Representative Image  New Delhi: The Insolvency & Bankruptcy Board of India (IBBI) is preparing guidelines to enable creditors to recover dues from guarantors of companies if the company fails to pay its dues. According to a report in the Times of India, the insolvency regulator is expected to come out with guidelines in next few…
NEW DELHI: The insolvency regulator is readying rules that will enable creditors to go after guarantors of ailing companies to recover dues, a move that will tighten the grip around companies as well as their promoters who had given personal covers. The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that are…
A Resolve for Insolvency | Asian Legal Business A Resolve for Insolvency Singapore has made plans to become an insolvency and restructuring hub in the region, and to that end, it passed game-changing laws last year. Lawyers analyse the impact that the new framework has had… Read the full article at: https://www.legalbusinessonline.com/features/resolve-insolvency/76463
Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal. The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed…
Kenyas beleaguered public universities have been told to further tighten their belts after being slapped with a US$10 million budget cut that will worsen their cash woes, in austerity measures that are meant to avert a looming economic crisis. Last week, Kenyas parliament voted to reduce funding for spending on salaries, learning materials and infrastructure…
Share price of Punj Lloyd fell nearly 3 percent intraday Friday after International Finance Corporation (IFC) moved an insolvency plea against company before the National Company Law Tribunal (NCLT). International Finance Corporation (IFC) has filed an application before the National Company Law Tribunal (NCLT) under Section 7 of the Insolvency and Bankruptcy Code. A two-member…
The insolvent Nordseewerken Emden Shipyard (NES) in Germany has been given a cash boost to secure operations for October. “Money was again provided for NES so that the company will continue,” works council member Bernd Oltmanns told the DPA news agency. Management had told him that a new company will be founded, with the cash…
It was a very money-driven company, and the bonuses were very generous. –Jenny, a former debt agreement company employee. While the Banking Royal Commission has exposed a litany of unethical and fraudulent lending practices at financial institutions, the flipside of the coin is the debt help industry. These are companies that are profiting by offering…
Mehul Choksi. Mumbai: The dedicated bankruptcy court has admitted the insolvency petition filed by ICICI Bank Ltd. against absconding diamantaire Mehul Choksi-promoted Gitanjali Gems Ltd. This is the first insolvency petition filed by the lender since a probe was launched by government agencies against Choksi and his nephew Nirav Modi for their alleged involvement in…