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Insolvency and Bankruptcy Code News
Insolvency and Bankruptcy Code
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.
NCLT priority for insolvency: RBI partially retracts statement
Sun, Jul 09, 2017
RBI had said it has identified 12 accounts for insolvency proceedings with each of them having over Rs 5,000 crore of outstanding loans accounting for 25 per cent of total NPAs of banks.
Have zero tolerance on NPAs; fight cases: Finmin to banks
Sat, Jul 08, 2017
The ministry has been asking banks to take tough action against such borrowers and be ready to fight court cases as well.
More companies expected to follow Essar Steel's footsteps; what does this mean for loan resolution?
Wed, Jul 05, 2017
According to the norms, once the case is with the NCLT, the lenders or the banks need to set up a committee of creditors that will come up with a plan on how the asset will be tackled.
These two companies stand to gain immensely if India goes ahead with steel sector bankruptcies
Mon, Jun 26, 2017
RBI said, "The Internal Advisory Committee (IAC) recommended for IBC reference all accounts with fund and non-fund based outstanding amount greater than Rs 5000 crore, with 60% or more classified as non-performing by banks as of March 31, 2016. The IAC noted that under the recommended criterion, 12 accounts totaling about 25% of the current gross NPAs of the banking system would qualify for immediate reference under IBC."
As Lanco Infratech walks towards NPA resolution; other defaulters' shares gain
Tue, Jun 20, 2017
Lanco Infratech becomes the first company to be pushed towards insolvency for its bad loans.
Shares of these 12 companies plunge as banks begin meet to resolve NPA issue
Mon, Jun 19, 2017
RBI had asked bankers to bring the identified 12 defaulters before NCLT by the end of this month.
FM Jaitley to take stock of NPAs at review meet on June 12
Fri, May 26, 2017
Non-performing assets (NPAs) of public sector banks (PSBs) have gone past the Rs 6 lakh crore mark, the bulk of which are in sectors such as power, steel, road infrastructure and textiles.
Insolvency And Bankruptcy Code: First information utility to be operational in 3 months
Sun, May 14, 2017
According to a top official from IBBI, the government's Insolvency and Bankruptcy Code is likely to be operational in next three months.