MUMBAI: State Bank of India chairman Rajnish Kumar has said that there are many new buyers interested in taking over defaulted companies and the value of these businesses will not dip if promoters are prevented from bidding for them. The SBI chairman’s statement comes after the government amended the Insolvency and Bankruptcy Code to bar…
NEW DELHI: Wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets under the insolvency law, with the President giving his assent to an ordinance to amend the bankruptcy code. “The President of India has given his assent today to the Ordinance to amend the Insolvency and…
President Ram Nath Kovind on Thursday gave assent to the government’s 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,…
NEW DELHI: The government on Wednesday recommended an ordinance to significantly tighten the norms to bar promoters of companies facing insolvency proceedings from bidding for the ailing entities, in a move that will shut out several business families from vying with competitors and overseas funds. Apart from seeking to ban bidding by wilful defaulters, the…
The Cabinet on Wednesday approved changes to the Insolvency and Bankruptcy Code (IBC), and sent it to the President for his approval. Once approved, the ordinance will be placed before Parliament in the winter session. Finance minister Arun Jaitley did not divulge details about the changes being made to the code, since the Presidents approval…
ENGLANDS players have opted against giving a portion of their match fee to their Samoan counterparts ahead of their clash at Twickenham. Anthony Watson revealed that the possibility of donating part of the $45,000 they are paid for each Test, as recently suggested by prop forward Mako Vunipola, would be discussed this week. Samoas union,…
ENGLANDS players have opted against giving a portion of their match fee to their Samoan counterparts ahead of their clash at Twickenham. Anthony Watson revealed that the possibility of donating part of the $45,000 they are paid for each Test, as recently suggested by prop forward Mako Vunipola, would be discussed this week. Samoas union,…
Written by Sunny Verma | New Delhi | Published: November 23, 2017 5:12 am Ravi Shankar Prasad, Arun Jaitley on Wednesday. (Express Photo/Anil Sharma) 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…
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…
Jaypee Infratech has defaulted on Rs526.11 crore of loans outstanding to IDBI Bank. Photo: Ramesh Pathania/Mint New Delhi: The Supreme Court on Wednesday restrained the independent directors and promoters of Jaiprakash Associates Ltd (parent company of Jaypee Infratech) and their family members from transferring any personal assets or property without the courts permission in order…