The Reserve Bank of India (RBI) directing banks to initiate insolvency proceedings against 12 shortlisted companies under the Insolvency and Bankruptcy Code (IBC) that have fund/non fund exposure of above Rs 5,000 crore where 60 percent or more has turned bad is a welcome sign for Indias crisis-ridden banking sector. These accounts account a quarter…
These make up 25% of the 8 lakh crore non-performing assets of the banking system Mumbai, June 13: To purge the banking system of big-ticket stressed assets, the Reserve Bank of Indias internal advisory committee (IAC) has recommended for immediate reference under the Insolvency and Bankruptcy Code (IBC) 12 accounts totalling about 25 per cent…
MUMBAI: Clamping down on bad loans, the RBI today identified 12 accounts for insolvency proceedings with each of them having over Rs 5,000 crore of outstanding loans, accounting for 25 per cent of total NPAs of banks. The banking sector is saddled with non-performing assets (NPAs) of over Rs 8 lakh crore, of which Rs…
Nazanin Jafarian Ghaissarifa married Folarin Alakija, who is son of Africa’s wealthiest woman worth $2.1 billion Lavish Blenheim Palace event cost estimated £5million, had one white roses and performance Robin Thicke MailOnline has discovered that his bride Naza was raised in Manchester after her parents separated Nazas mother Nooshin, declared bankrupt in 2014, lives in…
An attempt by the controversial businessman who bought BHS for £1 to keep his investment vehicle afloat has been dealt a further blow with the appointment of insolvency professionals to wind up his company. Sky News has learnt that Milner Boardman and Duff & Phelps have been appointed as joint liquidators to Retail Acquisitions Limited…
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. Play Video Don’t Play Tougher parole laws for terrorists in SA Play Video Don’t Play Video duration 01:21…
It is difficult to see how Ten Network can escape the corporate undertaker after losing the support of the three billionaires, Lachlan Murdoch, James Packer and Bruce Gordon, who until last weekend had been keeping it afloat. The network has a $200 million loan with the Commonwealth Bank that falls due just before Christmas, which it…
Max Clifford, the disgraced former PR mogul, has declared bankruptcy owing £7.5 million, including to women who claim that he sexually abused them, The Times can reveal. Clifford, 74, is serving an eight-year jail sentence for indecent assaults on four women and teenage girls between 1966 and 1984. His financial downfall may scupper the claims…
A new committee set up to complement ASICs functions has released the names of lawyers appointed to its ministerial pool. The creation of the federal Insolvency Disciplinary Committee is part of a new Australian corporate insolvency regime that has been enacted in 2016. Minister for Revenue and Financial Services Kelly ODwyer announced last week nine…
3 min read Nagpur: Create economic uncertainty by indulging in financial mismanagement and corruption seems to be the most-liked but equally dubious modus operandi of companies to go bankrupt in order to dodge the action of their creditors. The Jayaswals of Neco, Nairs of Orange City Hospital, Nairsons of coal companies and many such more…