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The Insolvency& Bankruptcy Board of India (IBBI) is framing rules that will enable creditors to chase guarantors of defaulting companies to recover dues, sources told The Times of India.
This move is expected to help lenders tighten their grip around companies and promoters. These guidelines will be ready within a few weeks andwill help banks recover their dues in cases where the entire claims were not settled during the resolution process, the report said.
IBBI Chairman MS Sahoo confirmed this development to the paper.
According to the report, the new guidelines suggest that the government is moving ahead with personal insolvency matters, including proprietorship and partnership firms.
New Delhi: The Insolvency & Bankruptcy Board of India (IBBI) is preparing guidelines to enable creditors to recover dues from guarantors of companies if the company fails to pay its dues. According to a report in the Times of India, the insolvency regulator is expected to come out with guidelines in next few weeks that will help banks and individuals recover dues from guarantors where they have failed to have the entire claims settled during the resolution process.
The move will tighten the grip around the companies as well as their promoters, who had given personal guarantees, the daily said.
NEW DELHI: The insolvency regulator is readying rules that will enable creditors to go after guarantors of ailing companies to recover dues, a move that will tighten the grip around companies as well as their promoters who had given personal covers.
The Insolvency & Bankruptcy Board of India (IBBI) is working on guidelines that are expected to be ready in the next few weeks, sources said, adding that the idea is to help banks and individuals recover dues from guarantors where they have failed to have the entire claims settled during the resolution process, sources told TOI. When contacted, IBBI chairman M S Sahoo confirmed the development. We are working on rules and regulations to operationalise insolvency of personal guarantors in com…
Singapore has made plans to become an insolvency and restructuring hub in the region, and to that end, it passed game-changing laws last year. Lawyers analyse the impact that the new framework has had…
Exploring the differences in generations is always a hotly-contested conversation as each generation invariably tries to convince the other that they have been more hard done by.
Butthings are not always so black and white, and nowhere is this more visible than the differing money attitudes of Baby Boomers and Generation Z my parents and I.
As a casually-employeduniversity graduate of 24, I am on the cusp of entering the full-time workforce.
With it comes a salaryand a new array of financial concerns. For me it also comes with a change in investment attitude, and a more serious look at my spending habits.
In landmark life changes such as these, I usually turn to the wisdom of…
Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal.
The Kolkata bench of the National Company Law Tribunal (NCLT) has dismissed a plea filed by an operational creditor of Duncans Industries to commence insolvency proceedings against the ailing tea company of The Duncan Goenka Group.
The insolvency petition was filed under Section 9 of the Insolvency & Bankruptcy Code (IBC) by AJ Agro Chem, a Surat-based firm, against Duncans Industries as the latter was unable to pay Rs 41.55 lakh towards the supply of various pesticides and herbi…
Usually, there are three big reasons to do it. First, focusing on a single monthly debt payment is much easier than chasing due dates for a multitude of creditors. Second, you might be able to get a lower interest rate on your debt consolidation loan than you were paying on several of your smaller loans. Third, especially if you were able to get a lower rate, the monthly debt payment on your consolidated loan may be smaller than the sum of what you were paying before to your many creditors.
Vide the notification dated January 28, 2016 under Section 16E of the Tea Act, the central government had authorised the Tea Board to take over the control and management of the seven ailing tea estates of the GP Goenka-headed company in north Bengal.