December 26, 2017: The year 2017 was a watershed year for the Insolvency and Bankruptcy Code (IBC) which was notified in late 2016. The first insolvency petition was filed by ICICI Bank in December 2016. It was foreseeable that this laudable and long-overdue legislation, would undergo its share of trial by fire throughout 2017. In…
MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate. Close Anil Amban, chairman of Reliance Communications,…
Keeping out wilful defaulters from bidding for stressed assets is not a “moral issue”, but a choice between certainty and uncertainty, IBBI Chairperson M S Sahoo has said. His comments come against the backdrop of the government, through an ordinance last month, barring wilful defaulters from bidding for stressed assets under the Insolvency and Bankruptcy…
Al-Watan newspaper JUSTICE is fundamental to everything in life. We often criticize societys negligence toward alleviating the suffering of the poor by meeting their basic requirements. We have started this criticism several years ago and it did not go waste as we are yielding its fruits day after day. Like we expressed our displeasure and…
Written by Sunny Verma | New Delhi | Published: December 26, 2017 2:47 am More than 500 applications for admission have been rejected, dismissed or withdrawn. Related News Even as the rate of recovery of bad loans has shrunk, the number of cases being filed for corporate insolvency resolution process (CIRP) under the Insolvency and…
Al-Watan newspaper JUSTICE is fundamental to everything in life. We often criticize societys negligence toward alleviating the suffering of the poor by meeting their basic requirements. We have started this criticism several years ago and it did not go waste as we are yielding its fruits day after day. Like we expressed our displeasure and…
NEW DELHI: Steering the “smooth and fast- paced” journey of the insolvency law, the IBBI is now looking to put in place the regime for individual insolvency in a phased manner, according to its Chairperson M S Sahoo. Around 500 corporates have been admitted for resolution and about 100 companies have commenced voluntary liquidation under…
In a landmark order that will cheer lenders pursuing recovery of dues under IBC (Insolvency and Bankruptcy Code), the principal bench of NCLT (National Company Law Tribunal) New Delhi has allowed the acquisition of a Rajasthan-based hotel, which is facing insolvency, by a nonbanking finance company (NBFC) without haircuts to creditors. In the first resolution…
The tribunal was was setup in May 2016 Mumbai, Dec 24: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data. The insolvency and bankruptcy code came into existence with the enactment of…
ET Bureau| Dec 23, 2017, 10.48 AM IST Under the Insolvency and Bankruptcy Code, a resolution plan has to be in place within 270 days, failing which the court will rule in favour of liquidation of assets. Government-owned State Bank of India (SBI) has initiated insolvency resolution proceeding against Ushdev International, a company which was…
