Nicco was one of the first few companies to begin debt resolution after the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016.
Arvind Subramanian, chief economic adviser in the finance ministry, was critical over inflation forecasting, which is the fulcrum for monetary policy decisions.
The company recently bought loans worth Rs 107 crore from eight small financial firms in a single pooled loan issuance.
These investors had infused Rs 250 crore into the company last fiscal and another Rs 100 crore in the first quarter this fiscal.
‘Syndicate’ is a racket that runs in areas where real estate is flourishing and force contractors into buying building materials from unemployed men at a premium.
IBBI was formed on October 1, last year in accordance with the provisions of The Insolvency and Bankruptcy Code.
These loans are bundled together and backed by a common guarantee provided by IFMR Capital.
Hinduja Leyland Finance has bought the pooled loan portfolios against the loan receivables of companies operating across segments such as microfinance, commercial vehicle and small business loan.
The Reserve Bank of India (RBI) has notified the norms to limit the liabilities of consumers for unauthorized electronic transactions in their bank accounts.
According to IBC rules, the powers of the board of the company cease on the appointment of a resolution professional.
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