Delhi-based Nilesh Sharma, among the first IPs, said while the framework is in the initial stage and might have teething trouble, the opportunity is immense in the long run.
India's debt recovery and restructuring framework is still a work in progress, even six months after the President's assent to the Insolvency and Bankruptcy Code 2016.
'By not only decriminalising routine business failures, but by ensuring that institutional lending and corporate rescue frameworks are strengthened via the IBC, the prime minister has ensured there is no room anymore for the proverbial 'reckless, prodigal debtor',' notes Sanju Verma.
This is being done keeping in mind the urgency of these transactions, and it would help the ongoing insolvency cases, including the 12 accounts referred by RBI to banks.
As even bigger road construction players are not willing to bet on BOT projects., NHAI will have to rethink its thrust on the BOT model.
Bankers said they are looking outside the bankruptcy courts and will be able to resolve a few debts in the power sector before January-end.
The National Company Law Tribunal (NCLT) has approved the resolution plan of Twin Star Technologies -- a promoter entity of the Vedanta Resources group -- for the Videocon group. But it has pointed out that the successful resolution applicant is "paying almost nothing" as the amount offered is only 4.15 per cent of total outstanding claim. It noted the hair cut for all the creditors is 95.85 per cent and suggested to both committee of creditors (CoC) and the successful applicant an increase in the payout.
The $8.5 billion TVS Group received final approval for a family resettlement on February 4 from the National Company Law Tribunal (NCLT). It is an arrangement that is noteworthy because unlike many other corporate settlements this one was sorted out amicably and without any open conflicts.
The momentum created by the landslide victory of the ruling party should be utilised to carry forward reforms in the legal field, says M J Antony.
Reliance Retail's shareholders will get one share of its listed parent, Reliance Industries, in exchange for every four shares, according to the scheme of arrangement.
Reserve Bank Governor Shaktikanta Das on Wednesday said underlying economic activity in India continues to be strong, but external factors will cause some "dent" to the economy. Speaking at the BFSI Insight Summit 2022 organised by Business Standard, Das said the RBI tracks 70 fast moving indicators and most of them are in the "green box". It is the external sector, mired by a fear of recession or clear visibility about slowing growth in a large part of the world, where the challenges lie, he said, adding that the impact of external demand will "dent" the economy.
PE funds say they have enough money to buy two or three of the indebted companies and the issue is not cash but the management bandwidth to turn them around.
Court order follows submission of govt lawyers that Serious Fraud Investigation Office was probing a case of misappropriation of fund by Jet Airways and Goyal.
The recent default on deposit payments by a couple of Yash Birla Group companies has brought to surface difficulties an investor has to face in recovering his money.
Some measures announced in Indradhanush -- a 7-point Modi plan to revamp State-owned banks but not completed -- may be taken up again.
Aircel executives said the company could offer value to big boys like Airtel or Jio as a low-end mobile services brand
NuPower will return loan with interest to consumer durables major by 2021
The green tribunal has diminished itself in growling when it needed to bite at the Art of Living show
Lenders say settlements will cross over 100 accounts in the March quarter.
'Airports must look at their maximum capacity to handle passengers.'
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
While the basic premise and spirit of the Code will remain the same, the commas and the full-stops in the draft report being prepared by a high-level committee will make interpretation of the law simpler
Bankers said the SC verdict might prolong the resolution process and force lenders to bring back cases to the drawing board.
Its effort to stave off bankruptcy by selling spectrum to Reliance Jio got scuttled after the long legal and government delays for approvals.
Amazon has moved the Supreme Court challenging the Delhi high court's division bench order that had vacated a stay on Kishore Biyani-led Future Group proceeding with its Rs 24,713 crore asset sale to Reliance Industries. Amazon, in the petition, sought a stay on the March 22 order of the division bench, terming it "illegal", "random", "inequitable and unfair". On March 22, a division bench of the Delhi high court had granted Future a reprieve from a March 18 single-judge order that restrained it from taking any steps to sell assets to Reliance.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
Over the last few days, as the fortunes of Thomas Cook Plc took a wrong turn, the Indian entity scrambled to distance itself from its erstwhile parent. Experts have said that the travel firm must not change its brand name.
'The Insolvency and Bankruptcy Code cleans up non-performing assets and puts companies in capable and credible hands.'
'For a responsible person like him to utter such nonsense is shameful.' 'He is not fit to be a director on the RBI central board.'
The order, a "negative" overall, will be a short term positive for corporate focused state-run and private lenders because of the possibility of delaying incremental stressed asset recognition.
Naresh Goyal-owned group companies, including the airline's general sales agent in India and abroad, and a car rental firm, are among those who have filed claims.
IBC-oriented pre-packs, the other mechanism under consideration, are a mix of out-of-court restructuring and a formal insolvency process, say experts.
Future Retail has shut most of its Big Bazaar stores since February 25 (Friday) and its website is also down as it missed lease payments to Reliance Industries (RIL). RIL will open most of the 200 Future Retail stores as Reliance stores in the next week and it is in the process of taking stock, re-branding, and transferring 30,000 Future Retail and Future Lifestyle employees on to the rolls of its manpower and staffing firm Reliance SMSL, according to a source. The first tranche of stores are set to be opened as early as in the next two days.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
Etihad said it would not participate in the rights issue or infuse fresh funds under the current terms and conditions of the resolution plan
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
The NCLAT, in its December 18, 2019 order, had restrained the company, its board of directors and shareholders from exercising the power under the article against minority members except in exceptional circumstances and in the interest of company. A bench headed by Chief Justice S A Bobde dealt with this issue in its 282-page verdict which set aside the NCLAT's order that had restored Cyrus Mistry as the executive chairman of the USD 100 billion salt-to-software conglomerate.
RPTs are globally recognised as an important component of the ease of business index.
The recent amendments to the IBC practically barred promoters from re-acquiring their own assets, leaving only a small window to convert their non- performing assets into standard assets by paying the overdues.
The return of private investment now struggles with lack of funds and election-driven uncertainty.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances