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Court Told of $15 Million ‘Cash Extraction’ Quinn Link

A company connected to an advisory firm to the family of businessman Sean Quinn is allegedly behind the “cash extraction” of some $15 million (€12.26 million) from an Indian company in a number of bogus transactions, it has been claimed at the Commercial ...

Daily Headline - global.abi.org - 01/22/2018 - 22:12 - 0 comments

India May Be Facing Its Own Subprime Problem

India’s $207 billion bad loan pile could get worse, Bloomberg News reported. Delinquencies are rising in the affordable housing sector, a pet project for Prime Minister Narendra Modi that’s touted as a main growth driver for Asia’s third-largest economy. ...

Daily Headline - global.abi.org - 01/16/2018 - 21:49 - 0 comments

Insolvency Board to Consider Cross-Border Norms

India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters' assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen ...

Daily Headline - global.abi.org - 01/10/2018 - 22:12 - 0 comments

Monnet Ispat Gets Extension of 90 Days to Complete Insolvency Resolution Process

The Mumbai bench of NCLT on Tuesday granted the resolution professional of debt ridden steel company Monnet Ispat and Energy an extension of 90 days to complete its insolvency resolution process as the initial 180 days were to expire on January 13, the ...

Daily Headline - global.abi.org - 01/09/2018 - 23:30 - 0 comments

IBBI New Norms Raises Doubts Among Insolvency Professionals

Insolvency professionals are flummoxed by the latest rule from the Insolvency and Bankruptcy Board of India that prohibits them from outsourcing the work related to resolution of a bankrupt company, The Economic Times reported. "All the assignme ...

Daily Headline - global.abi.org - 01/04/2018 - 21:28 - 0 comments

Insolvency: Tata Steel, 3 Others Submit Resolution Plans for Electrosteel

Tata Steel, Vedanta, Edelweiss ARC, and Renaissance Steel India are likely to have submitted resolution plans for Electrosteel Steels, one of the 12 companies mandated by the Reserve Bank of India (RBI) for insolvency, Business Standard reported. The las ...

Daily Headline - global.abi.org - 01/04/2018 - 21:29 - 0 comments

Lenders to Reliance Communications May Face a Potential Earnings Hit

Things are looking up for investors in billionaire Anil Ambani’s Reliance Communications Ltd. after the Indian phone company staved off insolvency by agreeing to sell assets to the chairman’s brother, Bloomberg News reported. But lenders still face a pot ...

Daily Headline - global.abi.org - 01/03/2018 - 23:09 - 0 comments

Indian Parliament Bars Defaulting Firm Owners from Bidding to Buy Back Assets

India’s parliament on Tuesday approved amendments to the Insolvency and Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back assets when they are auctioned as part of bankruptcy proceedings, Reuters reported. The government had ...

Daily Headline - global.abi.org - 01/03/2018 - 00:10 - 0 comments

Stressed Stocks Zoom 31% as New India Law Sparks ‘Rally of Hope’

A bunch of stressed Indian stocks are getting a lot of investor love. A Bloomberg index of 11 indebted companies that are in bankruptcy court surged 31 percent in December on speculation that the new insolvency law will push the firms’ founders and lende ...

Daily Headline - global.abi.org - 01/03/2018 - 00:10 - 0 comments

Forced Insolvencies to Help Punjab National Avoid Huge Haircuts

Punjab National Bank, India’s second-largest state-run lender, will be able to avoid massive losses after the government forced delinquent borrowers to repay loans or face liquidation proceedings under a new law, Bloomberg News reported. The interest and ...

Daily Headline - global.abi.org - 01/01/2018 - 23:01 - 0 comments

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