NEW DELHI: Less than a year after it kicked in, the government on Thursday appointed a committee headed by corporate affairs secretary I Srinivas to review the Insolvency & Bankruptcy Code (IBC) to address concerns and remove glitches. The 14-member committee which includes Insolvency & Bankruptcy Board of India (IBBI) chairman MS Sahoo, representatives from…
FORTUNE is firmly on the up for Kerry Katona who took to Instagram to flog pricey £3,000 beds just months after she joked about being bankrupt. The Atomic Kitten singer has put her creative talents to good use to design a range of the plush circular home furnishings for retailer Monrose Interiors. Her latest collection…
Housing Development and Infrastructure (HDIL) share price rallied 5.2 percent intraday Friday after part payment made by the company to Andhra Bank. Andhra Bank has withdrawn its insolvency application from the National Company Law Tribunal (NCLT) against HDIL as the realty firm has decided to settle outstanding dues. “The company has proceeded for settlement of…
The Insolvency and Bankruptcy Board of India (IBBI) has opined that sector-specific amendment cannot be done to the Insolvency and Bankruptcy Code (IBC), said government sources. They also ruled out any new provisions to protect homebuyers of real estate firms such as Jaypee Infratech and Amrapali Silicon City project. The housing ministry had recommended amendments…
This is seen as the main reason for a sharp fall in the number of official personal insolvency settlements being approved. The banks have been accused of a “culture of contempt” for their customers because they are using legal loopholes to block debt settlement deals. The latest figures show the number of personal insolvency arrangements…
MUMBAI: The National Company Law Tribunals Mumbai Chapter may be dealing with the highest number of bankruptcy cases in India, but New Delhi has the highest number of insolvency professionals. The Insolvency and Bankruptcy Board of India (IBBI) has registered 263 chartered/cost accountants or company secretaries from Delhi as insolvency professionals (IPs), who are eligible…
The implementation of the Insolvency and Bankruptcy Code has been one of the most important reforms in recent years. Illustration: Jayachandran/Mint The Indian banking system is struggling with a deluge of bad debt. At the end of the last financial year, total stressed assetsincluding non-performing and restructured assetswere estimated to be at over 12% of…
The Insolvency Service of Ireland will meet the countrys banks next month to ask why there has been a sharp increase in objections to personal insolvency arrangements involving mortgage debt write-downs. Lorcan OConnor, the director of the insolvency service, has called the meetings with mortgage providers as new figures show the number of arrangements –…
Reuters By Una Galani (The author is a Reuters Breakingviews columnist.) MUMBAI, Nov 14 (Reuters Breakingviews) – Anil Ambani’s Reliance Communications may yet offer comfort to creditors – though not necessarily its own. The tycoon’s Mumbai-listed telecom group missed a payment on a $300 million U.S. dollar bond due in 2020. Offshore bondholders…
MUMBAI: Debt-laden company Electrosteel Steels, that is undergoing insolvency resolution, reported a quarterly increase in losses for the quarter ending September, which is when the company started the resolution process with a court-appointed resolution practitioner. Losses at the company widened by 22% to Rs 29,666 crore from Rs 24,219 crore in the quarter ending June.…