Insolvency code being changed to stop wilful defaulters from bidding for stressed assets – The Indian Express

Written by Sunny Verma | Updated: November 22, 2017 9:06 pm Arun Jaitley Related News The Union Cabinet approved the promulgation of an ordinance Wednesday to amend the Insolvency and Bankruptcy Code (IBC) to streamline the stressed-assets resolution process and effectively bar wilful defaulters from bidding for companies being put up for sale under the…

Fianna Fáil introduce legislation that will allow borrowers to appeal a bank’s veto – Irish Examiner

Michael McGrath, Fianna Fáil’s finance spokesperson, has introduced legislation that will give borrowers the right to appeal a banks veto over a Personal Insolvency Arrangement. Fianna Fáils Personal Insolvency (Amendment) Bill 2017 has been drafted in response to a September decision from the Circuit Court that decided that the borrower has no such legal authority.…

Centre to come out with ordinance to tighten insolvency law – Times of India

NEW DELHI: The government will soon promulgate an ordinance to amend the Insolvency and Bankruptcy Code, aimed at tightening the current framework amid rising number of insolvency cases. The Cabinet on Wednesday approved bringing in an ordinance to make “some changes” in the Code, Corporate Affairs Minister Arun Jaitley said. The Code, which became operational…

SC asks Jaypee to deposit Rs 275 crore by December 31; freezes assets of 13 Jaypee directors, promoters – Business Today

Trouble seems to be brewing for debt-ridden Jaiprakash Associates Limited as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of Rs…

Govt to bring in ordinance for changes in insolvency law, says Arun Jaitley – Firstpost

New Delhi: The government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said on Wednesday. The Code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the corporate affairs ministry. File…

Govt to bring in ordinance for making changes in insolvency law – Hindu Business Line

New Delhi, Nov 22:   The Government will come out with an ordinance to make certain amendments to the Insolvency and Bankruptcy Code, Corporate Affairs Minister Arun Jaitley said today. The code, which became operational in December last year, provides for a market-determined and time-bound insolvency resolution process. It is implemented by the Corporate Affairs Ministry.…

SC freezes properties of 13 Jaiprakash Associate directors, promoters; firm asked to deposit Rs 275 crore by … – Business Today

Trouble seems to be brewing for debt-ridden Jaiprakash Associate Limited (JAL) as the Supreme Court on Wednesday ordered the company to payback all dues to homebuyers and warned its directors and promoters from alienating their properties as well as the assets of their family members. The real estate firm, however, deposited a demand draft of…

Ban for dry lining boss who failed to declare £1.9m to HMRC – Construction Enquirer

Following an investigation by the Insolvency Service, the Secretary of State for Business, Energy, & Industrial Strategy accepted a disqualification undertaking from Juris Vezenkovs for seven years, effective from this month. Vezenkovs was a director of McDouglas Developments Limited who failed to ensure that the receipts were declared on the companys VAT Returns which resulted…