MUMBAI: Lanco Infratech Ltd confirmed on Saturday that India’s central bank had directed the company’s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country’s bankruptcy laws. Lanco is among 12 companies that the Reserve Bank of India (RBI) has ordered lenders to take to bankruptcy court as it strives to…
A bill that contains changes to the governments superannuation tax reforms, including for limited recourse borrowing arrangements and transition to retirement income streams, has passed both houses of Parliament. Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 was approved by both the House of Representatives and the Senate on Thursday 15 June, and makes changes…
By: ENS Economic Bureau | New Delhi | Published:June 17, 2017 3:03 am The Insolvency and Bankruptcy Board of India (IBBI) has notified provisions to expedite the resolution process of default cases of small companies and start-ups within 90 days, according to an official statement. Currently, the Insolvency and Bankruptcy Code (IBC), under which the…
The National Company Law Tribunal (NCLT) has admitted 110 cases for corporate insolvency resolution, Insolvency and Bankrupcy Board of India’s Chairperson M.S. Sahoo said on Friday. The default amount ranges from a few lakhs of rupees to Rs 6,000 crore, he said on the sidelines of an event organised here by the Merchants’ Chamber…
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Changes support super tax reform, amend Insolvency Law Reform Act Simon Hoyle has been a finance journalist for more than 25 years a finance journalist because the football and motorsports rounds at The Age were filled when he was awarded a cadetship. He worked on BRW and Personal Investment magazines, and was part of the…
LIVERMORE After more than a years worth of controversy including accusations of fiscal mismanagement, charging tuition to foreign exchange students and child cruelty charges two Livermore charter schools are set to close. The Tri-Valley Learning Corporation board, which managed the charters, directed its attorney on Tuesday to file for Chapter 7 bankruptcy, or a liquidation…
Putting a mechanism in place for ‘the ease of exiting business’ in India, the Ministry of Corporate Affairs today said in Parliament it has laid the ground rules for winding up business for failed ventures, sparing the stakeholders years of mounting losses because of depreciation of assets and a litany of labour disputes. The Insolvency…
The Insolvency and Bankruptcy Board of India (IBBI) on Friday notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The board announced the regulations in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code,…
The government on Friday notified provisions for fast-track resolution of insolvency proceedings. Under this code, insolvency proceedings will be completed in 90 days. The adjudicating authority, which is the National Company Law Tribunal (NCLT), may extend the period of 90 days by a further period of up to 45 days…