The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate …
Read the full article at: https://www.ndtv.com/business/budget-2018-this-is-the-worth-of-claims-under-insolvency-proceedings-1806032
Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the prebudget Economic Survey said today.
The Economic Survey 201718, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law. Of these, Era Infra Engineering has not yet been admitted to …
Read the full article at: http://www.thehindubusinessline.com/economy/economic-survey-claims-worth-rs-313-lakh-cr-under-insolvency-proceedings/article22552841.ece
Many people will have hit the shops or gone online to bag a bargain in the January sales over the last few weeks and may now be feeling the pinch until their next payday. It is an annual tradition for some with tales of shoppers getting up in the middle of the night to secure the latest bargain. For other people though, shopping is not something that can be easily controlled and is used as a coping mechanism for anxiety and low self-esteem.
These compulsive shoppers are unable to resist strong inner urges to make repeated purchases and to spend excessively even when they cant afford to do so, or have no use for the product they buy.
Recent research indicates that compulsive buying behaviour affects almost 5% of the adult…
Read the full article at: http://theconversation.com/what-you-need-to-know-about-compulsive-shopping-the-modern-addiction-no-ones-talking-about-89712
Shareholders in Noble Group will be almost wiped out under the terms of a debt restructuring announced on Monday by the crisis-hit commodity trader.
The Singapore-listed company said existing shareholders, including its founder Richard Elman, and CIC, Chinas sovereign wealth fund, would end up with a 10 per cent stake if the deal is approved.
Under the debt-for-equity swap, which is backed by creditors who control 30 per cent of Nobles debt, its borrowings will fall from $3.4bn to $1.7bn.
That will leave its lenders with a 70 per cent stake in Noble, shareholders will get 10 per cent while 20 per cent has been set aside in order to incentivise …
Read the full article at: https://www.ft.com/content/db54af60-04db-11e8-9650-9c0ad2d7c5b5
NEW DELHI: Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Of these, Era Infra Engineering has …
Read the full article at: https://economictimes.indiatimes.com/news/economy/finance/claims-worth-rs-3-13-lakh-cr-under-insolvency-proceedings/articleshow/62695926.cms
Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities.
The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said.
“The company has come to a position where it is unable to meet its liabilities and this course of action has been decided in the best interest of the company, its customers, employees and minority shareholders and all other stakeholders,” the company said in a BSE filing.
Ricoh India’s board had on January 25, 2018 resolved to inter alia file an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) and relevant Rules and Regulations …
Read the full article at: http://www.moneycontrol.com/news/business/ricoh-india-files-for-insolvency-2493727.html
Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Of these, Era Infra Engineering has not yet been admitted t…
Read the full article at: http://www.zeebiz.com/india/news-claims-worth-rs-313-lakh-cr-under-insolvency-proceedings-35948
JOHANNESBURG – A group of Steinhoff creditors have appointed financial adviser PJT Partners and law firm Latham Watkins to represent them in any potential debt restructuring, PJT said.
Steinhoff, owner of more than 40 retail brands including Poundland in Britain, is fighting for survival after admitting accounting irregularities last month that triggered an 85 percent share slide.
Steinhoff International has given its creditors a glimmer of hope by stating that it is able to operate its business on short-term funding for its various businesses after securing some liquidity in the past few days.
In a meeting with its lenders on Friday in London, the retailer committed to giving a quarterly trading update at the end of February.
Steinhoffs su…
Read the full article at: https://www.iol.co.za/business-report/companies/steinhoff-creditors-hire-pjt-latham-and-watkins-for-debt-restructuring-12992194
New Delhi, Jan 29 (PTI) Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today.
The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most are either seeking extension or have already been granted additional time.
In June last year, the Reserve Bank had identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs or bad loans of banks, for immediate referral for resolution under the bankruptcy law.
Of these, Era Infra Engineering has not…
Read the full article at: http://www.businessworld.in/article/Claims-worth-Rs-3-13-lakh-cr-under-insolvency-proceedings/29-01-2018-138603
Discount grocery chain NQR has become the latest retail casualty of 2018, with the 18-store supermarket network placed into voluntary administration last Wednesday.
NQR Pty Ltd, which was rescued from administration by the founders of Bakers Delight, the Gillespie family, in 2009, appointed Luke Targett and Bruno Secatore of Cor Cordis as administrators on January 24.
Fairfax reports the business is still owned by the Gillespie family, employs 351 staff and had total liabilities of $23 million at June 30, 2017.
The business will be put up for sales as a going concern, reports Fairfax, but some unprofitable stores will face closures.
Secatore says the total liabilities for the business are still being reviewed, and an indicati…
Read the full article at: https://www.smartcompany.com.au/industries/retail/discount-grocery-chain-nqr-collapses-store-closures-expected/
Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities.
The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said.
The company has come to a position where it is unable to meet its liabilities and this course of action has been decided in the best interest of the company, its customers, employees and minority shareholders and all other stakeholders, the company said in a BSE filing.
Ricoh Indias board had on January 25 resolved to inter alia file an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) and relevant Rules and Regulations thereun…
Read the full article at: http://www.thehindubusinessline.com/companies/announcements/ricoh-india-files-for-insolvency/article22551271.ece
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Noble Group Ltd. reached an in-principle deal to restructure $3.5 billion in debt, people familiar with the matter said, saving the troubled commodity trader from bankruptcy at the cost of handing control to creditors.
After a three-year crisis marked by massive losses, writedowns and controversial accounting, Noble management, bank creditors, and bondholders rea…
Read the full article at: https://www.bloomberg.com/news/articles/2018-01-29/noble-group-said-to-reach-in-principle-deal-to-restructure-debt