The government is reportedly working on the rules for personal bankruptcy. This is ambition, indeed. Of course, there is nothing wrong with the concept. The problem is with the legal infrastructure India has in place: its size and capacity are puny in relation to the size of the population and the potential demand for bankruptcy…
The National Company Law Tribunal (NCLT) today appointed an interim resolution professional to carry out the insolvency process of debt-ridden auto component maker Amtek Auto, according to a regulatory filing. “NCLT, Chandigarh has today…appointed Dinkar Tiruvannadapuram Venkatsubramanian as an interim resolution professional (IRP) for carrying out the CIRP (corporate insolvency resolution process) of the company,”…
Published: 27 Jul 2017, 12:05 Leclanché battery storage system at a large remote microgrid project. image: Younicos. Swiss battery maker Leclanché could apply for listing on a US stock exchange and is targeting the acquisition of an energy management storage software company, despite emerging from a recent period of technical insolvency. Leclanché held its annual…
MUMBAI: The Supreme Court has used special powers to allow a company to withdraw from insolvency proceedings after both parties, the borrower and the creditor, arrived at a mutual settlement on the loan. The judgment assumes significance since the provisions of the new recovery law, the Insolvency and Bankruptcy Code, does not allow either of…
A SQUEEZE on incomes as a result of Westminster austerity is behind a 17 per cent increase in personal insolvencies, according to Scotlands Business Minister. Paul Wheelhouse made the comments after the latest data showed debts forced 2839 people to either become bankrupt or take out a protected trust deed over the period April to…
The National Company Law Tribunal, Chennai, has appointed an Insolvency Resolution Professional (IRP) for Nagarjuna Oil Corporation Ltd. (NOCL) which is setting up a six million tonne refinery on the east coast at Cuddalore in Tamil Nadu. Tuesdays order was based on an application filed by the creditors, a regulatory filing by Nagarjuna Oil Refinery…
He was once counted among the wealthiest Australians, but former mining magnate Joseph Gutnick has declared bankruptcy, with reported debts of $275 million. Back in 2010, Gutnick returned to the BRW Rich List with estimated wealth of $300 million, after an absence of more than 10 years. At the time he owned a string of…
Written by Surya Sarathi Ray | New Delhi | Published:July 27, 2017 2:23 am Bhushan Steel, which owes banks a whopping Rs 44,447 crore had earlier objected to the insolvency proceedings alleging that SBI had inflated the dues by around Rs100 crore. Representational Image. Related News The New Delhi bench of the National Company Law…
Business minister blames insolvency rise on ‘austerity’ 26 July 2017 From the section Scotland business Image copyright PA Scotland’s business minister has blamed “continuing austerity” for a sharp rise in personal insolvencies. The last quarter saw insolvencies rise year-on-year by 17.3% to 2,839, according to official figures. Paul Wheelhouse claimed there was “no question” austerity…
A 17% increase in personal insolvencies has been brought about after continuing Westminster austerity resulted in “incomes being squeezed”, Holyrood’s business minister said. Paul Wheelhouse made the comments after the latest data showed debts forced 2,839 people to either become bankrupt or take out a protected trust deed over the period April to June 2017.…