by Letters editor Subcontractors need wage protection Almost on cue, another prominent builder goes bust a week before the Easter break, leaving hundreds of unsuspecting subcontractors owed millions and with little or no prospect of recovering even a small proportion of the monies owed to them (“Just the beginning: more builders face collapse, subbies say”,…
Sebis proposals will plug several of the disclosure gaps that exist in the current insolvency process pertaining to listed companies. Photo: Abhijit Bhatlekar/Mint The lot of minority shareholders of companies undergoing insolvency proceedings is a sorry one. The popular narrative might be one where the promoters (who are also the management) have mismanaged affairs or…
A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies. Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from bidding for a company. …
JSW Steel Ltd. has acquired a 26 percent stake in the India arm of Numetal Mauritius to facilitate its joint bid for Essar Steel Ltd., currently undergoing insolvency resolution. While the Mauritius-based holding company is the resolution applicant for Essar Steel, the resolution plan will be implemented through the India entity Nu Metal & Steel…
The 14-member Insolvency Law Reforms Committee, which was established in December, 2017 has come out with a 106-page report recommending amendments to the Insolvency and Bankruptcy Code, 2016 (IBC). The Committee was chaired by Ministry of Corporate Affairs (MCA) Chairman, Injeti Srinivas with members from the legal fraternity as well, including Shardul Shroff of Shardul Amarchand…
New Delhi: Are the Narendra Modi governments attempts at cleaning up Indias bad loans crisis specifically the new bankruptcy law for the resolution of unpaid bank loans by companies being gamed by promoters who might be using these new mechanisms to escape their repayment obligations? Consider the case of Educomp Solutions (ESL), which was once…
News Jessica Fino 3 Apr 2018 12:16pm PwC said it would be vigorously defending itself from a $3bn (£2.1bn) lawsuit filed by the Ukrainian bank Privatbank … Read the full article at: https://economia.icaew.com/en/news/april-2018/pwc-to-fight-privatbank-3bn-lawsuit
BELGRADE (Serbia), April 3 (SeeNews) – Serbia’s government plans to sign a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($697,000/565,000 euro), Serbian prime minister Ana Brnabic has said. The contract will be signed in the coming three days and the acquisition of…
HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose. This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar…
Utility FirstEnergy has taken the long-threatened step of filing for bankruptcy protection for its competitive power generation subsidiaries. It’s the latest development for a coal and nuclear power fleet that has become a focus of the Trump administrations efforts to shift energy policies to favor fossil-fired electricity. Saturdays filing with the U.S. Bankruptcy Court for…