Tamil Nadu police starts probe into chit cheating case – Deccan Chronicle

THIRUVANANTHAPURAM: The Tamil Nadu police initiated a preliminary inquiry against Nirmal Krishna Nidhi Limited at Palukal on the Kerala-Tamil Nadu border area of Kanayakumari district after protests by investors turned violent on Friday. Hundreds of investors, both from Kerala and Tamil Nadu, have been gathering in front of the firm since Thursday. By Friday, the number…

Special counsel appointed in St. Joseph Health Services pension fund case – The Providence Journal

Patrick Anderson Journal Staff Writer patrickanderso_ PROVIDENCE, R.I. — A judge Friday assigned Max Wistow, the lawyer who sued architects of Rhode Island’s 38 Studios deal, to investigate the insolvency of a pension plan for Our Lady of Fatima employees. The St. Joseph Health Services of Rhode Island pension was placed in receivership last…

Insolvency cases may hit home financiers – Times of India

NEW DELHI: Home finance companies are jittery about the National Company Law Tribunal’s decision to initiate insolvency proceedings against real estate companies like Jaypee Infrastructure and Amrapali’s Silicon City because the insolvency and bankruptcy code (IBC) does not treat home loan financiers as secured lenders. With the implementation of the IBC in regard to a…

Amend insolvency code to protect home buyers: Consumer groups petition PM Modi – Hindustan Times

Consumers groups have petitioned Prime Minister Narendra Modi for protecting the interest of home buyers after insolvency proceedings were initiated against Jaypee Infratech cast an uncertainty over the fate of some 30,000 people, who have invested in flats belonging to the realty major. Fight for RERA, an umbrella group of some 100 homebuyers association and…

Jaypee Infra insolvency: Can homebuyers get relief under RERA? – Moneycontrol.com

Moneycontrol News An all-India homebuyers group, in a letter to the Prime Minister Narendra Modi, has sought an amendment to the Insolvency & Bankruptcy Code 2016 to ensure that homebuyers’ interests are protected during insolvency proceedings, and has also brought to his notice that Real Estate (Regulation and Development) Act 2016 (RERA) has not offered…

Insolvency cases may hit home financiers – Times of India

NEW DELHI: Home finance companies are jittery about the National Company Law Tribunal’s decision to initiate insolvency proceedings against real estate companies like Jaypee Infrastructure and Amrapali’s Silicon City because the insolvency and bankruptcy code (IBC) does not treat home loan financiers as secured lenders. With the implementation of the IBC in regard to a…

Insolvency Code: Supreme Court’s Order Has A Stern Message For Company Managements – BloombergQuint

In its first detailed order on the Insolvency and Bankruptcy Code, the Supreme Court has, via a series of observations, made it clear to managements of insolvent firms that their rule is over. The judgement was pronounced in the case of Innoventive Industries that had challenged an unfavorable order by the National Company Law Appellate…