In a significant relief for thousands of home buyers in Noida, the Supreme Court today restrained Managing Director and other directors of Jaypee Infratech from flying abroad and asked the real estate company to deposit Rs 2000 crores by October 27. “We understand their plight. It is a human problem of great magnitude. We will…
Tough insolvency rules could be relaxed, according to a federal minister, as the government looks to reduce the number of businesses pushed prematurely into insolvency. Speaking to a recent industry conference, financial services minister Kelly ODwyer said the onus should be on supporting businesses to survive and grow, not on penalising difficulties. The government believes…
The Reserve Bank of India (RBI) has moved a second defaulter list against 28 NPA accounts for bankruptcy resolution under the insolvency and bankruptcy code. Photo: Reuters Mumbai: At least three large lenders including ICICI Bank Ltd, State Bank of India (SBI) and Bank of Baroda (BoB) are planning to ask the ministry of corporate…
CORPORATE recovery and business advisory firm Quantuma has signed up one of the UKs leading insolvency specialists. Mark Sands has joined the firm as a partner and will lead Quantumas personal insolvency offering. He will be based in Brighton and will also cover the London and Southampton offices. His appointment follows the arrival of partner…
CORPORATE recovery and business advisory firm Quantuma has signed up one of the UKs leading insolvency specialists. Mark Sands has joined the firm as a partner and will lead Quantumas personal insolvency offering. He will be based in Brighton and will also cover the London and Southampton offices. His appointment follows the arrival of partner…
The central government is likely to step in to protect the interest of homebuyers whose investments face uncertainty when bankruptcy proceedings are filed against builders. The government is considering two options. First, amend the bankruptcy law so that homebuyers do not lose out to banks and financial institutions when a defaulting builders properties are liquidated…
NEW DELHI: Union Consumer Affairs Minister Ram Vilas Paswan on Saturday said a committee has been set up to look into the complaints filed by aggrieved home buyers against Jaypee Infratech. “The Consumer Affairs Secretary-headed committee will study the matter and submit a report in three days. We want to protect the home buyers,” Paswan…
New Delhi, Sep 9 (IANS) Union Consumer Affairs Minister Ram Vilas Paswan on Saturday said a committee has been set up to look into the complaints filed by aggrieved home buyers against Jaypee Infratech. The Consumer Affairs Secretary-headed committee will study the matter and submit a report in three days. We want to protect the…
NEW DELHI: Around 2,300 home buyers of Jaypee Infratechs Wish Town project in Noida moved the Supreme Court on Friday, requesting it to ensure the builder deposited the money needed to complete the project with the court or in an escrow account before lifting a stay on insolvency proceedings at the company. They also want…
THIRUVANANTHAPURAM: The Tamil Nadu police initiated a preliminary inquiry against Nirmal Krishna Nidhi Limited at Palukal on the Kerala-Tamil Nadu border area of Kanayakumari district after protests by investors turned violent on Friday. Hundreds of investors, both from Kerala and Tamil Nadu, have been gathering in front of the firm since Thursday. By Friday, the number…