A file photo of the Sebi headquarters in Mumbai. Eleven of the 12 large NPA accounts currently under insolvency proceedings, including Bhushan Steel Ltd, Alok Industries Ltd, Amtek Auto Ltd, Lanco Infratech Ltd, Electrosteel Steels Ltd and Era Infra Engineering, are listed companies. Photo: Abhijit Bhatlekar/Mint Mumbai: A committee set up to ease listing, compliance…
NEW DELHI: Government may consider giving different treatment to small and medium enterprises (SMEs) under the Insolvency and Bankruptcy Code (IBC) since they usually have limited number of buyers and rely largely on promoters for a resolution. It is my view that we have to consider the case of SMEs objectively since they form the…
A High Court judge has been asked to clarify legal issues potentially affecting more than 600 insolvency cases. Lawyers representing a number of debtors claim the insolvency service has ground to a halt due to alleged exploitation of a legal loophole by banks and other creditors. That claim is disputed by creditors who have alleged…
EVERYONE has heard of people being declared bankrupt but it’s not as simple as simply having no money. Here’s all you need to know about the complex way people get their debts written off. Getty – Contributor Here’s all you need to know about bankruptcy What is bankruptcy? Bankruptcy is a legal status whereby debts…
MUMBAI: In a sign of support to Anil Ambani owned Reliance Communications (Rcom), lenders to the telecom operator have opposed China Development Banks insolvency filing to recover its $1.78 billion. At a committee of creditors meeting on 29 November 2017, a majority of Reliance Communications lenders, foreign and Indian, aggregating 31, decided to oppose China…
Shares of Reliance Naval and Engineering lost over 5 percent intraday on Thursday as investors turned cautious on the stock on insolvency proceeding. According to a report by CNBC-TV18, quoting Cogencis, IFCI has filed an insolvency case against the company in a bid to recover loans. The fall in share price also spilled over to…
Bankrupt wedding venue to go under the hammer in December GREEN VIEW: The Tangled Maze will go on sale at auction on December 15, after it went into liquidation in September, forcing booked weddings to be cancelled. POLISHED: Inside the Tangled Maze, which can host up to 200 guests for events and weddings, with smaller…
Chennai: It is not just promoters identified as wilful defaulters who have been barred from bidding for companies under the insolvency resolution process. The latest changes to the IBC (Insolvency and Bankruptcy Code), through an ordinance, has shut the doors firmly on guarantors to loans obtained by promoters from bidding as well. A person shall…
MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is expected to step up its drive against defaulters by allowing lenders to act against high-profile individuals, including promoters of many companies, who have given personal guarantees to corporate loan defaulters. The eight-member body will meet on Friday to discuss changes in regulations that will allow…
Section 29A of the Insolvency and Bankruptcy Code bars ousted promoters of an insolvent company from regaining control. It has not specifically disarmed any class of participants, but disallowing wilful defaulters from participating in asset-bids would mostly hurt promoters of debt-ridden companies, experts opine. ET spoke to industry watchers to gauge their views. Leave aside…