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…
Is Declaring Bankruptcy In Australia The Right Decision? December 31st, 2017 – Filing for bankruptcy in Australia is often considered as the lone option for those burdened with a significant amount of debt. However, Bankruptcy Experts, a premiere, Australian-based company that has been helping people and business owners file for bankruptcy in Australia for years,…
By Liz Jones for The Mail on Sunday Published: 11:29 AEDT, 31 December 2017 | Updated: 11:44 AEDT, 31 December 2017 e-mail View comments I lost my house in January. I gave up my car. I lost my pony, my old dog Sam, a cat, a man, and Ive sold everything I own. The day…
Many companies are battling insolvency proceedings, and a lot of them will see either promoters giving up or being taken over. In June 2017, the Reserve Bank of India referred 12 accounts, identified as wilful defaulters, to the insolvency process under the Insolvency and Bankruptcy Code (IBC). Later in the year, it identified 28 more…
Experts of the National Hydro Power Corporation (NHPC) have come up with a via media solution to the Polavaram cofferdam problem raised by the Union Ministry of Water Resources. The experts, in a report to the Central government, have suggested that water could be diverted into the canals by building the main earth-cum-rock filled (ECRF)…
This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution. Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries are now among those to face NCLT proceedings for resolution of their loans. These three were recommended…
The much-awaited Insolvency & Bankruptcy Code (Amendment) Bill which will tighten norms on willful defaulters, was passed by Lok Sabha. Amendment in IBC, excludes willful defaulters and existing promoters from bidding to purchase stressed asset of companies, which are under going insolvency proceedings. Union Finance Minister Arun Jaitley during the discussion on IBC, said, “The government…
FRANKFURT (Reuters) – British Airways’ owner IAG <ICAG.L> said on Friday it would buy Niki, Air Berlin’s <AB1.DE> insolvent Austrian holiday airline, for 20 million euros ($24.01 million) and provide additional liquidity to the company of up to 16.5 million euros. The sale to IAG, which had been in exclusive talks for the airline, is…