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Small Creditors Use India's New Bankruptcy Rules to Put the Squeeze on Big Players

In late June, one of India’s top wind power equipment makers, Inox Wind Ltd, was dragged into insolvency courts by a logistics handler over unpaid dues of $88,000, Reuters reported. Two weeks on, the matter was settled, with dues paid off. The case illus ...

Daily Headline - global.abi.org - 09/17/2017 - 23:10 - 0 comments

India's RCom Shares, Bonds Weaken After Ericsson's Insolvency Petition

Shares in Reliance Communications fell as much as 2.3 percent in early trading on Thursday, a day after the Indian arm of Ericsson filed a petition seeking to drag the debt-laden telecom firm into insolvency due to unpaid dues, Reuters reported. The Swed ...

Daily Headline - global.abi.org - 09/14/2017 - 23:42 - 0 comments

Ericsson Files Insolvency Case Against India's Reliance Comms

Ericsson's Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday, the International New York Times ...

Daily Headline - global.abi.org - 09/13/2017 - 22:12 - 0 comments

India's Top Court Moves to Protect Jaypee Infratech Home Buyers

India’s top court moved on Monday to protect buyers of homes sold by builder Jaypee Infratech, which is being pursued in a bankruptcy court over unpaid loans, telling its parent Jaiprakash Associates to deposit 20 billion rupees ($313 million) with it by ...

Daily Headline - global.abi.org - 09/11/2017 - 17:31 - 0 comments

Tata Steel Sheds UK Pension Fund, Boosting Prospects for Port Talbot

Tata Steel has ditched its £15bn UK pension fund after receiving the green light from regulators, boosting the prospects of the Port Talbot steelworks. The company said it had received approval from the Pensions Regulator and that it had separated the Br ...

Daily Headline - global.abi.org - 09/11/2017 - 17:49 - 0 comments

Forced Insolvency Taking India Deals to $80 Billion, Moelis Says

Overseas fund managers and companies are tracking India’s efforts to force its biggest defaulters into insolvency proceedings as interest in buying distressed assets grows, according to investment bank Moelis & Co. A dozen companies in sectors includ ...

Daily Headline - global.abi.org - 08/23/2017 - 15:31 - 0 comments

ICICI Bank In Talks To Sell Unimark Remedies Loan To Edelweiss ARC

ICICI Bank Ltd, a major lender to Unimark Remedies Ltd, is in talks with Edelweiss Asset Reconstruction Co. (ARC) Ltd to sell its loans, according to two people aware of the development. A couple of other ARCs, including Multiples ARC Pvt. Ltd, have also ...

Daily Headline - global.abi.org - 08/21/2017 - 21:42 - 0 comments

NCLT Admits Insolvency Plea Against Kochi's SmartCity Infrastructure

The National Company Law Tribunal (NCLT) has appointed an interim insolvency professional for SmartCity (Kochi) Infrastructure, after admitting a payment default claim by a creditor against the joint venture between the Kerala government and Dubai's ...

Daily Headline - global.abi.org - 08/21/2017 - 21:43 - 0 comments

How India’s Debt Could Kill Its Growth

India is taking a series of aggressive steps to reduce the mountain of bad debts weighing down its banks and threatening to derail the world’s fastest-growing large economy, The Wall Street Journal reported. India’s parliament last week passed a law ...

Daily Headline - global.abi.org - 08/17/2017 - 18:47 - 0 comments

Noida: Official Meets Yamuna Authority CEO Over Jaypee Insolvency

The National Company Law Tribunal-appointed Interim Resolution Professional (IRP) Anuj Jain on Wednesday met with the chief executive officer and senior officials of the Yamuna Expressway authority to discuss issues pertaining to insolvency proceedings a ...

Daily Headline - global.abi.org - 08/16/2017 - 22:33 - 0 comments

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