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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.
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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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The Indian government is considering changes to its bankruptcy laws, including streamlining court processes, amid growing concerns over lengthy proceedings and low recovery rates, the Economic Times of India reported. The Insolvency and Bankruptcy Board of India is finalizing a set of proposals aimed at speeding up resolution. Public consultation is set to end Tuesday, though the deadline may be extended. Global investors have long been cautious about lending in India, where insolvency cases can often run for years with poor recoveries.
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South Korea’s central bank cut its base rate and lowered its growth forecast for this year, as it resumed easing to support a sagging economy, the Wall Street Journal reported. Growth in Asia’s fourth-largest economy remains weak, with exports weighed by President Trump’s tariff policy and a rise in global trade protectionism. The economy is also hindered by sluggish domestic demand and weak consumer spending amid political turmoil over President Yoon Suk Yeol’s impeachment trial.
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Insolvency cases initiated by operational creditors, such as raw material suppliers and vendors, have crashed to their lowest this fiscal year, signalling their growing preference for faster out-of-court settlements with defaulters, Indian officials and experts said, the Economic Times of India reported. The number of insolvency cases admitted by the National Company Law Tribunal (NCLT) on applications filed by operational creditors plunged 41% to 187 until December this fiscal from 316 a year before, showed the data compiled by the bankruptcy regulator.
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Business tycoon Vijay Mallya, facing bankruptcy proceedings pursued by Indian banks in the UK, has expressed concerns that these legal actions have taken on an “unreal quality” following a statement made by India’s Union Finance Minister, Nirmala Sitharaman, in Parliament, the Economic Times of India reported. Mallya has now instructed his new legal team to pursue an annulment of his bankruptcy order, which was under review in the High Court in London this week, reported PTI, on Saturday.
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