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…
Photo: McGregor.com The parent company of fashion chains McGregor, Gaastra and Adam Menswear was declared bankrupt on Thursday, just days after requesting court protection from creditors. The Doniger Fashion Group was formed last year when the McGregor group first collapsed. Doniger has 75 shops, of which 53 are in the Netherlands, and a workforce of…
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…
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…
The list of strategic blunders committed by Bruce Gordon and Lachlan Murdoch in their quest for control of Ten Network Holdings is staggering. As shareholders of the company and guarantors of the secured debt, Gordon and Murdoch were in an unassailable position to gain control of a company that has many links to other Murdoch…
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…
Provisions of State enactments which hinder the country’s new bankruptcy law Insolvency and Bankruptcy Code (IBC) meant to protect the interests of shareholders, creditors and workmen against entrenched managements unable to dig their way out of their debts, will be declared void, the Supreme Court held. In a judgment heralding the IBC as an effective…
The government’s introduction of a safe harbour to protect directors from insolvent trading liability will drive a culture change expected to prevent the premature collapse of companies, according to experts. Minister for Revenue and Financial Services Kelly O’Dwyer has rallied lawyers and turnaround professionals to back the government’s changes, saying they will be key to…
Ryanair may have bluster more than anyone else in the world, a senior executive for the airline acknowledged Wednesday, but it is serious about bidding for the short-haul operation of struggling Italian airline Alitalia and turning it into a separate division of Ryanair that might operate with a hybrid full-service, low-cost model. But Dublin-based Ryanair…
A pan-India home buyers’ pressure group, Fight For RERA, has reached out to Prime Minister Narendra Modi to seek an amendment to the Insolvency & Bankruptcy Code 2016 to prioritise homebuyers‘ interest in insolvency proceedings. The pressure group has appealed to the government to provide powers to realty regulators through the Real Estate (Regulation and…