Top lender SBI and other creditors have moved insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory…
NEW DELHI/KOLKATA: The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capability-assessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially Rs 8-lakh-crore exercise, seeking to win over an ecosystem that remains skeptical about the efficiency of the recovery infrastructure. “Inspection and investigation are…
Labor is reeling after an adviser resigned amid revelations that the party bankrolled its 2016 federal election campaign with the help of up to $140,000 in donations from gold dealers linked to a multimillion-dollar tax scam. The resignation from NSW Labor of rising star, 2016 Senate candidate and gold trader Simon Zhou, comes as respected…
By Kayleigh Giles For Mailonline Published: 01:03 +10:00, 29 June 2017 | Updated: 01:44 +10:00, 29 June 2017 e-mail 3 View comments He was declared bankrupt after failing to repay millions of pounds in debt last week and has also been hit by claims that his marriage to wife Lilly is on the rocks. So,…
Amtek Auto Ltd. said on Friday that two of its board members had resigned. Within 24 hours, the auto parts maker brought them back as presidents. The company is among the dozen stressed accounts identified for insolvency proceedings by the Reserve Bank of India. Once the process begins and an insolvency professional is named to…
The National Company Law Tribunal has rejected insolvency proceedings sought by Leo Duct Engineers & Consultants under the the Insolvency and Bankruptcy Code(IBC), which clears the way for banks to recover assets under the Sarfaesi Act, which was the law of choice before IBC came into existence. The move will help lenders Standard Chartered Bank…
MUMBAI: The fledgling National Company Law Tribunal has rejected insolvency proceedings sought by Leo Duct Engineers & Consultants that facilitates the continuation of banks recovery under the SARFAESI Act which was the law of choice before Insolvency and Bankruptcy Code came up. The move will help lenders Standard Chartered Bank and Canara Bank to recover…
The countrys largest lender State Bank of India has initiated debt recovery proceedings under the Insolvency and Bankruptcy Code against steelmakers Monnet Ispat Ltd. and Electrosteel Steels Ltd. and power distribution company Jyoti Structures Ltd., one banker with direct knowledge of the matter confirmed to BloombergQuint. The case against Monnet Ispat has been filed at…
CASH CRUNCH The BoE warned that credit card debt, personal loans and motor finance grew much faster than household incomes HOME buyers are facing tougher borrowing rules when they apply for a mortgage, as the Bank of England raises fears of a debt boom. The BoE today said it will tighten affordability tests for mortgage lending.…
Banks are almost done giving mandates to insolvency professionals for the 12 big accounts, which are responsible for nearly Rs 2 lakh crore of bad debts in the banking system. According to sources, a bank with the highest exposure in working capital loans, and not term loans, will decide on the insolvency professionals.…