Insolvency Guardian Media Centre
Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data.
The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the Company Law Board regime.
As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT, the RBI said in its Financial Stability Report (FSR) released over the weekend.
Of these, more than 500 applications seeking admission for insolvency proceedings were rejected, dismissed or withdrawn, it added.
The report s…
Read the full article at: http://www.dailypioneer.com/business/nclts-get-over-4k-insolvency–petitions-since-inception-rbi.html
Vijayawada: Gambling is spreading fast in the city, and also in the state. Although there are historic references that gambling was part of the culture in this region, it has taken a new and criminal form, aided by technology. Cricket betting, card games, and cockfights continue in Vijayawada despite a crackdown by the police on gambling rackets. Racketeers are finding new ways and means to keep themselves off the police radar.
Cricket betting is a major gambling activity that has emerged in the past decade. Betting has spread far and wide after the Indian Premire League (IPL) was introduced over a decade ago. Betting networks can now be found in every corner of Andhra Pradesh, and they are not limited to the IPL. Today, the…
Read the full article at: https://timesofindia.indiatimes.com/city/vijayawada/deep-rooted-in-andhra-gambling-pushing-city-youths-into-debt-trap/articleshow/62235322.cms
MUMBAI: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data.
The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the Company Law Board regime.
“As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT,” the RBI said in its Financial Stability Report (FSR) released over the weekend.
Of these, more than 500 applications seeking admission for insolvency proceedings were rejected, dismissed or withdrawn, it added.
T…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/nclt-gets-4300-insolvency-petitions-since-inception-in-may-2016/articleshow/62234875.cms
The Dh400,000 has been disbursed from Amaf’s health endowment that allocated Dh1.35 million for patient support
The Awqaf and Minors Affairs Foundation (Amaf) has contributed Dh400,000 to the Dubai Health Authority (DHA) for paying out the outstanding dues of indigent patients.
The kind gesture is part of the Shifaa initiative that aims to support health facilities in providing treatment to patients with bad debts, according to Tayeb Al Rais, secretary general of Amaf.
“The move is also in line with the Year of Giving initiated by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.”
The Dh400,000 has been disbursed from Amaf’s health endowment that allocated Dh1.35 million in 2017 for supporting the…
Read the full article at: https://www.khaleejtimes.com/nation/initiative-to-help-treat-debt-ridden-patients-dubai-amaf-awqaf-minors-affairs
MUMBAI: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data.
The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the Company Law Board regime.
“As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT,” the RBI said in its Financial Stability Report (FSR) released over the weekend.
Of these, more than 500 applications seeking admission for insolvency proceedings were rejected, dismissed or withdrawn, it added.
T…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/nclts-get-4300-insolvency-petitions-since-inception-in-may-2016/articleshow/62230148.cms
The tribunal was was setup in May 2016
Mumbai, Dec 24:
Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data.
The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the Company Law Board regime.
As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT, the RBI said in its Financial Stability Report (FSR) released over the weekend. Of these, more than 500 applications seeking admission for insolvency proceed…
Read the full article at: http://www.thehindubusinessline.com/companies/nclt-get-4300-insolvency-petitions-in-18-months/article10001640.ece
Tourists visit M Sn Sanctuary UNESCOs World Culture Heritage Site in central Qung Nam Province. VNA/VNS Photo Minh c/Asia News Network
HANOI Vietnam wants to make tourism a key economic sector by 2020 that creates a driving force for the development of other sectors.
The country expects to attract 17-20 million foreign visitors and 82 million domestic ones by then.
Visitors are expected to spend US$35 billion in the country in 2020, on-the-spot exports through tourism are expected to reach $20 billion and the sector is hoped to create jobs for four million people including 1.6 million direct jobs.
Such ambitious goals are part of a Politburo resolution on developing tourism into a key economic sector, issued…
Read the full article at: https://business.inquirer.net/243036/vietnam-aims-boost-tourism
Lanco Infratech, through its Australian subsidiary, acquired Griffin Coal Mining Company and Carpenter Mine Management for A$740 million in March 2011.
Though the transfer of shares was to have legal title on the shares to the lenders, the beneficial interest continued to be with with the company, as part of “perfection” of security under the Singapore laws, Lanco had earlier said.
The sale process of Griffin Coal in 2011 was overseen by Kodramentha – administrator of Carpenter Mine. The Australian mine is continuously making cash losses ever since its acquisition.
Production at the mine during financial year 2016-17 was 2.50 million tonnes with sales of 2.45 million tonnes. Production was less than optimal as the fall in internatio…
Read the full article at: https://www.bloombergquint.com/insolvency/2017/12/24/griffin-coal-mine-no-longer-a-subsidiary-of-lanco
Tourists visit M Sn Sanctuary UNESCOs World Culture Heritage Site in central Qung Nam Province. VNA/VNS Photo Minh c/Asia News Network
HANOI Vietnam wants to make tourism a key economic sector by 2020 that creates a driving force for the development of other sectors.
The country expects to attract 17-20 million foreign visitors and 82 million domestic ones by then.
Visitors are expected to spend US$35 billion in the country in 2020, on-the-spot exports through tourism are expected to reach $20 billion and the sector is hoped to create jobs for four million people including 1.6 million direct jobs.
Such ambitious goals are part of a Politburo resolution on developing tourism into a key economic sector, issued…
Read the full article at: http://business.inquirer.net/243036/vietnam-aims-boost-tourism
2016
Mumbai, Dec 24 (PTI) Since the National Company Law
Tribunal (NCLT) was set up 18 months ago, over 4,300 cases
have been filed at its various benches for resolution process,
according to the Reserve Bank data.
The insolvency and bankruptcy code came into
existence with the enactment of the Insolvency and Bankruptcy
Code (IBC) in May 2016, replacing the Company Law Board
regime.
“As of November 2017, over 4,300 applications under
the corporate insolvency resolution process (CIRP) were filed
in the various benches of NCLT,” the RBI said in its Financial
Stability Report (FSR) released over the weekend.
Of these, more than 500 applications seeking admission
for insolvency proceedings were rejected, dismissed or
wit…
Read the full article at: http://www.newindianexpress.com/pti-news/2017/dec/24/nclts-get-4300-insolvency-petitions-since-inception-in-may-1735861.html
Hyderabad, Dec 24 () Griffin Coal Mine in Australia is no longer a Lanco Group company as the ICICI-led lenders took over the pledged shares as a result of default of payment, a senior official of the debt-ridden Indian infra firm said.
Lenders of Lanco Resources International Pte Limited (LRIPL), a Lanco Infratech subsidiary, which owns Griffin Coal Mine, have earlier appointed PWC as receiver and manager to look for an investor as the Aussie company defaulted payment.
“Griffin Coal is no longer our subsidiary. The total debt of the entity was close to USD 900 million. We are not showing its (Griffin Coal) results also in our financial reports. The total loss incurred by the group on account of Griffin Coal would be USD 300 million,” …
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/griffin-coal-mine-no-longer-a-subsidiary-of-lanco-official/articleshow/62229144.cms
The latest initiative by the authorities to help borrowers from falling into deep, unsecured debt is a reminder for all to exercise financial prudence. It is also timely, what with the year-end festivities and Chinese New Year round the corner.
The Sunday Times highlights what you need to know about the new credit limit measure.
WHAT IS THE CREDIT LIMIT MANAGEMENT MEASURE?
Come Jan 1, the so-called Credit Limit Management Measure kicks in. It is aimed at borrowers with unsecured debt, such as personal loans or credit card debt, that exceeds six times their monthly income.
Banks will not be allowed to grant any increase in credit limits or any new unsecured credit facilities to such a person if they cause his total credit limi…
Read the full article at: http://www.straitstimes.com/business/pre-empting-the-pitfalls-of-debt