Global investors ready with $3 billion kitty to enter India’s credit market
Many global investors are looking for the first time to deploy $3 billion into India’s credit market, especially the structured credit segment.
Home buyers file plea in SC challenging Insolvency & Bankruptcy Code amendment
"The writ petition has been filed by 11 petitioners of 11 proj...
How Social Security Code 2019 will impact employees' gratuity, protect their EPF dues
The code provides for a uniform definition of "wages" a...
Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
The bill seeks to amend the Insolvency and Bankruptcy Code (IBC) so successful bidders of insolvent companies will be ring-fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned. It was passed by the Cabinet and subsequently introduced in the Lok Sabha during the Winter session earlier this month.
Changes in IBBI norms to prevent backdoor entry of ex-promoters in cos under liquidation: Experts
Now, those who were ineligible are barred from being part of any arrangement at the stage of liquidation.
Jet Air jumps 5% as Hinduja brothers likely to bid for airline
Hinduja is seeking a partner to bid, one of the people told Bloomberg.
The Bankruptcy Code isn't broken, but it still needs fixing
The govt needs to make the Insolvency and Bankruptcy Code speedier, more transparent and hazard-free.
Close to half of claims under IBC were settled in FY19: RBI
As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year 2018-19, against 14.5% through the Sarfaesi resolution mechanism, 3.5% through Debt Recovery Tribunals and 5.3% through Lok Adalats. Against Rs 1.66 lakh crore claims involved under IBC, the recovery was Rs 70,819 crore.
Country's economy facing difficult situation, not in crisis: Ramgopal Agarwala
Speaking at the Bharat Chamber of Commerce, Niti Aayog distinguished fellow Ramgopal Agarwala said, "In my personal opinion, the country is in a difficult situation but not in a crisis. The reforms implemented were necessary but hastily implemented."
Liquidation process: Secured creditor cannot sell assets to entities ineligible for insolvency plan
The Insolvency and Bankruptcy Code (IBC) provides for time-bound and market-linked resolution process for stressed corporates.In case the resolution process does not materialise, then the entity goes for liquidation. An official release on Tuesday said the IBBI has notified changes to liquidation process regulations.
Cabinet clears ordinance to further amend insolvency law
On December 12, the govt introduced a bill in the Lok Sabha to amend the Code. The bill, introduced in the Lok Sabha, seeks to remove bottlenecks and streamline the corporate insolvency resolution process, wherein successful bidders will be ring fenced from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.
Synergy Group submits fresh EOI for Jet Airways
The conglomerate submitted the EOI after several extensions of the deadline to submit one. The conglomerate had last time submitted an expression of interest in August after the August 10 deadline set by the resolution professional running the bid process. The group hasn’t, according to people in the know, submitted a binding bid for the airline.
Debt in emerging markets hit a record $55 trillion: World Bank report
“The size, speed, and breadth of the latest debt wave should concern us all. It underscores why debt management and transparency need to be top priorities for policymakers—so they can increase growth and investment and ensure that the debt they take on contributes to better development outcomes for the people,” said World Bank Group President.
IBC saved 160 cos from premature death: MS Sahoo
MS Sahoo, Chairperson of IBBI, said the companies resolved under the code fetched 210% of their liquidation value and if the companies were liquidated, they would have got at the best 100% and the additional 110% is a bonus."
Govt took several steps for ease of doing biz: MCA
The IBC was amended twice in 2018 to disqualify undesirable persons from regaining control of companies undergoing resolution and to balance the interests of various stakeholders in the Code, especially interests of home buyers and micro, small and medium enterprises.
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