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"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
Published on Nov 22, 2022 10:47 AM IST
Reuters | | Posted by Singh Rahul Sunilkumar
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.
Published on Mar 25, 2021 05:57 AM IST
, New DelhiRajeev Jayaswal
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.
Published on Aug 09, 2019 03:04 PM IST
Bloomberg |Upmanyu Trivedi
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.
Updated on Jul 18, 2019 12:24 AM IST
Hindustan Times, New Delhi |Gireesh Chandra Prasad
Although India and Singapore are vastly different countries, the two have many similarities, the Singapore minister said.
Updated on Jun 08, 2019 07:19 AM IST
Hindustan Times, New Delhi |Amandeep Shukla and Rajeev Jayaswal
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.
Updated on Jun 06, 2019 03:35 PM IST
Bloomberg |Upmanyu Trivedi
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.
Updated on Jan 31, 2019 02:56 PM IST
New Delhi |Bloomberg
The Supreme Court upheld a law that bars founders of loan-defaulting companies from buying back stressed assets put up for sale.
Updated on Jan 25, 2019 12:23 PM IST
Bloomberg, New Delhi |Upmanyu Trivedi
However, finance minister Arun Jaitley said India needs to assess the efficiency of its debt recovery tribunals for quicker decisions.
Updated on Sep 25, 2018 05:14 PM IST
New Delhi |Reuters
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.
Updated on Jul 10, 2018 12:01 PM IST
Bloomberg |Vrishti Beniwal and Upmanyu Trivedi
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.
Updated on Jun 04, 2018 11:04 AM IST
Bloomberg |Anurag Joshi and Lianting Tu
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,
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.
Updated on May 28, 2018 07:03 PM IST
After the BJP government came to power in 2014, the economy seems to have delivered mixed results on social as well as economic parameters
Published on May 24, 2018 05:26 PM IST
Bloomberg |Vrishti Beniwal
A streamlined bankruptcy process is crucial for Prime Minister Narendra Modi’s attempts to come to grips with a simmering banking crisis.
Updated on Apr 25, 2018 02:18 PM IST
Bloomberg |Upmanyu Trivedi and Anto Antony, Bloomberg
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.
Updated on Apr 04, 2018 01:12 PM IST
Bloomberg |Swansy Afonso and George Smith Alexander