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Crypto lender Genesis denies immediate plans to file for bankruptcy

"We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson said

The Genesis website on a laptop computer.(Bloomberg)
Published on Nov 22, 2022 10:47 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar

Bankruptcy courts await a flood of default filings

In order to provide relief to Covid-19 pandemic-hit companies, the government temporarily suspended the initiation of corporate insolvency resolution processes from March 25, 2020, initially for six months. It was successively extended twice by three months each.

The government is expecting a flurry of default cases in the National Company Law Tribunal (NCLT) now and preparing a framework so that the lender and the borrower could settle the matter outside the tribunal, the people quoted above said.(File photo)
Published on Mar 25, 2021 05:57 AM IST
ByRajeev Jayaswal, New Delhi

Supreme Court upholds homebuyers’ rights in builder bankruptcies

Once a homebuyer establishes default before a bankruptcy court, the onus is on builders’ to prove that the consumer does not wish to take possession of their house to avoid proceedings.

The court ruled that homebuyers’ rights will remain at par with lenders.(HT Photo)
Published on Aug 09, 2019 03:04 PM IST
Bloomberg | ByUpmanyu Trivedi

Government okays tweaks to IBC for easier debt resolution

The eight amendments to the Insolvency and Bankruptcy Code (IBC) will also aid decision-making in the case of bankrupt entities such as property developers, which have a large number of creditors, including homebuyers.

The amendments are aimed at speeding up the bankruptcy resolution process that has been mired in litigation and correcting anomalies that have crept into its functioning since the law came into force in 2016.(HT Photo)
Updated on Jul 18, 2019 12:24 AM IST
Hindustan Times, New Delhi | ByGireesh Chandra Prasad

Can work closely with India on skill development: Singapore minister

Although India and Singapore are vastly different countries, the two have many similarities, the Singapore minister said.

Seen here is Singapore education minister Ong Ye Kung.
Updated on Jun 08, 2019 07:19 AM IST
Hindustan Times, New Delhi | ByAmandeep Shukla and Rajeev Jayaswal

$190 billion bank loan clean-up needed as PM Modi looks to revive growth

Investors expect Modi to complete reforms started during his first term when India instituted a time-bound bankruptcy process, putting the business community on notice by stripping assets off the biggest defaulters and selling them.

Potential bidders have also become wary of India’s evolving insolvency process after court rulings in the past year allowed late bids to be considered in the interest of greater recovery.(HT File Photo)
Updated on Jun 06, 2019 03:35 PM IST
Bloomberg | ByUpmanyu Trivedi

‘Madam, don’t send us to insolvency court,’ firms tell SBI

SBI is working with the founders of several mid-sized companies to restructure loans and escape bankruptcy proceedings, said Kant, who joined SBI in 1983 and was previously the lender’s chief financial officer.

Recent bankruptcy proceedings that wrested prominent companies from their owners were a wake up call for India’s business community, previously used to walking away from debts without major consequences.
Updated on Jan 31, 2019 02:56 PM IST
New Delhi | ByBloomberg

SC bars founders of loan-defaulting firms from buying back bankrupt companies

The Supreme Court upheld a law that bars founders of loan-defaulting companies from buying back stressed assets put up for sale.

The Supreme Court said a provision of the bankruptcy law that prevents founders from regaining control of delinquent companies was legally valid.(Biplov Bhuyan/HT File Photo)
Updated on Jan 25, 2019 12:23 PM IST
Bloomberg, New Delhi | ByUpmanyu Trivedi

Finance minister Arun Jaitley sees economy growing at ‘around 8 %’

However, finance minister Arun Jaitley said India needs to assess the efficiency of its debt recovery tribunals for quicker decisions.

Finance minister Arun Jaitley said on Tuesday he expects India’s economy to sustain an annual growth rate of around 8%(Reuters File Photo)
Updated on Sep 25, 2018 05:14 PM IST
New Delhi | ByReuters

Fear of losing company making firms pay up, says chairman of new bankruptcy board

The government is also working to put in place, as early as next month, new rules to hold accountable individuals, who stood guarantee for loans to a company, in case of a default.

Companies facing bankruptcy petitions have reportedly cleared dues of as much as <span class='webrupee'>₹</span>830 billion ($12 billion) with creditors, MS Sahoo, chairman of the IBC, said in an interview.(Priyanka Parashar/Mint)
Updated on Jul 10, 2018 12:01 PM IST
Bloomberg | ByVrishti Beniwal and Upmanyu Trivedi

India’s $210 billion bad loans are luring foreign funds hunting for returns

The Insolvency and Bankruptcy Code (IBC) introduced in 2016 has given rise to opportunities for offshore funds to acquire borrowers’ distressed assets. High potential profits on those deals attract funds.

The country’s banking sector is coping with about $210 billion of soured or problem loans, a legacy of a borrowing spree following the global financial crisis and an economic slowdown after that.(Dhiraj Singh/Bloomberg)
Updated on Jun 04, 2018 11:04 AM IST
Bloomberg | ByAnurag Joshi and Lianting Tu

RCom shares, bonds jump after NCLAT halts insolvency proceedings

RComshares have surged nearly 80% in the past two weeks amid rising optimism that the carrier would contest the insolvency order and be able to close the deal to sell airwaves, towers and fiber assets to Jio,

A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai.(Reuters File Photo)
Published on May 31, 2018 02:21 PM IST
Bloomberg | By

With a US-China trade war likely, India must reposition itself as an investment destination

This will require a major policy overhaul away from the lurch towards populism that is becoming more evident as general elections loom large. There is capital looking for alternatives to China and India is potentially the only country that offers a scale comparable to China.

The perceptions about India were, as should be expected, a mix of optimism about its prospects and frustration over it having become a “serial disappointment.” In the midst of uncertainty and unpredictability across the globe, India was seen as a zone of political stability, if not rapid economic advance. As a large economy growing at a rate of 7 to 7.5% per annum, it offered opportunities few other countries could.(REUTERS)
Updated on May 28, 2018 07:03 PM IST
ByShyam Saran

Widening deficits to world beating growth: How the economy fared in 4 years of Modi govt

After the BJP government came to power in 2014, the economy seems to have delivered mixed results on social as well as economic parameters

Buildings rise into the Mumbai skyline as seen from the Imperial residential towers in the Tardeo area of Mumbai.(Pal Pillai/Bloomberg)
Published on May 24, 2018 05:26 PM IST
Bloomberg | ByVrishti Beniwal

Bankruptcy cases boom in India, but just 26 judges to hear them

A streamlined bankruptcy process is crucial for Prime Minister Narendra Modi’s attempts to come to grips with a simmering banking crisis.

A streamlined bankruptcy process is crucial to solve India’s banking crisis that is hurting the economy.(Bloomberg)
Updated on Apr 25, 2018 02:18 PM IST
Bloomberg | ByUpmanyu Trivedi and Anto Antony, Bloomberg

Battle for Essar Steel: ArcelorMittal to challenge VTB-Numetal’s bid

ArcelorMittal will question the eligibility of the VTB-led Numetal Ltd. group to bid for Essar Steel on the basis that a company controlled by the family of the founder of the insolvent entity was part of the consortium during an initial round of bidding.

The steel reinforcing frames of precast concrete tunnel segments sit stacked at the Mumbai Metro Rail Corp. casting yard in Mumbai in August 2017.(Dhiraj Singh/Bloomberg)
Updated on Apr 04, 2018 01:12 PM IST
Bloomberg | BySwansy Afonso and George Smith Alexander
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