT proceedings for resolution of their loans. These three were recommended…
The much-awaited Insolvency & Bankruptcy Code (Amendment) Bill which will tighten norms on willful defaulters, was passed by Lok Sabha. Amendment in IBC, excludes willful defaulters and existing promoters from bidding to purchase stressed asset of companies, which are under going insolvency proceedings. Union Finance Minister Arun Jaitley during the discussion on IBC, said, “The government…