Cabinet approves amendments to streamline Insolvency and Bankruptcy CodeThe Union Cabinet has approved certain amendments to the Insolvency and Bankruptcy Code (IBC) during its meeting on Wednesday. The changes in bankruptcy law are meant to help investment in troubled sectors, protect corporate debtors, and to prevent ill-thought-out triggering of bankruptcy proceedings. The amendments also ensure that the foundation of a corporate debtor's business remains safeIndian banks seek ...

Verdict in the case is now expected only in the New Year, when the judge could either dismiss the petition and find in favour of the 63-year-old businessman or adjourn the case until the UB Group chief's latest settlement offer is decided upon by the Indian courts

Amendments to the IBC aim to remove bottlenecks, streamline the Corporate Insolvency Resolution Process (CIRP) and protect last mile funding in ordet to boost investment in financially distressed sectors

More tribunals, more resolution professionals, a higher threshold for the default process to set in from the current level of Rs 1 lakh and streamlining of the appeal process to cut down delays are needed to make the Insolvency and Bankruptcy Code (IBC) more efficient

Amendment to IBC: The cabinet is expected to approve significant changes to the insolvency and bankruptcy code (IBC) at the earliest to safeguard the companies taking over the broke businesses from prosecution for financial crimes by the outgoing promoters

As against the admitted claims of secured financial creditors of Rs 9,783 crore, Suraksha and NBCC are offering repayment of only 62 per cent of their outstanding dues despite the liquidation value of the company being around Rs 13,000 crore

The company's consolidated losses widened to Rs 7,474 crore during 2018-19 compared to a loss of Rs 6,554 crore a year ago

Chandrayaan 2: NASA finds ISRO's Vikram lander on Moon, releases images of debrisA NASA satellite has finally found ISRO's Vikram lander over two months after it crash-landed on Moon's surface. \"The Chandrayaan 2 Vikram lander has been found by our @NASAMoon mission, the Lunar Reconnaissance Orbiter,\" confirmed the US space agency. The images released by NASA show the Vikram lander impact point and associated debris field. \"Green dots indicate spacecraft debris. Blue dots locat...

DHFL owes close to Rs 1 lakh crore to the system, mostly to banks and retail investors of its debt instruments

Insolvency and Bankruptcy Rules of 2019 would help but more needs to be done: tighter RBI control and supervision, infusion of long-term funds (including capital) and reduction in mismatch in assets and liabilities

The committee of creditors (CoC) has rejected the resignations saying these cannot be accepted. It asked the directors, including Ambani, to perform their duties until the insolvency proceedings are concluded

Irrespective of resolutions, companies going through the insolvency process are seeing large number of direct and indirect job losses

Varde Partners, Bharti Airtel and Reliance Industries, UV Asset Reconstruction Company (UVARCL) are among the main contenders for RCom assets

This will help make the insolvency process more attractive for the bidders and instil confidence in them

The city-headquartered pureplay mortgage lender is the first NBFC/HFC to go for bankruptcy resolution

Amid high buying interest, the share price of DHFL opened with a gain of 4.96% to the intraday high of Rs 22.2 on BSE today.

The non-bank financing giant Dewan Housing Finance Corp Ltd (DHFL) will go into insolvency proceedings, the central bank said on Wednesday, making it the first financial institution to test the new laws

DHFL is the first Housing Finance Company (HFC) or non-banking finance company (NBFC) to be sent to the bankruptcy court

The Essar verdict not only gives the single largest realisation from any asset to financial creditors, qualitatively also this is the biggest for the financial sector in getting their due rights and primacy in the scheme of things

The Reserve Bank of India said that it also intends to soon initiate the resolution of DHFL under the newly approved Insolvency and Bankruptcy Rules for financial services providers