Promoters well positioned to get back control of entities under insolvency: experts – Hindu Business Line

Practice of promoters to bid in bankruptcy or insolvency cases is prevalent in developing countries Mumbai, October 25:   As insolvency proceedings at some of 12 stressed accounts identified by the RBI earlier this year are moving forward, key question that has emerged is whether promoters of these companies are better placed to get back control…

Greek Gov’t Moves To Have Country’s Largest Shipyard Declared Bankrupt – Maritime Herald

The Greek government has moved to have the countrys largest shipyard Hellenic Shipyards declared bankrupt. The insolvency proceedings were filed under the countrys revised bankruptcy code, which foresees the rapid sale of assets and the withdrawal of old shares. The governments petition has brought a strong reaction from the yards owner, Privinvest Group of Lebanon…

PE funds, domestic pharma companies eye Orchid Pharma under IBC – Economic Times

Two months after a National Company Law Tribunal (NCLT) issued an order initiating corporate insolvency proceedings against debt-ridden Orchid Pharma, numerous potential suitors, including top private equity players and domestic peers are eyeing the Chennai based company as part of a resolution plan under the provisions of the insolvency and bankruptcy code, multiple sources familiar…

Empee Sugars withdraws its insolvency petition – Economic Times

HYDERABAD: Empee Sugars and Chemicals has withdrawn the insolvency petition it filed before the National Company Law Tribunal’s (NCLT) Hyderabad bench after its main lenders agreed to assign their outstanding loans to leading stressed loans buyer Edelweiss Assets Reconstruction Company. Empee Sugars and Chemicals earlier this month submitted before the NCLT that its secured lenders,…