Mumbai: Within few months of banks initiating insolvency proceedings against a dozen large corporates, insurers have put together a customised cover to protect the professionals appointed to run these defaulting firms. The cover is aimed at ensuring that the insolvency professional (IP), who takes on the role of the firm’s CEO at the behest of…
new David Charter, Berlin A consumer group is seeking to recover 1 million from the budget airlineHAUTE-CHRISTIAN DITTRICH/DPA/AP The sale of budget airline Niki to IAG, owner of British Airways, could hit turbulence tomorrow when a Berlin court is set to decide whether to reverse its insolvency filing. IAG agreed last Friday to pay 20…
The last year saw banks take blow after blow- be it the forced recognition of bad loans or taking companies to bankruptcy courts. While the recognition part is over, resolution holds the key for realising the benefits. The Man who would bear the burden! Forget finance minister Arun Jaitley, or the Reserve Bank of India…
MUMBAI: As potential bidders queue up for buying companies under dedicated bankruptcy proceedings, insolvency professionals are roping in forensic investigators to scrutinise past transactions of customers, group companies, and financial and operational creditors. There are concerns that some of the past transactions could be fraudulent, and that the authenticity of claims by creditors may be…
New Delhi:The government is looking into the application of the amended insolvency law for medium and small enterprises, and a decision will be made based on the recommendations of a committee set up the review the law, finance minister Arun Jaitley said on Tuesday. Replying to a debate on the Insolvency and Bankruptcy Code (Amendment)…
The idiom debt hangover may not belong to the mainstream vocabulary, but among debt consultants in Canada, it has become everyday parlance. Its the term that describes a common ailment that afflicts thousands of people in this country right around this time of the year. Story continues below Common symptoms of a debt hangover include…
NEW DELHI: The liquidation value of a company undergoing insolvency proceedings will be kept confidential, a change that seeks to maximise the realisation for creditors.The Ministry of Skill Development & Entrepreneurship, which funds the sector skill councils through the National Skill Development Corporation, has told them to ensure that their industry partners provide jobs to…
Finance minister Arun Jaitley on Tuesday said the government has entered into an unchartered territory as far as bankruptcy and insolvency Code is concerned and would continue to modify the law dealing with the issue. Insolvency and bankruptcy is an area in which it is only in the recent years that we have chartered into.…
Finance Minister Arun Jaitley on Tuesday said the government has entered into an unchartered territory as far as Insolvency and Bankruptcy Code is concerned and would continue to modify the law dealing with the issue. Insolvency and bankruptcy is an area in which it is only in the recent years that we have chartered into.…
Opposition in the Rajya Sabha today asked the government to identify willful defaulters of bank loans, as Congress leader P Chidambaram said the ordinance to amend the insolvency and bankruptcy code would benefit foreign companies and entities over Indian firms. Initiating a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, the former Finance Minister,…