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Singapore Court Approves WazirX’s Financial Restructuring Plan, Creditors to Vote Next
The Singapore High Court has approved WazirX's financial restructuring scheme, contingent on at least 75 percent of creditors voting in favour. If approved, WazirX will initiate the reimbursement process within ten business days of the scheme's effective date.
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WazirX’s Singapore-Based Stakeholder Zettai Applies for Moratorium to Restructure Funds
WazirX estimates that Zettai may take at least six months to stitch up a scheme, which if approved by the creditors and sanctioned by the Singapore Court, “would be legally binding on all relevant parties, including Zettai.” The platform needs this time to finalise the terms and conditions of this financial restructuring scheme.
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Financial Creditors Take Maximum Risk, Need To Be Compensated: RBI
Amendments to India's bankruptcy law should focus on a financial creditor-led framework for resolution of stressed assets, the governor of the country's central bank said on Thursday.
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Noted Art Director Nitin Desai, Found Dead At Home, Defaulted On Rs 252 Crore Loan
Noted art director Nitin Chandrakant Desai, who was found dead at his studio in Maharashtra's Raigad, had defaulted on a Rs 252-crore loan to its financial creditor, and a bankruptcy court had admitted an insolvency petition against his firm.
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Go First Airlines Owes $798 million To Financial Creditors
Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors Rs 65.21 billion ($798 million), its bankruptcy filing showed.
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Law Tribunal Reserves Order On Suraksha Group's Bid To Acquire Jaypee Infratech
In June last year, Mumbai-based Suraksha group received the approval of financial creditors and homebuyers to takeover the Jaypee Infratech Ltd (JIL), raising hopes for 20,000 homebuyers of getting possession of their dream flats.
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Debt Restructuring Talks With India Were "Successful": Sri Lanka President
Sri Lanka, which is trying to secure a $2.9 billion bridge loan from the International Monetary Fund (IMF), is also looking at financial assurances from its major creditors - China, Japan, and India.
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Rs 2.43 Lakh Crore Realised Through Insolvency Resolution Process: Report
Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised (National Company Law Tribunal) insolvency resolution processes against total claims of Rs 7.91 lakh crore.
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Flood-Hit Pakistan Should Suspend Debt Repayments, Says UN Paper: Report
Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, the Financial Times reported on Friday, citing a UN policy memo.
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Pay Rs 1,925 Crore To Financial Creditors: Company Law Tribunal To IL&FS
The National Company Law Appellate Tribunal (NCLAT) has directed IL&FS to distribute Rs 1,925 crore to its financial creditors from the payments received in connection with the Gurgaon metro project.
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Reliance Capital Resolution Plan Submission Deadline May Get Extended
Lenders to Reliance Capital may extend the last date for submission of bids for acquiring the debt-ridden financial services company till August 10
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Future Group Creditors Rush To Recover $2.5 Billion Loans Amid Reliance Deal Troubles: Bankers
Future's top financial creditors include India's largest lender State Bank of India, along with smaller rivals Bank of Baroda and Bank of India
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Ghimob Malware Targeting Financial Android Apps, Offers Remote Access to Hacker: Kaspersky
Ghimob is spread via email that pretends to be from a creditor and provides a link where the recipient could view more information, while the app itself pretends to be Google Defender, Google Docs, WhatsApp Updater, etc. If the recipient falls for the scam and clicks on the link, the Trojan gets downloaded on their handsets.
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10 Things To Know About Latest Amendments To Insolvency And Bankruptcy Code (IBC)
The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared amendments to the Insolvency and Bankruptcy Code (IBC) to ease the insolvency resolution process and promote ease of doing business. Aimed at streamlining of the insolvency resolution process, the IBC Amendment Bill seeks to protect last-mile funding and boost investme...
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Supreme Court Allows ArcelorMittal To Complete Deal To Acquire Debt-Laden Essar Steel
The Supreme Court on Friday cleared the way for steel giant ArcelorMittal to complete its purchase of debt-laden Essar Steel for Rs 42,000 crore, setting aside the National Company Law Appellate Tribunal (NCLAT)'s order giving equal status to financial and operational creditors. The order came as a huge win for lenders who had challenged the bankru...
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Singapore Court Approves WazirX’s Financial Restructuring Plan, Creditors to Vote Next
The Singapore High Court has approved WazirX's financial restructuring scheme, contingent on at least 75 percent of creditors voting in favour. If approved, WazirX will initiate the reimbursement process within ten business days of the scheme's effective date.
-
WazirX’s Singapore-Based Stakeholder Zettai Applies for Moratorium to Restructure Funds
WazirX estimates that Zettai may take at least six months to stitch up a scheme, which if approved by the creditors and sanctioned by the Singapore Court, “would be legally binding on all relevant parties, including Zettai.” The platform needs this time to finalise the terms and conditions of this financial restructuring scheme.
-
Financial Creditors Take Maximum Risk, Need To Be Compensated: RBI
Amendments to India's bankruptcy law should focus on a financial creditor-led framework for resolution of stressed assets, the governor of the country's central bank said on Thursday.
-
Noted Art Director Nitin Desai, Found Dead At Home, Defaulted On Rs 252 Crore Loan
Noted art director Nitin Chandrakant Desai, who was found dead at his studio in Maharashtra's Raigad, had defaulted on a Rs 252-crore loan to its financial creditor, and a bankruptcy court had admitted an insolvency petition against his firm.
-
Go First Airlines Owes $798 million To Financial Creditors
Indian airline Go First, which filed for bankruptcy on Tuesday, owes financial creditors Rs 65.21 billion ($798 million), its bankruptcy filing showed.
-
Law Tribunal Reserves Order On Suraksha Group's Bid To Acquire Jaypee Infratech
In June last year, Mumbai-based Suraksha group received the approval of financial creditors and homebuyers to takeover the Jaypee Infratech Ltd (JIL), raising hopes for 20,000 homebuyers of getting possession of their dream flats.
-
Debt Restructuring Talks With India Were "Successful": Sri Lanka President
Sri Lanka, which is trying to secure a $2.9 billion bridge loan from the International Monetary Fund (IMF), is also looking at financial assurances from its major creditors - China, Japan, and India.
-
Rs 2.43 Lakh Crore Realised Through Insolvency Resolution Process: Report
Banks, financial institutions and other creditors of stressed companies have realised Rs 2.43 lakh crore through NCLT-supervised (National Company Law Tribunal) insolvency resolution processes against total claims of Rs 7.91 lakh crore.
-
Flood-Hit Pakistan Should Suspend Debt Repayments, Says UN Paper: Report
Pakistan should suspend international debt repayments and restructure loans with creditors after recent floods added to the country's financial crisis, the Financial Times reported on Friday, citing a UN policy memo.
-
Pay Rs 1,925 Crore To Financial Creditors: Company Law Tribunal To IL&FS
The National Company Law Appellate Tribunal (NCLAT) has directed IL&FS to distribute Rs 1,925 crore to its financial creditors from the payments received in connection with the Gurgaon metro project.
-
Reliance Capital Resolution Plan Submission Deadline May Get Extended
Lenders to Reliance Capital may extend the last date for submission of bids for acquiring the debt-ridden financial services company till August 10
-
Future Group Creditors Rush To Recover $2.5 Billion Loans Amid Reliance Deal Troubles: Bankers
Future's top financial creditors include India's largest lender State Bank of India, along with smaller rivals Bank of Baroda and Bank of India
-
Ghimob Malware Targeting Financial Android Apps, Offers Remote Access to Hacker: Kaspersky
Ghimob is spread via email that pretends to be from a creditor and provides a link where the recipient could view more information, while the app itself pretends to be Google Defender, Google Docs, WhatsApp Updater, etc. If the recipient falls for the scam and clicks on the link, the Trojan gets downloaded on their handsets.
-
10 Things To Know About Latest Amendments To Insolvency And Bankruptcy Code (IBC)
The Union cabinet, chaired by Prime Minister Narendra Modi, on Wednesday cleared amendments to the Insolvency and Bankruptcy Code (IBC) to ease the insolvency resolution process and promote ease of doing business. Aimed at streamlining of the insolvency resolution process, the IBC Amendment Bill seeks to protect last-mile funding and boost investme...
-
Supreme Court Allows ArcelorMittal To Complete Deal To Acquire Debt-Laden Essar Steel
The Supreme Court on Friday cleared the way for steel giant ArcelorMittal to complete its purchase of debt-laden Essar Steel for Rs 42,000 crore, setting aside the National Company Law Appellate Tribunal (NCLAT)'s order giving equal status to financial and operational creditors. The order came as a huge win for lenders who had challenged the bankru...
