Insolvency Guardian Media Centre
MUMBAI -Failure to repay home loans might drag future defaulters to dedicated bankruptcy courts as New Delhi is seeking to put in place a broad framework on individual insolvency two years after it revamped such laws for stressed companies.
Three sets of entities will fall under the individual insolvency code. They would include the personal guarantor to corporate debtors, proprietary firms and other individual borrowers, M S Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI), said Friday.
The work is progressing, but I cannot comment on any timelines, said Sahoo.
According to a market source ET spoke with, the insolvency rules to recover bad loans from individuals could only come after the impending general elections…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/individual-insolvency-code-may-soon-be-a-reality/articleshow/68015306.cms
With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP).
Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or seeking other roles in the value chain, in the country and in foreign jurisdictions.
An insolvency professional is a key institution of the insolvency regime. The graduates of the GIP will add immense value to the insolvency ecosystem and contribute to its further development, IBBI chairperson M S Sahoo said.
IICA is established by the ministry of corporate affairs as a think tank that supports initiatives of the Ministry on all matters relating …
Read the full article at: https://www.thehindubusinessline.com/news/education/iica-launches-two-year-graduate-insolvency-programme/article26281642.ece
Notice of 16th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the subject cited above, I would like to bring to your kind notice that the 16th Meeting of the Committee of Creditors (COC) of the Company is scheduled to be held on Saturday, 16th February, 2019, at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article26280833.ece
The Insolvency and Bankruptcy Code 2016(IBC) will prevail over the Prevention of Money Laundering Act 2002(PMLA), and hence no attachment can be ordered under PMLA against the assets of corporate debtor undergoing insolvency process.
This was held by the National Company Law Tribunal, Mumbai bench, allowing an application moved by Resolution Professional of Sterling SEZ and Infrastructure Ltd, against which an application under Section 7 of IBC was admitted.
The Enforcement Directorate(ED) had initiated proceedings under the PMLA against Sterling on allegations of money laundering worth Rs 4274 crores. A provisional order of attachment was passed against some of the assets of Sterling by the Adjudicating Authority under the PMLA on May 29,…
Read the full article at: https://www.livelaw.in/news-updates/ibc-overrides-pmla-no-attachment-possible-under-pmla-during-insolvency-process-nclt-read-order-142930
The Indian Institute of Corporate Affairs (IICA) has launched the Graduate Insolvency Programme (GIP) for individuals aspiring to join the insolvency profession in India andabroad.
This is among the first such courses in the world for professionals dealing with insolvent companies and helping them achieve debt resolution.
Approved by the Insolvency and Bankruptcy Board of India (IBBI) and curated by a group comprising economists, insolvency, financial and legal experts, the GIP aims to create trained professionals in the insolvency resolution practice for the near future.
The two-year programme comprises of one year of residential classroom and another year of internship.
M S Sahoo, Chairperson,IBBIsaid, “An insolvency pro…
Read the full article at: https://www.moneycontrol.com/news/business/iica-launches-graduate-programme-for-insolvency-professionals-3543591.html
JOHANNESBURG Under CEO Sipho Maseko over the last six years, Telkom has transformed itself into a very good telecoms business that has shifted its view firmly to the future of data. A few years ago, the company embarked on a restructuring drive that also entailed trimming down its workforce. When Telkom spun-off its wholesale and network services arm Openserve in 2015, this marked another milestone for the company as it played its part in opening up the fixed-lined data market in the country. Added to this, the Telkom share price under Maseko has been on a continuous rise. And Telkoms balance sheet is so solid now that it is eyeing possibly snapping up a mobile network in South Africa. Maseko has achieved all of this with the govern…
Read the full article at: https://www.biznews.com/tech/2019/02/15/telkom-shows-restructuring-can-work
In a landmark judgement, the Mumbai bench of National Company Law Tribunal (NCLT) has nullified the attachment notice served by the Enforcement Directorate on Baroda-based Sterling Biotech Ltd (SBL), saying that the NCLT gives speedier justice and that a new legislation Insolvency and Bankruptcy Code 2016 precedes over the existing legislation.
Enforcement Directorate had attached 31 acres of land owned by Sterling Biotech after banks declared the Rs 8,100 crore loans extended to the promoters as fraud. Subsequently, the promoters left the country under suspicious circumstances. NCLT has ordered the release of this land from the ED to the resolution professional to be resolved under the IBC 2016.
“All the properties which were atta…
Read the full article at: https://www.dnaindia.com/business/report-insolvency-code-supersedes-pmla-in-bankruptcy-process-2720181
The NCLTs Kolkata bench on December 19, 2018, admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner allegedly refused to pay the interest amount on the original debt towards goods supplied.The National Company Law Appellate Tribunal (NCLAT) has set aside an order by the Kolkata bench of the National Company Law Tribunal which allowed initiation of insolvency proceedings against Eastern Coalfields (ECL), a subsidiary of Indias largest miner Coal India.
Earlier, the NCLAT had stayed the order passed by the tribunal to initiate the corporate insolvency resolution process against ECL after the state-run …
Read the full article at: https://www.financialexpress.com/industry/relief-to-coal-india-nclat-sets-aside-nclts-insolvency-order-against-ecl/1488149/
An investigation into collapsed app-development darling Appster has revealed serious concerns about the companys financials, operation and management, with former clients and employees labelling its work dross and its founders devious.
Appster was one of Australias premier app-development companies and a poster child of the Australian startup scene, headed up by young founders Mark McDonald and Josiah Humphrey.
Founded in 2011 by the then 19-year-old founders, the company was revered as the epitome of what a 21st-century startup should be: fast growing, scrappy and bootstrapped from $3,000 by two 20-somethings who decided to just have a crack.
Humphrey and McDonald found themselves on the AFR Young Rich List in 2015, valued at a combi…
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/appster-collapse-riches-to-ruin/
There has always been a tension between protecting the interests of defined benefit pension schemes and insolvency given on the one hand The Pensions Regulator (TPR) seeks to protect the interests of pension scheme members and the Pension Protection Fund and on the other, the insolvency regime seeks to protect the interests of creditors as a whole.
We published an article in July 2018 reporting on a consultation paper issued by The Department for Work and Pensions. In that, we highlighted our concerns about proposed changes to the notifiable events framework and the impact that increasing TPRs powers might have on the insolvenc…
Read the full article at: https://www.natlawreview.com/article/pensions-versus-insolvency-changes-to-pension-regulator-s-powers
In 2012, Dutch entrepreneur Bas Lansdorp launched the worlds first private and crowdsourced-effort to create a permanent outpost on Mars. Known as Mars One, this organization was the focus of a lot of press since its inception, some of it good, most of it bad. While there were many who called the organizations plan a suicide mission or a scam, others invested their time, energy, and expertise to help make it happen.
In addition, thousands of volunteers signed on for the adventure, willing to risk life and limb to become part of the first one-way trip to the Red Planet. Unfortunately, we may never get to know if Bas Lansdorps plan for colonizing Mars was feasible or even sincere. According to a recent declaration by a Swiss Court, Mars O…
Read the full article at: https://www.universetoday.com/141499/mars-one-the-plan-to-make-a-reality-show-on-mars-is-bankrupt/
Cleaning Up on ITV concluded last night on ITV. For the past six weeks, viewers have been following the story of working-class single-mother Sam (played by Sheridan Smith) who suffered from a gambling addiction. Not only that, Sam got herself into illegal waters by participating in insider trading. So how did the series come to an end? Heres everything you need to know.
How did Cleaning up end?
Cleaning Up, the final episode aired last night (Wednesday, February 13) on ITV.
Dont worry, if you happened to miss the episode or Cleaning Up entirely, it is available to stream via the ITV Hub now.
Thankfully, Cleaning Up was a happy ending for Sam after all.
Throughout the series, Sam constantly found herself in a huge financial mess, gambling away…
Read the full article at: https://www.express.co.uk/showbiz/tv-radio/1087320/Cleaning-Up-on-ITV-finale-recap-ending-explained-episode-6-how-did-Cleaning-Up-end