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The Indian government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets, the Economic Times of India reported. However, there have been delays in the resolution process. Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
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India has started an investigation into financing and accounting practices at Byju’s after a previous inspection found corporate governance lapses at the struggling online tutoring firm, Bloomberg News reported. The federal government has asked the regional office of the Registrar of Companies in Hyderabad to investigate Byju’s books to ascertain if the company misreported financial statements and whether funds were siphoned off. There were shortcomings in the accounts of Byju’s. They didn’t specify what those failings were. The registrar’s office has one year to submit its report.
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Sri Lanka is kicking off an exchange to swap $12.6 billion of its bonds for longer-dated notes as it seeks to complete its dollar-denominated debt restructuring, Bloomberg News reported. Investors in the country’s bonds can tender their holdings for new international bonds with a haircut ranging between 12 cents and 16 cents on the dollar, according to calculations made by Bloomberg and based on a statement sent to bondholders. A creditor committee holding about 40% of the bonds said in a separate press release it supports the offer.
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Donald Trump’s new tariff pledges send a clear signal that he wants to rewrite the terms of North America’s free-trade pact and follow through with plans to hit China with tariffs, demonstrating to allies and adversaries alike that he is serious about renewing confrontation over a global trading system that he believes costs the U.S. dearly, the Wall Street Journal reported.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.