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…
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)…