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Insolvency and Bankruptcy Code News
Insolvency and Bankruptcy Code
Homebuyers vs builders: Will good news for common man come this week? Find out
Mon, Apr 23, 2018
Homebuyers are likely to be granted the financial creditor’s status, placing them right after banks in the hierarchy under waterfall mechanism for liquidation. This is likely to bring relief to the thousands of homebuyers who are fighting a legal battle against builders over non-completion of projects.
Resolution of twin balance sheet problem to take 6-9 months, says Assocham
Sun, Apr 15, 2018
Assocham also said the process of resolution of the companies under Insolvency and Bankruptcy Code (IBC) reference would gather pace in the coming months. Twin balance sheet problem refers to the stress on balance sheets of banks due to non-performing assets (NPAs) or bad loans on the one hand, and heavily indebted corporates on the other
Monnet Ispat lenders may take 64 pct haircut
Wed, Apr 11, 2018
All formalities relating to the resolution has to be completed by the deadline of April 13. According to a source in the know, the deal is likely to be around Rs 3,750 crore, of which close to Rs 2,750 crore could be in cash and remaining could be in equity.
Warning! Credit card companies can drag you to court for unpaid bills, loans as small as Rs 10,000
Fri, Apr 06, 2018
The central government is considering bringing individuals as well as partnership firms under the Insolvency and Bankruptcy Code (IBC). So far, only corporate debtors can face the bankruptcy proceedings initiated by the banks. “We are recommending that it (amount in case of individual loans) should be made Rs 10,000,” said Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas.
Property market in India: Big problem for homebuyers; check out why they must worry
Mon, Apr 02, 2018
The 14-member committee formed to review the IBC, in its report submitted to the government last week, has recommended the financial creditor (FC) tag for home buyers. According to the government sources, home buyers may be given a separate grade in waterfall mechanism under section 53 of the code. Waterfall mechanism refers to the order of priority in which the proceeds from the sale of liquidation assets are distributed
Insolvency law committe to finalise report this month for proposed amendments to Insolvency and Bankruptcy Code
Thu, Mar 22, 2018
Insolvency Law: The basic structure of the IBC will not be disturbed and "targeted amendments" will be carried out. It would also address all "unintended consequences" with respect to implementation of this law, the official said. Without elaborating on the proposed changes, the official said there would be "something for home buyers also".
Indian infrastructure makes steady progress, creates investment climate
Thu, Mar 15, 2018
As we approach the end of quarter one of calendar year 2018, it is a good time to take stock of changes in Indian infrastructure this year. 2018 is a year that has started with the promise of significant asset price volatility globally.
Bad loan resolution: RBI does away with JLR, notifies revised framework under IBC
Tue, Feb 13, 2018
The Reserve Bank of India today came out with a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).
Turnaround saga of Bengal Chemicals and Pharmaceuticals, HSCL
Mon, Dec 25, 2017
Bengal Chemicals made profits after 63 years in FY17, while NBCC expects minimum 12-15% topline growth in next 2-3 years for HSCL
Insolvency law panel seeks suggestions from stakeholders
Thu, Dec 14, 2017
A large number of cases have been filed under the Insolvency and Bankruptcy Code (IBC) which became operational in December 2016. The law provides for a market-determined and time-bound insolvency resolution process.
India growth to normalise in next four to six quarters, says Standard Chartered
Thu, Dec 14, 2017
The report said that economic growth has bottomed out after slowing to a 13-quarter low of 5.7% in April-June 2017, but predicted growth recovering further to 7% over the next few quarters (6.3% in July-September 2017), supported by several factors.
Wilful defaulters in RBI's second list may face IBC proceedings
Wed, Dec 13, 2017
Axis Bank, which was the first to come out and reveal its exposure in these defaulters, stated in Q2FY18 result that it has exposure on 12 of the identified defaulters.
BSE to file case against defaulting listed companies under IBC
Tue, Dec 12, 2017
The BSE is stated to have already filed proceedings against the seven defaulting companies before the NCLT on account of their failure to pay annual listing fees over a period of time.
Bankruptcy code can help deepen bond markets: Ajay Tyagi
Sat, Aug 19, 2017
The bankruptcy law was enacted to ensure time-bound settlement of insolvency and enable ease of doing business as the bad loans in the banking system has touched the roof.
NPA resolution not to liquidate cos, but to help save them: FM Jaitley
Sat, Aug 19, 2017
Gross NPAs have crossed 9.6 per cent as of March 2017, while the stressed loans ratio is over 12 per cent.
NPA resolution to spur credit expansion, growth: Panagariya
Sun, Aug 13, 2017
Terming the non-performing assets (NPAs) or bad loans problem as a 'legacy issue', Arvind Panagariya said that even after three years of the NDA government taking charge, it has not gone away.
GST not an easy reform to implement, says FM Jaitley
Mon, Jul 31, 2017
The finance minister Arun Jaitley said the pressure was on those who were blocking important legislations, disrupting parliament or when there was a time gap when the GST amendment was not allowed to be passed.
Now individuals can also seek NCLT help to recover dues
Mon, Jul 24, 2017
The Chennai bench of NCLT has admitted the application filed by the employees after the hotel failed to pay arrears of salary, gratuity and leave salary.
Vijaya Bank Q1 net jumps over 57% to Rs 255 crore
Sat, Jul 22, 2017
The public sector bank had registered a net profit of Rs 161.66 crore in the corresponding April-June quarter of 2016- 17 fiscal.
First test of India's new bankruptcy law offers cautionary tale
Tue, Jul 11, 2017
In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India`s $150 billion bad debt overhang.