Bankruptcy Proceedings News
Economic slowdown hits employment generation; remittances register decline in a few states: SBI report
It said a sample of data on remittances by migrant labourers to selected states in the last one year showed that there is a decline in remittances in states like Assam, Bihar, Rajasthan, Odisha and UP.
With this, RCom has become the first Anil Ambani group firm to be officially declared bankrupt. It has a debt of over Rs 50,000 crore to banks.
The prime property has been referred to as the “high-class home for Vijay Mallya, his family members and United Breweries Group corporate guests"
Sterling Biotech: NCLT reserves order on bankruptcy withdrawal as Madison Pacific Trust challenges bankers' plea
The NCLT asked the RP to explain on why he did not approach the bench after the proposal was rejected with 89 percent vote at the first meeting of the committee of creditors led by Andhra Bank.
Reid & Taylor India, owned by the Kasliwal family-run S Kumar Group, which is also facing bankruptcy proceedings, owes over Rs 4,100 crore to banks and other lenders.
Troubles mount for Vijay Mallya: After extradition setback, liquor baron set to face bankruptcy proceedings in UK High Court
Vijay Mallya remains on bail after his extradition was recently ordered by Westminster Magistrates' Court in London, an order which now awaits a sign-off by UK home secretary Sajid Javid.
Allahabad HC order on 12 February circular: Judiciary is finally acknowledging there can’t be exceptions in the fight against NPAs
Banks, in coordination with the central government, needs to find a resolution plan to minimise their losses during the power sector loan resolution process. The sector's problems are not just financial woes.
Bankers race to resolve Rs 3.8 trillion bad loans for around 70 accounts as 6-month RBI deadline ends today
Banks are trying to come up with a resolution plan for these accounts as going to NCLT will mean large haircuts.
The amended insolvency and bankruptcy law that is being implemented by Corporate Affairs Ministry became operational in December 2016
Hundreds of home buyers had been left in the lurch after the Allahabad bench of the NCLT last week admitted IDBI's plea for initiating insolvency proceedings against Jaypee Infratech for defaulting on a Rs 526-crore loan
In India rich borrowers are insulated from bankruptcy proceedings thanks to the veil of incorporation
The Nifty PSU Bank Index gained as much as 0.79 percent, with top lenders State Bank of India up as much as 0.7 percent and Canara Bank Ltd rising as much as 1.8 percent.
The RBI has yet to officially name any of the 12 companies, which account for about 2 trillion rupees ($31 billion) of India's non-performing loans, or roughly 25 percent of all the country's bad loans.
"You have got 12 cases that have been identified, the names will be shortly announced, and they account for as much as 25 percent of the bad assets," Finance Ministry's Principal Economic Advisor Sanjeev Sanyal said
The committee narrowed the list to 12 by focusing on accounts owing more than Rs 5,000 crore