After a few weeks of public turbulence with its board threatening with a total shutdown of operations, the troubled SEKAP tobacco company received a short stay in debt collection by a Greek court. The company was granted a temporary stay in collection measures until January 17, after a decision taken in the administrative court of…
In the event that the debt becomes significant, the bank or financial institution may bring Court proceedings against you to recover the debt. The bank normally brings two types of proceedings: 1) Debt Claim 2) Possession The former is where banks seek to recover the amount due to them and the latter is where they…
BusinessToday.in New Delhi Last Updated: December 29, 2017 | 18:37 IST The Lok Sabha approved the Insolvency and Bankruptcy (Amendments) Bill, 2017 on Friday that bars wilful defaulters and promoters from bidding for companies awaiting insolvency resolution. This is to plug the loopholes in the resolution process and by being selective about who can participate in it. Tabled…
Nagpur: The Insolvency and Bankruptcy Board of India (IBBI) will be soon coming up with figures of total defaults by companies. This will include claims put up by creditors who have not initiated proceedings against an entity at the National Company Law Tribunal (NCLT). This could take the figure beyond the Rs1.30 lakh crore of…
According to a source close to the development, Edelweiss has already submitted its expression of interest and would be presenting a resolution plan in the coming days. The last date for Monnet Ispat will be extended as lenders are not happy with JSW Steels offer. Monnet Ispat plans to file an application for…
By: ENS Economic Bureau | New Delhi | Published: December 29, 2017 5:27 am The Bill allows asset reconstruction companies, banks and alternative investment funds registered with the Securities and Exchange Board of India. (Express photo by Ravi Kanojia) Related News Defaulting promoters who had submitted resolution plans for insolvent companies before an Ordinance in…
The International Airlines Group, which operates British Airways and Iberia, is to buy Austria’s insolvent low-cost holiday carrier Niki, dpa has learned. With its network of European and North African vacation destinations, Niki declared itself insolvent this month after German carrier Lufthansa withdrew its takeover offer for the airline. Lufthansa said it abandoned its…
MUMBAI — Indian billionaire Mukesh Ambani has emerged as the savior preventing bankruptcy for his younger brother Anil Ambani’s Reliance Communications. Yet his Reliance Jio Infocomm, which has aggressively offered cut-price data and free services, has largely been blamed for the financial woes of RCom and other players. Reliance Jio Infocomm announced Thursday that it will buy…
The insolvency ordinance is now one step away from becoming a law— the government has tabled the bill in the Lok Sabha with some minor changes. CNBC-TV18’s Latha Venkatesh spoke to the head of SBI Rajnish Kumar, the MD of JSW Steel Seshagiri Rao and Rashesh Shah of Edelweiss to find out how they read…
, ET Bureau| Dec 28, 2017, 07.30 PM IST The Kolkata-based company is saddled with a debt burden of Rs 10,274 crore, an amount it owes to a consortium of banks led by SBI. The National Company Law Tribunal (NCLT) has extended time period for Corporate Insolvency Resolution Process for Electrosteel Steels Limited (ESL)by a…