NEW DELHI: Industry body Assocham today sought from the government slew of tax relief for companies against whom insolvency proceedings have been initiated. “Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate…
11:47 13/09/2017 MOSCOW, September 13 (RAPSI) The Commercial Court of St. Petersburg and Leningrad Region has declared Transaero air carrier bankrupt, according to the commercial courts database. The court initiated the bankruptcy proceedings for a term of six months. Transaero found itself unable to pay its debts valued at 250 billion rubles (about $4 billion)…
A team of Norton Rose Fulbright lawyers, including a restructuring and insolvency partner, has left the global giant to set up a boutique firm. Assured Legal Solutions announced today that it has opened for business in Sydney. The boutique firm focuses on commercial and financial services law. Nicola Cosgrove and Chris Cruikshank, of NRFs restructuring…
The government is considering amending the Insolvency and Bankruptcy Code (IBC) to protect the interests of home buyers who have invested their savings to buy a house. There are two options before it amend the bankruptcy law to ensure that buyers get their due and not lose out to banks and financial institutions when a…
Even Bruce Gordon’s barrister didn’t seem convinced by his own argument. Andrew Bell, the new go-to advocate for media moguls, wanted NSW Supreme Court judge Ashley Black to put Lachlan Murdoch and Gordon’s takeover bid to Network Ten’s creditors, especially its 750 employees, who could be decisive. But only if administrator Mark Korda and CBS…
Beleaguered German airline Air Berlin has had to cancel flights en masse after it was swamped by pilots ringing in sick. On Tuesday, about 200 of the 1500 pilots due to fly that day called in sick, the airline said. Today is a day that the existence of Air Berlin is threatened, wrote Air Berlin…
Written by Sunny Verma | New Delhi | Published:September 13, 2017 3:13 am The law requires majority of directors of a company to initiate the process of voluntary liquidation. Apart from permitting initiation of insolvency resolution process for highly indebted companies that are unable to pay back their debts, the Insolvency and Bankruptcy Code, 2016…
The recent SC order against Jaypee Infratech raises serious concerns regarding the Code’s adequacy in dealing with defaulting realtors Photo: Reuters … Read the full article at: http://www.business-standard.com/article/economy-policy/insolvency-code-home-buyers-plight-and-how-realty-firms-should-be-treated-117091200223_1.html
A sick-out by Air Berlin Plc pilots is threatening an immediate grounding of the insolvent airline. What happened today massively jeopardizes the entire insolvency proceedings, Frank Kebekus, the airlines general representative appointed by a court, said in a statement Tuesday. Unless the situation changes in the short term, we will have to end operations and all…
The Supreme Court order in the Jaypee insolvency case is a clear indication that the government must amend the Insolvency and Bankruptcy Code (IBC) and give adequate representation to homebuyers interest. Enacted last August, the IBC aims to first restructure the debt of a company, failing which, it goes into liquidation. The Code has made…