In a chat with ET Now, Kiran Mazumdar Shaw, CMD, Biocon, says the devil is in details of implementation and it is not an easy thing to implement the law. Edited excerpts ET Now: The Bankruptcy Code is a game changing move, no doubt. How important do you think it is in terms of a…
Thursday, May 12, 2016 Hexi Pharma Co. SRL, a Romanian pharmaceutical company involved in a recent scandal of faulty hospital disinfectants, has filed for insolvency with the Bucharest Tribunal. According to the courts’ web portal, the application was filed on Tuesday and it regards bankruptcy upon debtor’s request under Article 66 of Law 85/2004 on…
Under the bankruptcy bill, a debtor could be jailed for five years for concealing property or defrauding creditors. (File Photo) New Delhi: The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover nearly 8 lakh crore in troubled…
NEW DELHI The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code to address…
Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. (Reuters) Parliament today passed a bill that seeks to create time-bound processes for insolvency resolution of companies and individuals. Insolvency is a situation where an individual or a company is unable to repay their outstanding debt.…
May 11 India’s upper house of parliament passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans. Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code…
The law firm of an attorney serving as insolvency administrator to German Pellets GmbH has released a statement noting three of the companys pellet plants in Germany have been sold, with negotiations ongoing in the sale of a fourth. According to the statement, a district court in Schwerin, Germany, opened the insolvency proceedings over the…
A court declared Czech hard coal miner OKD bankrupt on May 9. The move leaves creditors two months to file claims, with a meeting set for August 10. Meanwhile, the future of the companys 13,000 or so employees rests with the state, with the court saying OKD could be broken up or restructured. New World…
Fashion designer to the stars, Johanna Johnson, is struggling to sweep staff salary issues that led her enterprise into liquidation under the red carpet (Source: A Current Affair) Embattled fashion designer Johanna Johnson has registered a new company despite her old business being in liquidation and her employees claiming theyre owed tens of thousands of…
Written by Khushboo Narayan | Published:May 10, 2016 12:48 am Being bankrupt is a state of inability to repay debts to creditors. (Illustration by: C R Sasikumar) Lok Sabha last week passed The Insolvency and Bankruptcy Code, 2015, a law aimed at speedy winding up of insolvent companies, lowering NPAs, and redeploying capital productively. KHUSHBOO…