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An India Bad-Loan Tragedy Turns Bankruptcy Farce

Want to screw up a good law? Just try to make it a great one. That's what India did last November when it added a number of restrictions on who could bid for assets in a bankruptcy. The idea of the new regulations was to make it hard for errant owne ...

Daily Headline - global.abi.org - 04/20/2018 - 00:11 - 0 comments

India's Banks Need a Stronger Watchdog

To many economists, the solution to India’s bad-loan crisis appears as obvious as the problem: Privatize state-owned banks, which have racked up billions more in soured loans and performed much worse than their private-sector counterparts. Yet, unless th ...

Daily Headline - global.abi.org - 04/18/2018 - 22:58 - 0 comments

Vedanta Gets Regulatory Nod for Electrosteel Takeover

Vedanta Ltd said on Tuesday it got approval from India's designated court for bankruptcy cases to acquire Electrosteel Steels Ltd. Electrosteel is the first to get approval from the National Company Law Tribunal (NCLT), among a dozen of the country& ...

Daily Headline - global.abi.org - 04/18/2018 - 00:52 - 0 comments

India May Soon Be a Growth Engine for Oaktree Capital

Oaktree Capital Group LLC, one of the world’s largest distressed debt investors, is eyeing India as a key market as the nation overhauls its bankruptcy rules and banks battle with a historic bad debt clean-up, Bloomberg News reported. “I wouldn’t be surp ...

Daily Headline - global.abi.org - 04/11/2018 - 23:40 - 0 comments

India's JSW Steel, AION Get Creditors' Nod for Monnet Ispat Takeover

Creditors of India's Monnet Ispat and Energy Ltd have approved a joint bid here from AION Investments and JSW Steel to take over the bankrupt firm, according to a regulatory filing on Tuesday. Monnet Ispat is among India's 12 biggest loan defau ...

Daily Headline - global.abi.org - 04/10/2018 - 22:10 - 0 comments

India's RCom Says Confident of Speedy Asset Sale After Top Court Relief

Debt-laden Reliance Communications Ltd (RCom) said on Thursday India’s Supreme Court had lifted a high court stay on sale of some of its assets and allowed its secured lenders to proceed with the sale process, Reuters reported. The top court also directe ...

Daily Headline - global.abi.org - 04/06/2018 - 01:00 - 0 comments

Banks Seek Wind Up of India Firms Owing $5.8 Billion

Creditors are pushing for liquidation of Alok Industries Ltd. and Jyoti Structures Ltd. -- which together owe about 380 billion rupees ($5.8 billion) -- as they aren’t happy with bids for the debt-laden companies, said people familiar with the matter, Bl ...

Daily Headline - global.abi.org - 04/04/2018 - 23:47 - 0 comments

A Third of Firms Default on Easy CSIR Loans

Nearly a third of the companies have defaulted on the loans they have taken from the Council of Scientific and Industrial Research (CSIR). These loans were extended on “easy terms” towards developing new technologies, and to encourage start-ups, The Hind ...

Daily Headline - global.abi.org - 04/04/2018 - 23:52 - 0 comments

Billionaire Heads to Court in Battle Over India's Steel Market

Billionaire Lakshmi Mittal’s ArcelorMittal will on Wednesday challenge in court the legitimacy of a bid for Essar Steel India Ltd. by a group led by VTB Capital, intensifying the battle for the biggest industry asset yet to be sold under a new bankruptcy ...

Daily Headline - global.abi.org - 04/03/2018 - 23:53 - 0 comments

IBBI Tightens Rules for Insolvency Pros

The Insolvency and Bankruptcy Board of India has tightened the entry barriers for insolvency professionals by bringing in a new set of austere amendments with effect from April 1 which will ensure that only seasoned professionals are allowed to function, ...

Daily Headline - global.abi.org - 04/03/2018 - 23:54 - 0 comments

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