The aggregate debt involved in seven stressed companies, now cleared for insolvency proceedings, is Rs 1.3 lakh crore, a little over half the amount that these companies owe banks. With the NCLT (National Company Law Tribunal) allowing insolvency proceedings to be initiated against companies even if winding-up petitions are pending before high courts, provided these…
With it looking increasingly likely that One Nations Malcolm Roberts could have his qualifications to sit in the Senate referred to the High Court, the question of who would replace him if disqualified has attracted attention. Senator Roberts problem is that he overlooked the fact he had British citizenship. Shortly before the election he tried…
MUMBAI: Finance minister Arun Jaitley has urged private equity players and asset reconstruction companies to act swiftly towards resolution of stressed assets, hoping that this will inspire confidence among investors as well as boost the economy. Jaitley conveyed this in a closed-door meeting which was attended by senior of finance ministry officials, select private equity…
In what may be a future relief for corporate debtors facing insolvency proceedings, the Supreme Court used its extraordinary constitutional powers to allow two companies to withdraw from insolvency proceedings and settle their loan dispute despite the case having been admitted by the National Company Law Tribunal (NCLT). Once the NCLT admits a case for…
Ex-Deputy of Krasnoyarsk City Council Sergey Surtaev has been declared bankrupt; earlier, he had come to the attention of the media due to deferring from military service. The Arbitration Court of the Krasnoyarsk region has declared ex-Deputy of the City Court Sergey Surtaev bankrupt due to a debt of 3 million rubles ($50 thousand). …
Indian banks are saddled with bad debt and as the banking industry goes about recovering about Rs 8 lakh crore in doubtful loans, the new Insolvency and Bankruptcy Code is expected to provide the much needed teeth to the financial institutions. Aspects like a time bound recovery period for corporates, simpler ways for creditors to…
Business failure rates in England and Wales dropped to a 17-year low between April and June, official figures show, while personal insolvency rates fell back from highs recorded at the start of the year. Excluding personal service companies, the number of businesses entering insolvency fell by 15.4 per cent compared with the first three months…
By: ENS Economic Bureau | New Delhi | Published:July 29, 2017 2:29 am Inox Wind had said it has already settled the dispute with the operational creditor, Jeena & Company a custom agent responsible for providing custom clearance services. The National Company Law Appellate Tribunal (NCLAT) has directed NCLT Chandigarh bench to close insolvency proceedings…
Gujarat NRE said its plan to sell the assets was approved by its lenders in March 2015. In a striking turn of events, a company that had moved the Kolkata bench of the National Company Law Tribunal (NCLT), voluntarily declared itself insolvent and got an administrator appointed, is now seeking lifting of the moratorium on…
Friday, July 28, 2017 Payout represents 20 percent of that sought by now insolvent Marsans Group Argentina has been ordered to pay more than US$320 million to the insolvent Marsans Group over the expropriation of Aerolíneas Argentinas and other companies, closing a chapter in a saga that started in…