Finance Minister Arun Jaitley on Tuesday said the government has entered into an unchartered territory as far as Insolvency and Bankruptcy Code is concerned and would continue to modify the law dealing with the issue. Insolvency and bankruptcy is an area in which it is only in the recent years that we have chartered into.…
Opposition in the Rajya Sabha today asked the government to identify willful defaulters of bank loans, as Congress leader P Chidambaram said the ordinance to amend the insolvency and bankruptcy code would benefit foreign companies and entities over Indian firms. Initiating a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, the former Finance Minister,…
New Delhi, Jan 2 Opposition in the Rajya Sabha today asked the government to identify willful defaulters of bank loans, as Congress leader P Chidambaram said the ordinance to amend the insolvency and bankruptcy code would benefit foreign companies and entities over Indian firms. Initiating a debate on the Insolvency and Bankruptcy Code (Amendment) Bill,…
Liz Jones, the high profile Mail on Sunday columnist, has revealed that she is bankrupt. In her column published on New Years Eve in the Mail on Sunday, Jones, dubbed the countess of confessional journalism said she was declared bankrupt in May 2017. She said: I lost my house in January. I gave up my…
A bunch of stressed Indian stocks are getting a lot of investor love. A Bloomberg index of 11 indebted companies that are in bankruptcy court surged 31 percent in December on speculation that the new insolvency law will push the firms founders and lenders to find quick solutions. In comparison, the broader S&P BSE500 gained 3.5…
With the government taking a considerate stance while amending the IBC law, there seems to be enough leeway for prudent promoters to be able to bid for their company’s assets. The amends allow a defaulter or existing promoter to become eligible for the resolution plan by making their bad loans operational. The Insolvency and…
State Bank of India is set to initiate insolvency proceedings Videocon Industries. Photo: Pradeep Gaur/Mint Mumbai: Mint brings to you your daily dose of top deals reported by newsrooms across the country. ITC, JK Paper among potential suitors for Sirpur Paper Mills Telangana-based Sirpur Paper Mills Ltd, which is in the middle of insolvency proceedings…
MUMBAI: State Bank of India is set to initiate insolvency proceedings against at least a dozen defaulting companies including Videocon Industries after failing to recast their loans by the December deadline. The country’s largest bank in terms of assets will refer Videocon Industries, Visa Steel, Monnet Power, Uttam Steel, Essar Projects, Videocon Telecom, Jaiswal Neco…
Government abandons inquiry into multimillion-pound fee scam James Hurley, Enterprise Editor Jeremy Priestley, P&As controlling partner, strenuously denies there was any wrongdoing at the company, which went bust two years agoSWNS The Department for Business, Energy and Industrial Strategy has dropped a criminal investigation into a firm of insolvency practitioners accused of a multimillion-pound fee fraud.…
Mumbai: Banks will continue to make heavy provisions towards doubtful loans for the fourth quarter with lenders initiating insolvency proceedings against two dozen of the 28 large defaulters referred to them by the Reserve Bank of India (RBI). The central bank’s norms require that if insolvency proceedings are started against a borrower, banks will have…