Page 14 - Bankruptcy
13,000 passengers stranded after French airline goes bankrupt: Official
The airline, which employs almost 1,200 staff, filed for bankruptcy and suspended flights last week after losses which prompted a shareholder coup that ousted the chief executive
 "13,000 passengers stranded after French airline goes bankrupt: Official")
Insolvency procedure benefits creditors, but concerns remain, say lenders
Creditors say they realise that the insolvency process it is not just recovery legislation for lenders, but an effective resolution mechanism for corporate debtors
 "Insolvency procedure benefits creditors, but concerns remain, say lenders")
Ministry looks at UK model of bankruptcy in case of individuals
Corporate affairs secretary says there should be a process of even loan waiver in some cases
 "Ministry looks at UK model of bankruptcy in case of individuals")
Method in the madness
The list of companies sent by the RBI for bankruptcy resolution shows their auditors do not belong to the big four, or even the big six
 "Method in the madness")
$52 billion of India loans under scrutiny on RBI's bankruptcy deadline
India has one of the worst bad-loan ratios among the world's 10 largest economies
 "$52 billion of India loans under scrutiny on RBI's bankruptcy deadline")
Flexibility on bankruptcy
Govt deserves credit for insolvency code changes
Bankruptcy prescription from apex bank
Their calls for limiting local borrowings are in line with central government's financial policy for 2018
 "Bankruptcy prescription from apex bank")
Bank promoters' backdoor entry worry on bankruptcy
Edelweiss protest at Synergies Dooray resolution order highlights new worry at large haircuts if promoters get to turn the rules their way
 "Bank promoters' backdoor entry worry on bankruptcy")
Parliamentary panel on resolution framework for bankruptcy to meet today
New Delhi, 5 SeptemberThe parliamentary joint committee to study the Bill to put in place a resolution framework to deal with bankruptcy situation in banks, insurance companies and other financial sector entities, such as non-banking financial companies, or NBFCs, is scheduled to hold its first meeting on Wednesday.The Financial Resolution and Deposit Insurance Bill, 2017, was referred to the joint committee on August 10, during the monsoon session of Parliament, and the committee constituted on August 19. The committee has 30-members - 20 from Lok Sabha and 10 from Rajya Sabha. Bhupender Yadav, Rajya Sabha member of the Bharatiya Janata Party, heads the committee. The committee has been tasked with submitting its report in the winter session of Parliament.Together, the proposed Financial Resolution and Deposit Insurance Bill 2017, along with the Insolvency and Bankruptcy Code enacted in 2016, are expected to provide a comprehensive resolution mechanism. It will put in place the ...
 "Parliamentary panel on resolution framework for bankruptcy to meet today")
Bankruptcy is not a stigma, says PEA Sanjeev Sanyal
Failure of businesses and consequent bankruptcy need not be treated as a stigma, Principal Economic Adviser to the Finance Ministry Sanjeev Sanyal said today. "More broadly, society needs to understand that innovation around entrepreneurship is about bubbling mix of entrepreneurship where things will go wrong for no particular bad reason and bankruptcy is not a stigma," Sanyal said after releasing the Ficci-PwC Strategy & India Manufacturing Barometer (IMB) survey. "One of the frameworks is that we are going to get into environment where we are much more innovative and it also means there will be more failures," he said. The country needs a culture of innovation and also requires a culture which accepts bankruptcy, he said, adding innovation is dependent upon some of it failing. He further said that by nature small and medium enterprises are more flexible and could innovate much faster if given an opportunity. The Ficci-PwC survey revealed that India continues to remain an
New Bill soon to tackle bankruptcy in banks, NBFCs, mutual funds: Das
He says that the govt has undertaken very extensive consultations for the bill and it is ready
 "New Bill soon to tackle bankruptcy in banks, NBFCs, mutual funds: Das")
Bill to address bankruptcy in financial sector this session: Das
The second half of the Budget session will convene on March 9 and continue till April 13
 "Bill to address bankruptcy in financial sector this session: Das")
American Apparel files for second bankruptcy in just over a year
The second bankruptcy comes as the retailer struggles to overcome years of losses and rising online competition
 "American Apparel files for second bankruptcy in just over a year")
Govt seeks applications for Bankruptcy Board chief
Implementation of Insolvency and Bankruptcy Code, 2016 will make debt recovery process more effective
 "Govt seeks applications for Bankruptcy Board chief")
Number of bankrupt US oil firms touches 59
Oil price volatility makes valuations difficult, which means any shale mergers will be difficult