Insolvency proceedings initiated against debt-ridden Jet Airways; NCLT bench instructs resolution professional to file fortnightly progress report
Jet Airways became the first domestic airliner to go into bankruptcy
Supreme Court halts ArcelorMittal payment to lenders to buy Essar Steel; Mittal's foray into Indian market delayed
India’s bankruptcy court had approved ArcelorMittal’s $6 billion-bid for debt-ridden Essar on 8 March, potentially ending months of court battles and opening the sector to outsiders.
Home-buyers as financial creditors: Developers' default risks spike with delayed projects, says Icra
There have been various instances of aggrieved home-buyers initiating insolvency proceedings against developers who have delayed project execution.
Frenzied activity in the Indian M&A market: Vultures are gathering to oust defaulting promoters from their perch
The last round of M&A frenzy was in a pre-Insolvency and Bankruptcy Code 2016 (IBC) milieu, involving friendly and hostile takeovers often at the risk of inviting winner’s curse which is inevitable when the acquirer overpays in his keenness to acquire, come what may.
Economists badly criticised for the 2008 global financial crisis saying they had failed to predict the catastrophe on time.
Overall the promise of the golden pot at the end of the five-year rainbow, as promised by Modi in his of speeches -- where he had painted the BJP rule in attractive hues -- has not materialised in four years. BJP's best salesman may have oversold the hope.
NCLT allows Ericsson's insolvency plea against Reliance Communications; will delay Anil Ambani-led firm's plan to sell assets
Ericsson, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide telecom's network, is seeking 11.55 billion rupees ($170 million) from the company and two of its subsidiaries.
However, slow nursing of the economy back to health is possible only if it has not been irrevocably grounded, as former finance minister Yashwant Sinha has alleged.
Jaitley said the government was open to providing more capital to banks but cleaning up stressed loans was bigger priority.
There isn’t the required infrastructure in place as of now to initiate a large number of bad loan cases, involving huge amounts, where no significant repayment has been made for years
In its economic survey released on 31 January, the finance ministry suggested setting up a bad bank that it said could be used to buy bad loans from the banks and deal with them through methods including conversion of debt to equity.
The government no more enjoys the luxury of being able to initiate harsh reform measures as it is hardly a couple of years away from the 2019 polls.
Moody's saw India's credit rating materialising in the medium term based on reforms
In the next three years, the government should enhance the reform task to food, fertilizer and other government benefits to the poor
Finance Minister Arun Jaitley today said the Joint Parliament Standing Committee has cleared the Bankruptcy and Insolvency Code and is likely to be discussed in the current Budget Session of Parliament.
Jaitley also said he did not think Vijay Mallya's case had anything to do with the government as he had moved courts in many cases
Gross NPAs for banks, including restructured assets, now stand close to 12 percent -- a level seen in 2002-03.
The short point is the bankruptcy code will lack the teeth unless there is clarity on faster judicial resolution of insolvency cases
Briefing reporters about the meeting, Finance Minister Arun Jaitley said on its part, the industry urged the prime minister to step up investments in further strengthening the economy.