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Currently, at least 81 corporate insolvency resolution processes are going on under the IBC. Corporate Persons Regulations, 2017, also states that the adjudicating authority may, if satisfied, extend the period of 90 days by 45 days for the completion of the resolution process. But the Reserve Bank of Indias selection this week of 12 accounts…
Essar Steel, Bhushan Steel, ABG Shipyard, Electrosteel and Alok Industries are among the 12 borrowers referred by the RBI for insolvency proceedings, a senior public sector banker said today. Banks will move for insolvency proceedings in these 12 cases after due process defined under the Insolvency and Bankruptcy Code (IBC), the banker added. When reached…
If you or members in your family are finding things tough, youre not alone. Statistics released by the Federal agency responsible for bankruptcies show a 27 per cent increase over the year in formalised arrangements made under the Bankruptcy Act. The figure includes a 15 per cent increase in bankruptcies over the same period, a…
Kolkata, June 16 () As many as 110 cases have been admitted by the National Company Law Tribunal for resolution of corporate insolvency. “110 transactions have been admitted by the NCLT for corporate insolvency resolution,” Insolvency and Bankrupcy Board of India’s chairman M S Sahoo said at a programme at Merchants’ Chamber of Commerce. In…
Kolkata, June 16 (IANS) The National Company Law Tribunal (NCLT) has admitted 110 cases for corporate insolvency resolution, Insolvency and Bankrupcy Board of Indias Chairperson M.S. Sahoo said on Friday. The default amount ranges from a few lakhs of rupees to Rs 6,000 crore, he said on the sidelines of an event organised here by…
By Reuters Published: 21:31 +10:00, 16 June 2017 | Updated: 21:31 +10:00, 16 June 2017 e-mail By Devidutta Tripathy MUMBAI, June 16 (Reuters) – India’s central bank has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the…
The suite of superannuation taxation reforms affecting contributions, CGT relief and transition to retirement income streams have passed through Parliament. Revenue and Financial Services Minister Kelly O’Dwyer said the amendments under the Treasury Laws Amendment (2017 Measures No. 2) Bill will “improve the fairness, sustainability, and flexibility of the superannuation system.” The amendments ensure superannuation…
As the focus on data analytics ramps up among the legal profession, one insolvency expert has highlighted that the need for professional scepticism is stronger than ever before. Professional scepticism is described as an independent state of mind that can form an opinion without being affected by factors that compromise judgement, according to Jirsch Sutherland…
Put yourself in the shoes of the independent non-executive directors of Ten Network Holdings and it is easy to understand why they rolled over so quickly in the face of threats from Lachlan Murdoch and Bruce Gordon. The directors had legal advice that the company could continue to draw down a $200 million loan facility…