Delhi has highest number of insolvency professionals – Economic Times

MUMBAI: The National Company Law Tribunals Mumbai Chapter may be dealing with the highest number of bankruptcy cases in India, but New Delhi has the highest number of insolvency professionals. The Insolvency and Bankruptcy Board of India (IBBI) has registered 263 chartered/cost accountants or company secretaries from Delhi as insolvency professionals (IPs), who are eligible…

Insolvency chief to meet banks over drop-off in mortgage write-off deals – Irish Times

The Insolvency Service of Ireland will meet the countrys banks next month to ask why there has been a sharp increase in objections to personal insolvency arrangements involving mortgage debt write-downs. Lorcan OConnor, the director of the insolvency service, has called the meetings with mortgage providers as new figures show the number of arrangements –…

Electrosteel Steels reports increased loss after beginning insolvency resolution process – Economic Times

MUMBAI: Debt-laden company Electrosteel Steels, that is undergoing insolvency resolution, reported a quarterly increase in losses for the quarter ending September, which is when the company started the resolution process with a court-appointed resolution practitioner. Losses at the company widened by 22% to Rs 29,666 crore from Rs 24,219 crore in the quarter ending June.…

Anil Ambani’s Telecom Defaults In Closely-Watched India Test – NDTV

Billionaire Anil Ambani controls mobile phone operator Reliance Communications The first default on US dollar bonds by an Indian company in 15 months may become a closely-watched test case for how international creditors will fare under the country’s new bankruptcy laws. Reliance Communications Ltd., the mobile phone operator controlled by billionaire Anil Ambani, failed to…

JP Associates-JSW keen to complete Jaypee Infra’s real estate projects under insolvency resolution plan – Firstpost

New Delhi: Debt-ridden Jaiprakash Associates said on Monday that alongwith JSW group, it has shown interest in completing real estate projects of group firm Jaypee Infratech as per the insolvency resolution plan. Jaiprakash Associates Ltd (JAL), part of the Jaypee group, also said that the Jaypee Infratech Ltd (JIL) has more assets than liabilities and…

Big tweak in insolvency law on cards, defaulters may be barred from bidding – Economic Times

NEW DELHI: The government is considering amending its insolvency law to prevent existing promoters of bankrupt companies from reacquiring them during the resolution process at a steep discount. The current Insolvency and Bankruptcy Code, passed last year, does not prevent promoters from bidding for these stressed assets during the resolution process. Some owners are reported…