Most lenders to oppose China Development Bank’s insolvency plea: RCom – Economic Times

MUMBAI: In a sign of support to Anil Ambani owned Reliance Communications (Rcom), lenders to the telecom operator have opposed China Development Banks insolvency filing to recover its $1.78 billion. At a committee of creditors meeting on 29 November 2017, a majority of Reliance Communications lenders, foreign and Indian, aggregating 31, decided to oppose China…

Screws tighten on defaulters, personal guarantors too may now face insolvency heat – Economic Times

MUMBAI: The Insolvency and Bankruptcy Board of India (IBBI) is expected to step up its drive against defaulters by allowing lenders to act against high-profile individuals, including promoters of many companies, who have given personal guarantees to corporate loan defaulters. The eight-member body will meet on Friday to discuss changes in regulations that will allow…

Can Insolvency and Bankruptcy Code Ordinance stop dishonest promoters? – Economic Times

Section 29A of the Insolvency and Bankruptcy Code bars ousted promoters of an insolvent company from regaining control. It has not specifically disarmed any class of participants, but disallowing wilful defaulters from participating in asset-bids would mostly hurt promoters of debt-ridden companies, experts opine. ET spoke to industry watchers to gauge their views. Leave aside…