Tag: Bankruptcy
14 Results
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Philippine Airlines files for bankruptcy
The airline said the move is "to allow the company to successfully restructure and reorganise its finances to navigate the Covid-19 crisis and emerge as a leaner and better-capitalised airline", reports Xinhua news agency.
September 4, 2021 -
IBBI amends Insolvency and Bankruptcy Board of India Regulations, 2016
Regulations require the interim resolution professional to offer a choice of three Insolvency Professionals (IP) in the public announcement, and the creditors in a class to choose one of them to act as their authorised representative.
August 7, 2020 -
UK High Court defers bankruptcy hearings against Vijay Mallya
A consortium of Indian public sector banks led by the State Bank of India had sought a bankruptcy order against Vijay Mallya as part of efforts to recoup around GBP 1.145 billion of unpaid loans from him.
April 10, 2020 -
Most airlines will be bankrupt by end of May: CAPA on Coronavirus impact
Across the world, airlines have announced a drastic reduction in their operations in the wake of the coronavirus outbreak.
March 16, 2020 -
Shares of Jet Airways plunge 52% as investors quit
The crisis-hit airline shares have lost over half of the value.
June 18, 2019 -
Bankrupt Boris Becker pleads for help in hunt for missing trophies
Becker, 50, went on to win six Grand Slam trophies in a glittering career and reached world number one.
January 25, 2018 -
Allahabad Bank inks MoU with NeSL
State-run Allahabad Bank on Saturday signed an MoU with the government owned National E-Governance Services Ltd (NeSL) for a the tie-up that could help in minimising the resolution period in NCLT (National Company Law Tribunal) referred cases. NeSL is the first Information Utility entity registered by Insolvency and Bankruptcy Board of India under the aegis …
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December 31, 2017 -
Bill on financial service providers referred to joint panel
A bill providing for a resolution framework to deal with bankruptcy situation in banks, insurance companies, and financial sector entities was on Thursday referred to a joint committee of Parliament. The Financial Resolution and Deposit Insurance Bill, 2017, was referred to the joint committee of the two houses after it was introduced in the Lok …
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August 11, 2017 -
‘Rs.8 L cr NPAs may face bankruptcy proceedings by Mar 2019’
Emboldened by the Banking Regulation (Amendment) Ordinance, the RBI is expected to push for resolution bad loans worth around Rs.8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by Assocham said. “So, it should be safe to assume that the non-performing …
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July 16, 2017 -
RBI amends order on bankruptcy action on 12 large NPAs
The Reserve Bank of India (RBI) has amended its earlier order asking banks to initiate bankruptcy proceedings against 12 companies which have outstanding loans amounting to over Rs 5,000 crore as on March 2016. The amendment, made through a notification late on Saturday, comes after the Gujarat High Court asked the RBI to remove the …
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July 9, 2017 -
Insolvency and Bankruptcy Board seeks comments on new code
In a further move to tackle the huge issue of banks' bad loans in India, the Insolvency and Bankruptcy Board on Thursday invited public comments on the amended Insolvency and Bankruptcy Code that came into effect last year. A Corporate Affairs Ministry release said the window for receiving comments will be open till December 31, …
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July 7, 2017 -
Japanese airbag manufacturer files for bankruptcy
Japanese airbag manufacturer Takata has filed for bankruptcy protection in a court in Tokyo and the US after multimillion-Dollar losses caused by defective devices, the company announced on Monday. The decision was taken by Takata's board of directors, prompting the Japanese stock regulator to suspend trading of the company's shares after they had fallen by …
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June 26, 2017 -
Cabinet clears bill to deal with crisis in banks, insurers
A proposal to introduce a Bill in Parliament for setting up a Resolution Corporation to deal with bankruptcy in banks, insurance companies and financial entities received Cabinet go-ahead on Wednesday. The Financial Resolution and Deposit Insurance Bill, 2017, which aims to instil discipline in financial service providers in the event of a financial crisis by …
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June 14, 2017 -
Puerto Rico files for bankruptcy
Puerto Rico has filed for bankruptcy and sought relief under a law enacted to help the US commonwealth restructure its massive debt load, a media report said. This could pave the way for what could be the largest-ever bankruptcy case involving a US local government entity, Efe news reported. Puerto Rico owes more than $70 …
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May 4, 2017