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Urgency to fix India’s bankruptcy code
While the recent suspension of IBC has slowed the number of new cases, a backlog that runs into the thousands hasn’t been resolved.
(Photo: Pradeep Gaur)
Given the avalanche of defaults expected, the IBC needs to be made battle-ready to deliver quick resolutions
The problems include frivolous claims, most often by promoters, getting an insolvency petition admitted, the role of resolution professionals, and the buyer often losing interest
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MUMBAI :
On the face of it, an abandoned half-constructed hospital that Mumbai’s municipal corporation successfully resuscitated overnight to treat hundreds of critical covid-19 patients is a great feel-good story for 2020. But the success of Seven Hills Hospital in Marol, a suburb in Andheri, has some of the city’s largest financial institutions nervous.
UK’s Liberty Group buys bankrupt SBQ Steels
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Synopsis
Liberty paid Rs 262.45 crore plus interest of Rs 8 crore to take the Nellore based steel company, its second acquisition through the bankrutpcy process after acquiring the bankrupt Adhunik Metaliks and its associate Zion Steel in February 2020 under the insolvency law in a Rs 425 crore cash deal.
Agencies
The steel plant also has two power plants with 45MW capacity each.
Mumbai: The UK based Liberty group has acquired the bankrupt 0.25 million tonne SBQ Steels, culmulating a three year process in which the company was put into liquidation after inital efforts to sell it failed.
Liberty Group buys SBQ Steels in its second bankruptcy acquisition
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Synopsis
Liberty paid Rs 262.45 crore plus interest of Rs 8 crore to take the Nellore based steel company, its second acquisition through the bankrutpcy process after acquiring the bankrupt Adhunik Metaliks and its associate Zion Steel in February 2020 under the insolvency law in a Rs 425 crore cash deal.
Agencies
The steel plant also has two power plants with 45MW capacity each.
Mumbai: The UK based Liberty group has acquired the bankrupt 0.25 million tonne SBQ Steels, culmulating a three year process in which the company was put into liquidation after inital efforts to sell it failed.