Insolvency Guardian Media Centre
Challenges of a liquidator include wading through complicated land ownership patterns of the corporate debtor. Photo: Bloomberg
When Santanu T. Ray, a resolution professional, learnt that Conros Steel Pvt. Ltd will have to be liquidated, the first thing he did was to approach the committee of creditors (CoC) and requested all lenders to relinquish control over the companys assets, pledged as collateral for loans.
This control, or charge, as it is commonly called, is the lenders right to sell the underlying asset, if the borrower fails to repay the loan. The requirement to get lenders to sign a letter and give up their claim is just one of the several problems being faced by liquidators appointed under the Insolvency and Bankruptcy Code (IB…
Read the full article at: https://www.livemint.com/Companies/yVhg4tc7HKIr8e2njiqN4K/Liquidation-under-insolvency-and-bankruptcy-code-a-long-and.html
Helping UAE residents resolve their debt issues has been the mission of The Debt Panel from its launch in April 2016.
Our experts have offered financial advice to more than 130 debtors, to help those struggling with chronic liabilities find a way out of their financial mess.
But what happens after the advice is delivered? We meet four of the people who turned to our panel this year to find out how their situation has moved on:
Case one: Single mother of four is hounded by debt collectors over Dh43,000
Sumera Hasan, a single mother of four, from Pakistan, wrote to The National in May because she was receiving up to 10 calls a day from collection agents over a Dh43,000 liabil…
Read the full article at: https://www.thenational.ae/business/money/how-our-debt-panel-helped-make-a-difference-to-lives-1.802343
Updated List of Creditors of SRS Limited displayed under Regulation 13(2)(c) of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 pursuant to Regulation 30 read with Clause 16(e) of Para A of Part A of Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Pdf Link:
SRS LTD. – Corporate Insolvency Resolution Process (CIRP)-List of Creditors
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/srs-ltd-corporate-insolvency-resolution-process-cirp-list-of-creditors/article25832101.ece
SINGAPORE (Reuters) – Noble Group (NOBG.SI), the once mighty commodity trader, on Thursday completed its drawn out $3.5 billion debt restructuring to emerge as a smaller, unlisted Asia-focused coal-trading business.
FILE PHOTO: Photo of Noble Group logo at investor event from August 2015
The completed restructuring effectively closes the saga of Nobles collapse from Asias biggest commodity trader with a market value of over $6 billion to less than $80 million that began in February 2015 when its accounting practices were questioned by Iceberg Research.
To bolster itself, Noble sold billions of dollars of assets, took hefty writedowns and cut hundreds of jobs, while defending its accounting.
The completion of the companys restructuring all…
Read the full article at: https://www.reuters.com/article/us-noble-group-debt/noble-group-completes-3-5-billion-restructuring-to-emerge-as-smaller-unlisted-firm-idUSKCN1OJ07R
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Read the full article at: https://www.wwlp.com/news/local-news/charity-buys-and-erases-past-due-medical-debt-to-help-families-during-holiday-season/1674393418
In 2018, over Rs 80,000 crore was recovered from various corporate debtors. Photo:istock
New Delhi: Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than Rs 80,000 crore in the year passing-by and the kitty is expected to swell beyond Rs 1 lakh crore in 2019 with several big-ticket default cases pending.
Plans are afoot to further strengthen the National Company Law Tribunal (NCLT) by increasing number of judges and benches and provide adequate infrastructure to fast-track the process, according to government officials.
The new year will not only test the mettle of the Insolvency and Bankruptcy Code (IBC), but also of the NCLT and its appellate …
Read the full article at: https://www.livemint.com/Companies/HivcqyYSmVjf6hZDIvY2KM/NCLT-helps-recover-Rs-80k-crore-in-2018-Kitty-may-cross-Rs.html
Tasked with a key job of helping recover unpaid corporate loans, the NCLT has helped resolve insolvency and bankruptcy proceedings involving more than Rs 80,000 crore in the year passing-by and the kitty is expected to swell beyond Rs 1 lakh crore in 2019 with several big-ticket default cases pending.
Plans are afoot to further strengthen the National Company Law Tribunal (NCLT) by increasing number of judges and benches and provide adequate infrastructure to fast-track the process, according to government officials.
The new year will not only test the mettle of the Insolvency and Bankruptcy Code (IBC), but also of the NCLT and its appellate body NCLAT, as several high-profile cases need to be resolved — Essar Steel (involving over Rs 80,…
Read the full article at: https://www.businesstoday.in/current/corporate/nclt-helps-recover-rs-80k-cr-in-2018-kitty-may-cross-rs-1-lakh-cr-in-2019/story/304122.html
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