Wait...
Search Global Export Import Trade Data
Recent Searches: No Recent Searches

File for insolvency after 90-day default: IBBI Chief tells lenders.


Date: 16-11-2022
Subject: File for insolvency after 90-day default: IBBI Chief tells lenders
Lenders should file for insolvency proceeding against a company as soon as a 90-day default occurs to prevent erosion in the value of the assets, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mittal has said.

There is a concern that the Insolvency and Bankruptcy Code (IBC) is losing its sheen due to excessive delays and loss of value in the resolution process, he pointed out in the board's quarterly report released this week. "It is noticed that more than a year is being taken by financial creditors in filing corporate insolvency and resolution process applications post occurrence of default," Mittal said. "This delay leads to erosion in the value of assets. Thus, the creditors need to change their b ..

The RBI mandates banks to classify an account as a non-performing loan if the borrower has an overdue of 90 days.

Mittal pointed out that lenders have the option to withdraw an application before the National Company Law Tribunal (NCLT) admits the case. Even if the application is admitted by the bankruptcy court, if the lenders agree on a settlement with the defaulting borrower, they still can withdraw the application under Section 12A of the IBC, he added.

Source Name:-Economic Times
 
 

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Both
 Buyers
 Suppliers
 Both
OR
 Exim Help
+


What is New?

Date: 19-01-2023
Notification No. 05/2023 - Customs (N.T.)
Exchange rate Notification No. 05/2023-Cus (NT) dated 19.1.2023.

Date: 16-01-2023
Notification No. 04/2023-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to reduce the Special Additional Excise Duty on Diesel.

Date: 16-01-2023
Notification No. 03/2023-Central Excise
Seeks to amend No. 18/2022-Central Excise, dated the 19th July, 2022 to reduce the Special Additional Excise Duty on production of Petroleum Crude and export of Aviation turbine Fuel.

Date: 13-01-2023
Notification No. 01 /2023–Customs
seeks to exempt COVID -19 vaccines from basic Custom duty till 31st March, 2023

Date: 13-01-2023
Notification No. 04/2023-CUSTOMS (N.T.
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

Date: 11-01-2023
NOTIFICATION No. 03/2023-Customs (N.T.)
Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023- Reg.

Date: 06-01-2023
Notification No. 01/2023-Customs (ADD)
Seeks to extend levy of ADD on Fishing Net originating in or exported from China PR

Date: 05-01-2023
Notification No. 02/2023 - Customs (N.T.)
Exchange rate Notification No. 02/2023-Cus (NT) dated 5.1.2023-reg

Date: 04-01-2023
NOTIFICATION No 01/2023-Central Tax
To assign powers of Superintendent of central tax to Additional Assistant Directors in DGGI, DGGST and DG Audit.

Date: 02-01-2023
Notification No. 02/2023-Central Excise
Seeks to further amend No. 04/2022-Central Excise, dated the 30th June, 2022 , to modify the Special Additional Excise Duty on Diesel



Exim Guru Copyright © 1999-2023 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.

EximGuru.com

C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001