Insolvency Guardian Media Centre
Four days after Indias biggest lender rushed to sell its outstanding advances to Essar Steel, New Delhi appears to be stepping in to help expedite the resolution of top 12 default cases that make up about a fourth of the countrys bad-loan pile.
The government has called a meeting on Monday with the resolution professionals and lenders of the dozen cases, three people familiar with the matter told ET. Timelines have already run beyond what is permitted by law in many cases. Three lenders from each of the dozen cases are expected to attend the meeting.
Injeti Srinivas, Secretary, Ministry of Corporate Affairs, and M S Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI), will take stock of the situation on the technical imped…
Read the full article at: https://economictimes.indiatimes.com/industry/banking/finance/banking/government-stepping-in-to-help-expedite-the-resolution-of-top-defaulters/articleshow/67614487.cms
Increase in conversion of NPAs into standard accounts and decline in new accounts falling in NPA category show a definite improvement in the lending and borrowing behaviour.
New Delhi: The Congress left behind the legacy of an anachronic system of resolving commercial insolvency. The Companies Act had a provision of winding up a company if it is unable to pay its debt. Additionally, the Congress Government had enacted the SICA in the decade of 1980s for rehabilitation of sick companies. This applied to companies whose net worth has become negative. The law proved to be an utter failure. Law carried out rehabilitation, several sick companies got a protective iron curtain against creditors. The Debt Recovery Tribunal was created t…
Read the full article at: https://theprint.in/economy/insolvency-and-bankruptcy-code-nclt-have-improved-buying-lending-since-congress-era/172586/
newsletters, editors-pick-list,
NATHAN Tinkler says that while his time as the Hunters best known coal baron may not have gone to plan, he is not regretful of his tenure owning the regions two major sporting flagships. Speaking to yourmoney.com.au, Tinkler denied any wrongdoing in the appalling event of ICACs Operation Spicer hearings and said the Knights had reverted to being funded by Newcastles pokies players. He also maintained he had acted ethically throughout his career. Im not like a lot of other coal people. Im not in the Panama Papers and I dont hide things overseas, he told yourmoney.com.au. Im a country boy that had a knack for coal. Im not an accountant or a lawyer so hiding things to my detriment hasnt been my forte. Its t…
Read the full article at: https://www.theherald.com.au/story/5859526/nathan-tinkler-talks-knights-regrets-and-the-jets-in-new-interview/
This story is a collaboration between ProPublica Illinois and WBEZ Chicago, co-published with the Chicago Sun-Times.
The machines, which legislators said would generate billions of dollars in revenue for the cash-strapped state, are spread out over 6,800 establishments, dotting highways and towns from Winnebago County in the north to Alexander County in the south. Step outside the borders of Chicago, where video gambling remains illegal, and you will see feather flags, billboards and neon signs advertising video slots and poker in bars and restaurants, truck stops and storefront gambling parlors.
Illinois now has more locations to legally place a bet than Nevada.
But the meteoric rise of video gambling has proven to be little mo…
Read the full article at: https://www.pjstar.com/news/20190119/how-illinois-bet-on-video-gambling-and-lost
-
FILE- This Jan. 8, 2015, file photo shows a row of chairs with the “Pitt” logo, for the University of Pittsburgh before…Read the full article at: https://www.timesunion.com/business/article/3-colleges-that-help-with-student-debt-13547048.php
Legalizing video poker and slots was supposed to generate billions of dollars for the state. A decade later, that hasnt happened. Now, legislators want to double down on gambling.
Nearly a decade ago, Illinois lawmakers legalized video gambling. Today, more than 30,000 video slot and poker machines operate outside casinos here, more than any other state in the country.
The machines, which legislators said would generate billions of dollars in revenue for the cash-strapped state, are spread out over 6,800 establishments, dotting highways and towns from Winnebago County in the north to Alexander County in the south. Step outside the borders of Chicago, where video gambling remains illegal, and you will see feather flags, billboar…
Read the full article at: https://www.sj-r.com/news/20190119/how-illinois-bet-on-video-gambling-and-lost
YAKIMA, Wash. — The big buzz among Yakima Valley shoppers is Shopkos decision to close one of its Yakima-area stores.
A liquidation sale for the store at 5801 Summitview Ave. started last week. The store is expected to close in early April. The company earlier said it had no information on whether the Shopko store in Union Gap and a Shopko Hometown store in Prosser would also close.
It turns out that the closure of the Yakima store along with nearly 40 others nationwide was part of the retailers restructuring effort. Shopko, based in Green Bay, Wis., announced Wednesday that it has filed for Chapter 11 bankruptcy with the U.S. Bankruptcy Cou…
Read the full article at: https://www.yakimaherald.com/news/business/the-current-closure-part-of-a-national-restructuring-by-shopko/article_ac2e2670-1b51-11e9-a507-4f475fa8e6d3.html
LOS ANGELES-LONG BEACH, Calif., Jan. 19, 2019 /PRNewswire-PRWeb/ — There are a number of financial steps people can make at the start of the year and National Debt Relief shares some of them. The article titled “6 Smart Financial Steps You Absolutely Need to Take This Year” released January 7, 2019, gives consumers some insights on specific money moves they can make to improve their finances for the year.
The article starts off by highlighting the fact that there are a number of smart financial moves consumers can make to help prepare them for the year. The objective is that these decisions will impact peoples finances for the whole year. This will help them reach their long term goals faster and strengthen their finances as …
Read the full article at: https://markets.businessinsider.com/news/stocks/financial-steps-people-need-to-make-this-new-year-shared-by-national-debt-relief-1027880749
The National Company Law Appellate Tribunal (NCLAT) has said that the National Company Law Tribunal (NCLT) should not hear any third party other than the applicant who has taken a company to the NCLT and the company which is the corporate debtor itself.
We may observe that except the applicant (financial creditor) and the corporate debtor, there is no requirement of hearing a third party including intervenor at the stage of admission, the NCLAT said. IDBI Bank had moved NCLAT against the repeated adjournments in NCLT Kolkata during the corporate insolvency resolution case filed by it against Odisha Slurry Pipeline Infrastructure Limited.
In its order, NCLAT has also asked NCLT Kolkat…Read the full article at: https://www.business-standard.com/article/companies/no-need-to-hear-third-party-during-insolvency-admission-nclat-tells-nclt-119011900618_1.html
With the deadline of Brexit coming closer, QBE Insurance Group Limited (ASX: QBE) is looking well prepared to handle it with the recently received approval from UKs High Court for its post-Brexit restructuring plans in the UK. With the Courts approval, the company has completed its Part VII Transfer under which the QBE groups European division was undertaken through a legal process, which was subject to the Courts approval.
In June 2017, QBE Insurance Group had first announced its plan to establish a new subsidiary in Belgium, so that it could continue its operations across the European Economic Area. By establishing a new subsidiary in Belgium, the insurance group expects to continue its services to European policyholders irrespective of…
Read the full article at: https://kalkinemedia.com/2019/01/18/qbe-moving-ahead-with-its-restructuring-plans-after-getting-uk-high-courts-approval/
In an unprecedented move, Malaysian court allowed Wynn Macau to collect its dues from a gamblerA Malaysian court sided on Friday with Wynn Macau in a multi-million-dollar lawsuit against a fund manager who had gambled at the Macau-based casino and had owed it millions of dollars, Reuters reported citing Wynns lawyer.
In an unprecedented ruling, Judge S. Nantha Balan said yesterday that fund manager Paul Poh Yang Hong will have to pay Wynn Macau HK$33 million (approx. $4.21 million) in an outstanding debt to the gambling venue plus interest as a result from his failure to pay his due on time.
Wynn filed a lawsuit against Mr. Poh in 2017. The casino claimed that its gambler had owed it HK$33 million before suing him. The fund mana…
Read the full article at: https://www.casinonewsdaily.com/2019/01/19/wynn-macau-wins-gambling-debt-lawsuit-against-malaysian-gambler/
Jan 19, 2019-
Tanahu Hydropower Limited has given a contract commencement date to the two companies hired for the execution of the 140MW Tanahu Hydropower Project.
The project developer, a subsidiary of the state-owned Nepal Electricity Authority, on Wednesday directed CMC Ravenna of Italy and Sinohydro Corporation of China to mobilise workers for the project within 28 days.
Despite issuing the commencement date, Tanahu Hydropower Limited (THL) is doubtful if the construction of the storage project will begin on the time as CMC Ravena, the Italian contractor has landed into a liquidity problem.
After THL signed the contract with the Italian and Chinese firms back in October to execute two packages of the hydropower project, the Italian c…
Read the full article at: http://kathmandupost.ekantipur.com/news/2019-01-19/tanahu-hydro-asks-firms-to-start-work.html
In an unprecedented move, Malaysian court allowed Wynn Macau to collect its dues from a gambler