Page 6 - Bankruptcy

Retail investors hold around Rs 1,000 crore in bankrupt listed companies

Each bankrupt company has around 7,500 retail investors on a median basis

Oaktree Capital, Piramal Group raise offers for bankrupt DHFL yet again

Lenders set to vote on both proposals this week

Mahindra's Korean subsidiary Ssangyong Motor files for bankruptcy

Move comes a week after the troubled automaker defaulted on a loan repayment to JP Morgan

More than 60% of insolvency proceedings led to liquidation in Sep quarter

Liquidations were only one-third of total cases closed in the previous quarter

After walkout fiasco, DHFL extends deadline for fresh bids to Dec 14

Value maximisation should be core principle: former AG Mukul Rohatgi

Lenders likely to invite another round of bids for bankrupt DHFL

Piramal group did not share the password of the email containing its third round of offers as it was worried about information leak.

Norwegian Air seeks bankruptcy protection as Covid pandemic takes toll

The company has opted for an Irish process since its aircraft assets are held in Ireland

NCLT okays JSW Steel's resolution plan for Asian Colour Coated Ispat

JSW Steel had emerged the highest bidder for the company in June last year with an offer of Rs 1,550 crore

Need restructuring, not bankruptcy

Most stressed lenders should go into restructuring with the IBC being its bedrock

Govt proposes extending suspension of new bankruptcy filings: Report

The proposal is to extend the halt on new bankruptcy cases for another six months past its currently scheduled ending point this week

IL&FS to file bankruptcy for its offshore firms IIDL, IIDMCC in UAE

Debt-ridden IL&FS has proposed to initiate bankruptcy proceedings for two of its offshore firms - ITNL Infrastructure Developers LLC (IIDL) and ITNL International DMCC (IIDMCC) - in the courts of the UAE. IL&FS had request the Mumbai-bench of the National Company Law Tribunal (NCLT) to take on record its proposal to initiate the bankruptcy proceedings before the Dubai Courts under UAE Federal Decree. The tribunal consented with the decision of the newly constituted board of the IL&FS and observed that the initiation of bankruptcy proceedings was the best option for the two firms. "After hearing both the sides and on perusal of records, this bench is of the view that the initiation of bankruptcy proceedings is the best option in the given scenario. The same is recorded as prayed for. In the circumstances, the proposal of the applicant for initiation of insolvency proceedings of IIDL and IIDMCC is taken on record," the NCLT said. The tribunal also observed that the Regional .

Insolvency law: IBBI lists out red flags to detect avoidance transactions

Resolution professionals and liquidators can also facilitate claw-back or disgorgement of value, if any, lost through avoidance transactions

Virgin Atlantic gives in to Covid-19, seeks US bankruptcy protection

The airline made the Chapter 15 filing in US federal bankruptcy court in New York after a proceeding in the United Kingdom

Lord & Taylor, oldest department store in US, files for bankruptcy

The company, founded in Manhattan by two English immigrants in 1826, said it had about $137.9 million of debt obligations

Is greed good?

A more caring India would provide for Universal Basic Income

Debt resolution process: Bankers fret over spike in consultants' bills

Bankers say RPs are outsourcing human resources and audit/legal consulting to outside firms so as to plug all loopholes. Bankrupt companies also pay for special forensic audits and legal opinions

Small- and mid-sized business bankruptcies may triple, warns IMF

A staff analysis of 17 countries suggests that bankruptcies for the firms could surge to 12 per cent, from 4 per cent before the pandemic, the IMF said in a report on Thursday.

Indian banks pursue bankruptcy order against Vijay Mallya in UK court

Mallya's legal team, led by barrister Philip Marshall, countered that the banks were secured creditors and that the petition should be dismissed.

Brooks Brothers, clothier for 40 US presidents, files for bankruptcy

Brooks Brothers was one of the few national chains that produced its clothing in the US

US firms filing for bankruptcy at fastest pace since 2013: Report

During the last financial crisis, there were 8,614 company bankruptcies in the US in 2008, and the number rose to 12,644 in 2009, according to the report