MUMBAI: The National Company Law Tribunals Mumbai Chapter may be dealing with the highest number of bankruptcy cases in India, but New Delhi has the highest number of insolvency professionals. The Insolvency and Bankruptcy Board of India (IBBI) has registered 263 chartered/cost accountants or company secretaries from Delhi as insolvency professionals (IPs), who are eligible…
The implementation of the Insolvency and Bankruptcy Code has been one of the most important reforms in recent years. Illustration: Jayachandran/Mint The Indian banking system is struggling with a deluge of bad debt. At the end of the last financial year, total stressed assetsincluding non-performing and restructured assetswere estimated to be at over 12% of…
The Insolvency Service of Ireland will meet the countrys banks next month to ask why there has been a sharp increase in objections to personal insolvency arrangements involving mortgage debt write-downs. Lorcan OConnor, the director of the insolvency service, has called the meetings with mortgage providers as new figures show the number of arrangements –…
Reuters By Una Galani (The author is a Reuters Breakingviews columnist.) MUMBAI, Nov 14 (Reuters Breakingviews) – Anil Ambani’s Reliance Communications may yet offer comfort to creditors – though not necessarily its own. The tycoon’s Mumbai-listed telecom group missed a payment on a $300 million U.S. dollar bond due in 2020. Offshore bondholders…
MUMBAI: Debt-laden company Electrosteel Steels, that is undergoing insolvency resolution, reported a quarterly increase in losses for the quarter ending September, which is when the company started the resolution process with a court-appointed resolution practitioner. Losses at the company widened by 22% to Rs 29,666 crore from Rs 24,219 crore in the quarter ending June.…
Billionaire Anil Ambani controls mobile phone operator Reliance Communications The first default on US dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws. Reliance Communications Ltd., the mobile phone operator controlled by billionaire Anil Ambani, failed to…
New Delhi: Debt-ridden Jaiprakash Associates said on Monday that alongwith JSW group, it has shown interest in completing real estate projects of group firm Jaypee Infratech as per the insolvency resolution plan. Jaiprakash Associates Ltd (JAL), part of the Jaypee group, also said that the Jaypee Infratech Ltd (JIL) has more assets than liabilities and…
Theres the debate on executive remuneration and how directors should think about the quantum of executive pay in an environment where there are concerns about the impact of income inequality. ” How do directors think about reputation management and the sustainability of brand in this environment of concern?” Theres discussion over the need for directors…
KUALA LUMPUR: The number of Malaysians under 30 years old declared bankrupt from January to September 2017 due to credit card debts declined to nine individuals compared to 22 last year. Deputy Finance Minister, Datuk Othman Aziz, said one of the major causes of bankruptcy among younger generation due to credit card debt was the…
NEW DELHI: The government is considering amending its insolvency law to prevent existing promoters of bankrupt companies from reacquiring them during the resolution process at a steep discount. The current Insolvency and Bankruptcy Code, passed last year, does not prevent promoters from bidding for these stressed assets during the resolution process. Some owners are reported…