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…
Empty Niki check-in counters are seen at Vienna International Airport in Schwechat Thomson Reuters FRANKFURT (Reuters) – British Airways’ owner IAG said on Friday it would buy Niki, Air Berlin’s 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…
After a few weeks of public turbulence with its board threatening with a total shutdown of operations, the troubled SEKAP tobacco company received a short stay in debt collection by a Greek court. The company was granted a temporary stay in collection measures until January 17, after a decision taken in the administrative court of…
In the event that the debt becomes significant, the bank or financial institution may bring Court proceedings against you to recover the debt. The bank normally brings two types of proceedings: 1) Debt Claim 2) Possession The former is where banks seek to recover the amount due to them and the latter is where they…
BusinessToday.in New Delhi Last Updated: December 29, 2017 | 18:37 IST The Lok Sabha approved the Insolvency and Bankruptcy (Amendments) Bill, 2017 on Friday that bars wilful defaulters and promoters from bidding for companies awaiting insolvency resolution. This is to plug the loopholes in the resolution process and by being selective about who can participate in it. Tabled…
Nagpur: The Insolvency and Bankruptcy Board of India (IBBI) will be soon coming up with figures of total defaults by companies. This will include claims put up by creditors who have not initiated proceedings against an entity at the National Company Law Tribunal (NCLT). This could take the figure beyond the Rs1.30 lakh crore of…
According to a source close to the development, Edelweiss has already submitted its expression of interest and would be presenting a resolution plan in the coming days. The last date for Monnet Ispat will be extended as lenders are not happy with JSW Steels offer. Monnet Ispat plans to file an application for…
By: ENS Economic Bureau | New Delhi | Published: December 29, 2017 5:27 am The Bill allows asset reconstruction companies, banks and alternative investment funds registered with the Securities and Exchange Board of India. (Express photo by Ravi Kanojia) Related News Defaulting promoters who had submitted resolution plans for insolvent companies before an Ordinance in…