Bankruptcy

Friday, Apr 19, 2024 | Last Update : 05:17 AM IST

A total of 3,548 people committed suicide due to unemployment in 2020. (Photo: PTI/Representational)

Over 16,000 suicides due to bankruptcy, 9,140 due to unemployment in 3 years

MoS for Home Nityanand Rai said 5,213 people committed suicide due to bankruptcy or indebtedness in 2020, 5,908 in 2019 and 4,970 in 2018

09 Feb 2022 3:05 PM

High Court in London has deferred hearings on a plea by the SBI-led consortium of Indian banks. (AP Photo)

UK court grants bankruptcy reprieve to Vijay Mallya

The judge concluded that the legal cases being pursued by Mallya in India stood a reasonable prospect of success

10 Apr 2020 9:35 AM

We are working out a mechanism where the resolution applicant, who through this entire court supervised process is acquiring a stressed asset as a going concern, will not be encumbered by the criminal liability relating to the company which has been caused by the previous management, an official said.

Govt plans to amend IBC to ring-fence buyers of stressed assets from prosecution

The move will help make the insolvency process more attractive for the bidders and instil confidence in them, sources said.

24 Nov 2019 5:29 PM

Banks will now become even more cautious about non-banking financial companies as going to bankruptcy court destroys values because the realisation may not be much.

Govt to start DHFL's bankruptcy proceedings in latest shadow banking crisis

DHFL’s owes its lenders nearly 1 trillion rupees including several mutual funds, banks, pension funds, insurance firms and retail investors.

21 Nov 2019 10:34 AM

While the group deleveraged some of its assets, its flagship Essar Steel was dragged to bankruptcy proceedings by lenders over unpaid loans. (Photo: File)

Essar leads corporate deleveraging; pays off Rs 1.4 lakh crore: Prashant Ruia

I think we were the first to get off the block and actually take some decisive steps to reducing leverage, said Essar's Prashant Ruia.

13 Oct 2019 11:36 AM

NCLT had barred Dutch Court Administrator from taking part in the Jet Airways insolvency proceedings in India. (Photo: File)

NCLAT allows Dutch court administrator to attend Jet Airways CoC meetings

One of the Jet Airways aircraft, parked in the Schiphol Airport in Amsterdam, has already been seized.

26 Sep 2019 12:30 PM

The airline owes Rs 8,500 crore to banks and around Rs 25,000 crore in arrears to vendors, lessors and employees. (Photo: File)

Jet Airways Employee Consortium, AdiGroup to bid for 75 pc of airline

The debt-laden company became went into bankruptcy on June 20.

28 Jun 2019 5:06 PM

NCLT bench comprising VP Singh and Ravikumar Duraisamy set a 90-day deadline to resolution professional Ashish Chhauchharia of Grant Thornton to conclude the resolution process. (Photo: Representational/PTI)

Insolvency proceedings initiated against Jet Airways

Jet Airways owes more than Rs 8,000 crore to banks, and thousands of crores more in arrears to vendors, lessors and employees.

23 Jun 2019 4:11 PM

State Bank of India is only a lender to Jet Airways (India) Ltd and is not involved in or responsible for the management of the affairs of the said company, SBI told exchanges.

Jet Airways: Etihad's demands for open offer waiver, slots pledge not feasible: SBI

SBI-led consortium of 26 lenders had decided to seek resolution under IBC as they had received only a conditional bid.

21 Jun 2019 8:03 PM

The new norms provide a framework for early recognition, reporting and time-bound resolution of stressed assets, RBI said in a notification on Friday. (Representational Image)

RBI circular a welcome step; provides more freedom to bankers: IBA

RBI has given more freedom to bankers to bring their own resolve, said Indian Banks' Association chief Sunil Mehta.

08 Jun 2019 2:59 PM

Sources said various options are being explored for rejigging the NPA framework. (Representational Image)

Stressed assets resolution: RBI mulls giving 60 days additional time for repayments

Against backdrop of the Supreme Court quashing an RBI circular, a revised set of rules would be released soon.

25 Apr 2019 7:54 PM

"Despite quashing of the circular, banks will continue to have an option to refer such defaulting borrower under IBC, in case the resolution plans fail," Icra said.

SC order on RBI circular negative for banks, may defer debt resolution

Moody's said the resolution of stressed loans impacted by the circular will be further delayed.

02 Apr 2019 7:42 PM

Supreme Court on Tuesday quashed RBI's February 12 circular, which prescribed rules for recognising one-day defaults by large corporates and initiating insolvency action as a remedy. (Photo: File)

SC quashing RBI circular to give relief to power cos but delay bankruptcy proceedings

"It's early to say but if banks voluntarily still invoke IBC - the impact will be minimal," said Cyril Shroff of Cyril Amarchand Mangaldas.

02 Apr 2019 5:43 PM

MS Sahoo, who is at the helm of the Insolvency and Bankruptcy Board of India (IBBI), noted that the code does not rule out recovery, but it must be incidental to reorganisation.

Insolvency law's objective is reorganisation of defaulting firms: IBBI's Sahoo

Insolvency and Bankruptcy Code provides a framework for market-driven and time-bound resolution process.

31 Mar 2019 4:54 PM

New Delhi is also backing a proposal for Jet’s founder and Chairman Naresh Goyal to step down if it means saving the airline. (Photo: AFP/File)

Government asked banks to save Jet, avoid bankruptcy: sources

jet airways saddled with more than 1 billion dollars of debt.

19 Mar 2019 2:45 PM

With the six-month deadline set by Reserve Bank to finalise resolution plans for around 70 large stressed accounts worth over Rs 3.8 trillion ending tomorrow, banks are burning midnight oil to avoid bankruptcy proceedings against these defaulters who are mostly power producers.

Bankers burning midnight oil to resolve Rs 3.8 tn NPAs before deadline

The circular came into effect on March 1 and the 180-day deadline concludes on August 27.

26 Aug 2018 1:42 PM

As part of the United States Bankruptcy Court's summon order to diamantaire Nirav Modi and his aides on Friday, the Punjab National Bank (PNB) has been made party to the sale of all of Modi's assets in the US.

Punjab National Bank to have claim on Nirav Modi's US assets

This is the first time that the MCA has intervened in any such foreign case pertaining to an Indian company.

28 Jul 2018 1:36 PM

Billionaire Gautam Adani's group company on Tuesday offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.

Adani group emerges as highest bidder to acquire Ruchi Soya

Patanjali Ayurved, the only other qualified player in the race, has bid for around Rs 5,700 crore.

12 Jun 2018 6:55 PM

Baba Ramdev-promoted Patanjali Ayurved, which is in the race with Adani group to acquire bankruptcy-hit Ruchi Soya, is likely to submit a revised bid tomorrow as lenders of the edible oil firm have decided to hold a fresh round of resolution process between the two contenders to maximise asset value.

Patanjali to submit revised bid tomorrow to acquire Ruchi Soya

Patanjali group has submitted its undertaking of having no objection to the 'Swiss Challenge' process adopted by the lenders.

10 Jun 2018 5:55 PM

Shares of Reliance Communications (RCom) on Thursday surged 20 per cent, a day after NCLAT stayed bankruptcy proceedings against the company. (Photo: PTI)

RCom shares in demand after NCLAT stays bankruptcy proceedings

The stock jumped 19.14 per cent to Rs 20.85 on BSE. At NSE, shares of the company zoomed 20 per cent to Rs 21.

31 May 2018 1:33 PM

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Mohan Guruswamy

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