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New Delhi, Oct 2 () Asserting that resolution plans should balance interests of all stakeholders, IBBI chief M S Sahoo has said operationalising the individual insolvency framework as well as developing the market for interim finance are among the priorities for the regulator.
In one year of existence, the Insolvency and Bankruptcy Board of India (IBBI) has already put in place the infrastructure ecosystem and now has over 1,000 insolvency professionals registered with it.
The IBBI was established under the Insolvency and Bankruptcy Code on October 1, 2016.
“The insolvency and bankruptcy resolution has been a reform by the stakeholder, for the stakeholder and of the stakeholder given the progress so far,” Sahoo told in a…
NEW DELHI: After coming to the rescue of flat buyers in Jaypee and Unitech projects, the Supreme Court on Friday took up the plea of buyers in Amrapali projects and issued a notice to the company on their petition challenging insolvency proceedings against the Group.
Around 100 flat buyers, who had booked homes in the Amrapali Centurion Park-Low Rise project, Amrapali Centurion Park-Terrace Homes and Amrapali Centurion Park-Tropical Garden in Greater Noida in Uttar Pradesh, approached the court for neither getting possession of their flats nor getting any refund.
Appearing before a bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud, advocate M L Lahoty contended that the buyers had invested the…
Tesla ( TSLA ) Chief Executive Elon Musk and President Trump disagree on climate change, but both businessmen say Puerto Rico needs a lot of help amid Hurricane Maria’s devastation of the island territory.
Musk, also the CEO of SpaceX, has offered to come to Puerto Rico’s rescue with solar-energy technology, via Tesla’s Solar City unit. Most of Puerto Rico remains without power, weeks after it was hit by Hurricane Maria.
Electric car maker Tesla last year merged with another Musk startup, SolarCity. The maker of solar panels specializes in storing large amounts of electricity in power banks.
“The Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it…
The Insolvency and Bankruptcy Board of India, which oversees the revival and liquidation of distressed firms, amended two of its regulations to require that every turnaround scheme should also specify how the interests of these stakeholders will be taken care of. Photo: AFP
New Delhi: Bankrupt businesses exploring turnaround options under pressure from lenders can no longer ignore the interests of their employees, vendors and customers, which in the case of real estate firms would include homebuyers, according to the latest rule changes announced on Friday.
The Insolvency and Bankruptcy Board of India, which oversees the revival and liquidation of distressed firms, amended two of its regulations to require that every turnaround scheme sho…
Caesars bankruptcy ends amid Asia market shift, Vegas shooting
By Tracy Rucinski
CHICAGO (Reuters) – Caesars Entertainment Corp has an eye on expanding its Caesars, Harrah’s and Horseshoe brands in the United States and abroad after its casino operating unit emerges from nearly three years of bankruptcy as soon as Friday with $10 billion less in debt.
Industry analysts said it may be too late to catch up with rivals like MGM Resorts International, Wynn Resorts Ltd and Las Vegas Sands Corp that have spent years investing in high-growth Asian markets like Macau as U.S. gambling has cooled.
“Twenty-five years ago Caesars was the premiere name internationally but they…
AdvertisementHampshire Group filed with the U.S. Bankruptcy Court a notice of withdrawal of the Companys fifth motion for an exclusivity extension. The Companys First Amended Joint Chapter 11 Plan of Liquidation subsequently became effective, and the Company emerged from Chapter 11 protection.
LAS VEGAS, Oct. 6, 2017 /PRNewswire/ — Caesars Entertainment Corporation (NASDAQ: CZR) (“Caesars Entertainment”) today announced its new Board of Directors (the “Board”) following the completion of its previously announced merger with Caesars Acquisition Company (“CAC”) and the conclusion of the restructuring of Caesars Entertainment Operating Company, Inc. (“CEOC”) and its debtor subsidiaries.
The members of the new Board selected James Hunt to be Chairman. Mr. Hunt brings a significant depth and breadth of business expertise gained during his 10 years at The Walt Disney Company and 15 years at Ernst & Young. Mr. Hunt also brings extensive board experience serving as a director for Brown & Brown, Inc., The St. Joe Comp…
Resolution plan to include a statement about dealing with the interests of all stakeholders
New Delhi, October 6:
An insolvency resolution plan will need to have a statement spelling out how the interest of all stakeholders will be dealt with, according to the amended regulations under the Insolvency and Bankruptcy Code.
The move would help in ensuring more clarity in terms of taking into consideration interests of stakeholders, including home buyers, concerned during the insolvency process.
With the latest amendment by the Insolvency and Bankruptcy Board of India (IBBI), a resolution plan should have a statement about dealing with the interests of all stakeholders.
Ericsson had filed for insolvency in the NCLT under the newly-formed Insolvency and Bankruptcy Code to recover Rs 1,150 crore from RCom for services and equipment it had earlier supplied.
MUMBAI: The National Company Law Tribunal (NCLT) will hear on November 8 the case on whether Ericsson‘s insolvency petition against Reliance Communicati…
