MUMBAI: State Bank of India has mandated bankruptcy specialist Alvarez & Marsal to act as interim resolution professional to reorganise Ruias-owned Essar Steel that defaulted on Rs 44,000 crore debt, said two people familiar with the development. The nation’s biggest lender has also hired Ernst & Young, Deloitte and PricewaterhouseCoopers to handle the insolvency proceedings…
The rules seemed clear. After anger at how EU taxpayers had to meet the cost of bank rescues during the financial crisis, any more failing lenders would have to be dealt with, as far as possible, by their own shareholders and creditors. But the 17bn of Italian government money committed at the weekend to deal…
With the Reserve Bank of India (RBI) asking banks to take defaulters through the insolvency process, the role of insolvency professionals has assumed importance and people are rushing to clear the qualifying examination. Sources said bankers last week met to decide on the appointment such professionals, considering the number of cases that…
As Ten Network struggles through a drawn out insolvency process, there are many industry experts talking about the value that would have been preserved if the company had been able to get legal protection from its creditors. It now appears certain that the mess at Ten will be exacerbated by the appointment of receivers by…
The new rules aim at facilitating debt recovery in cross-border insolvency proceedings. They will make it easier for businesses to restructure and for creditors to get their money back, by ensuring that collective procedures for cross-border debt recovery are effective and efficient. The Regulation focuses on resolving the conflicts of jurisdiction and laws in cross-border…
By Sebastian Shakespeare for the Daily Mail Published: 10:57 +10:00, 26 June 2017 | Updated: 11:20 +10:00, 26 June 2017 e-mail 34 View comments Kevin Maxwell faces being declared bankrupt at the High Court in London for a second time, Sebastian Shakespeare reveals Kevin Maxwell was declared the biggest personal bankrupt in British history in 1992,…
A large potion of Auctionatas holdings is going under the hammer in Berlin and Cologne this week, marking perhaps the final chapter in the companys tumultuous five-year history. The sales, which come five months after the German online art auctioneer began insolvency proceedings (the German equivalent of bankruptcy) in January, offer new insight into Auctionatas business…
Photo: PTI Bankers are worried over RBI’s new diktat seeking higher bad loan provisioning In what has come as a shocker for banks amid the ongoing bankruptcy proceedings as part of measures to tackle the bad loan menace, the Reserve Bank of India has reportedly asked banks to undertake a steep increase in provisioning requirements…
NEW DELHI/ KOLKATA: Efficiency of the resolution infrastructure depends on the capabilities of the insolvency professionals The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capabilityassessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially `8 lakh-crore exercise, seeking to win over an ecosystem…
Never before have so many of Indias most-indebted companies faced the threat of insolvency proceedings. It is somewhat hard to capture, or even understand, the full import of all that has happened in corporate India over the past two weeks, but this is clearly a new chapter playing out. Events have unfolded very quickly after…