Insolvency Guardian Media Centre
Ramdev. Photo: Pradeep Gaur/Mint
New Delhi: Baba Ramdevs Patanjali Ayurved is still interested in taking over bankruptcy-bound Ruchi Soya after the highest bidder Adani Wilmar wrote to resolution professional raising concerns over deterioration of asset quality of the edible oil firm due to delay in completion of the insolvency process.
In December 2017, Indore-based Ruchi Soya Industries entered the Corporate Insolvency Resolution Process (CIRP). Shailendra Ajmera was appointed resolution professional (RP) by the NCLT on the application of creditors Standard Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.
According to sources, Adani Wilmar, which was declared as the highest bidder in August to acquire Ruchi Soya with …
Read the full article at: https://www.livemint.com/Industry/yzGJFqRnLrWmUZaet7xVJI/Patanjali-says-still-interested-in-Ruchi-Soya-lead-bidder-A.html
Debt relief helps only a small fragment of farming community in a very limited and temporary way.
The agrarian distress has aggravated in the last few years as evinced from several recent demonstrations in various parts of the country. The plight of farmers marching hundreds of kilometres in poor conditions point out to the fact that there has been no meaningful improvement in quality of life of our large populace (around 60%), dependent on agriculture and allied activities, in the past 70 years.
The reaction to this crisis at times is a knee jerk one, such as waiver of agricultural loans, as seen in a few states recently. Its limitations are many. There is a large number of those engaged as agricultural labourers and sharecroppers who a…
Read the full article at: https://www.businesstoday.in/opinion/columns/beyond-debt-relief-what-next-for-farmers/story/303988.html
The National Company Law Appellate Tribunal (NCLAT) has ruled that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan under the Insolvency and Bankruptcy Code (IBC).
Simply put, a personal guarantor has no right to step into the shoes of a creditor against the corporate debtor (company going through IBC) in case of a resolution plan under the IBC.
This ruling came in an appeal filed by Lalit Mishra & Ors, the promoters of Sharon Bio Medicine Ltd (corporate debtor), against the February 28 order of NCLAT, Mumbai.
Subrogation refers to the substitution of one person or group by another in respect of debt or insurance claim, accompanied by the transfer of any associated rights and dut…
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/in-a-resolution-plan-under-ibc-personal-guarantors-cant-step-into-creditors-shoes/article25821235.ece
ALBANY, N.Y. (AP) Philip Sasser had a familiar, sinking feeling when he saw the yellow envelope in his mailbox. He figured it was another past-due medical bill, but it turned out to be quite the opposite.
I opened it up and it said these bills had been paid off, said Sasser, of Milton, Florida. I didnt understand. It was out of the blue.
Sasser is among the lucky recipients of a letter from RIP Medical Debt, a Rye, New York-based nonprofit that uses money from donors to eliminate crushing medical debt that threatens the financial well-being of hundreds of thousands of American families. The charity says it has erased $475 million in debt for more than 250,000 people since it was founded four years ago.
Its a random act of kindness, …
Read the full article at: https://ktiv.com/2018/12/24/secret-santas-charity-buys-and-erases-past-due-medical-debt/
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://businessghana.com/site/news/business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://www.businessghana.com/site/news/Business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
ALBANY, N.Y. (AP) – Philip Sasser had a familiar, sinking feeling when he saw the yellow envelope in his mailbox. He figured it was another past-due medical bill, but it…
Read the full article at: https://www.wnct.com/news/national/secret-santas-charity-buys-and-erases-pastdue-medical-debt/1673522865
December 24 2018
The NCLAT has passed a judgment ruling that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan.The Bench comprising JusticesMukhopadhaya and Bansi Lal Bhat was hearing an appeal filed by the promoters of Sharon Bio Medicine.
The question of liability of a personal guarantor in case of companies going under insolvency was discussed in length by the Supreme Court in the case of B.K. Educational Services. The Supreme Court verdict read along with theIBC Ordinance 2018 clarifi…
Read the full article at: https://barandbench.com/personal-guarantor-has-no-right-against-corporate-debtor-nclat/
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law.
The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses, closing and the transferring of assets of failed business.
Mr Felix Addo, the President of GARIA, made the call at its end of year cocktail reception on the theme: Towards Enhancing the Ease of Doing Business: The Journey So Far in Reforming the Companies and Insolvency Bills.
He said an effective insolvency would prevent the premature disme…
Read the full article at: https://www.businessghana.com/site/news/business/178747/GARIA-urges-Government-to-pass-corporate-insolvency-law
Companies
Monday, December 24, 2018 2:06
By VICTOR JUMA
More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default.
The firms that went into voluntary or forced administration are supermarket chain Nakumatt Holdings, liquefied petroleum gas (LPG) dealer Midland Energy, ARM Cement and fashion retailer Deacons East Africa.
They join early adopters of the insolvency law like construction firm Spencon Kenya Limited, which was placed under administration in 2017.
Administration is meant to maintain a company as a going concern besides ensuring better recover…
Read the full article at: https://www.businessdailyafrica.com/corporate/companies/Wobbly-firms-find-shelter-in-insolvency-law/4003102-4907888-o1ylj6z/index.html
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India.
It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India Ltd (GOLIL), for initiation of insolvency proceedings against ECL. The insolvency proceedings was initiated as the company refused to pay the interest amount at the rate of 18 per cent per annum on the original debt of around 85 lakh to the operational creditor.
ECL had already paid the principal sum of around 85 lakh to Gulf Oil Lubricants.
Challenging the order passed by Kolkata be…
Read the full article at: https://www.thehindubusinessline.com/companies/nclat-stays-insolvency-proceedings-against-eastern-coalfields/article25811867.ece
Following NCLTs order, Coal India moved NCLAT, challenging the order.The National Company Law Appellate Tribunal (NCLAT) on Saturday stayed an order passed by the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process against Eastern Coalfields (ECL), a subsidiary of state-run Coal India (CIL). The Kolkata bench of the NCLT on December 19 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 refused to pay the interest amount on the original debt towards goods supplied. Although ECL had already paid the principal sum of around `84.71 lakh to GOLIL, one of …
Read the full article at: https://www.financialexpress.com/industry/nclat-stays-insolvency-proceedings-against-ecl/1422376/