
Poor run for IBC continues. What ails it?
Everything that could go wrong has gone wrong – political will has weakened, poor regulatory culture endures and the system seems to have been gamed
Everything that could go wrong has gone wrong – political will has weakened, poor regulatory culture endures and the system seems to have been gamed
NCLT orders the initiation of the CIRP and the appointment of a resolution professional; Go First cancels flights until May 19, 2023
In January this year, the artistes’ body filed a petition at the NCLT to initiate an insolvency process against Zee Entertainment, seeking payment of ₹211.41 crore.
With liquidations surpassing resolutions, bankers need to look at alternatives to the bankruptcy code.
The lender’s move to seek insolvency proceedings against the embattled retailer is likely to affect its ₹24,713 crore asset sale deal with Reliance Industries.
Reliance Infrastructure and Reliance Power nosedived up to 9% in tandem with a 0.8% fall in the BSE Sensex.
The case pertains to alleged default of ₹83.08 crore term loan facility issued by IndusInd Bank to Siti Networks, a cable TV operator promoted by Subhash Chandra-led Essel Group.
The IBBI board has purportedly approved the code of conduct to mitigate the issue of haircut in insolvency cases, albeit it won’t have any penal provisions or statutory enforcements.
Ever since India’s bankruptcy law came into being, several businessmen have sprung up with ‘eye-popping’ offers for their fallen stars at the risk of delaying the insolvency process.
Lenders decide to pay FD depositors holding up to ₹2 lakh the full amount while other depositors will face the distribution mechanism.