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By preventing reference to the BIFR, which had become a haven for the promoters of sick companies, the Act gives banks and financial institutions a better tool for recovering bad debt. It was complemented by the corporate debt restructuring package under which lenders and borrowers would meet to agree on a way of recasting stressed debt. [6]
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of ...
According to the company, the promoters have brought in ₹ 50.08 crore (equivalent to ₹ 170 crore or US$20 million in 2023) as contemplated in the corporate debt restructuring scheme. The amount was to pay statutory liabilities, unsecured, pressing creditors, dealers, credit balances, employee dues and working capital requirements, in part.
Like debt restructuring, debt mediation is a business-to-business activity and should not be considered the same as individual debt reduction involving credit cards, unpaid taxes, and defaulted mortgages. In 2010 debt mediation has become a primary way for small businesses to refinance in light of reduced lines of credit and direct borrowing.
The Promoter group, GTL Limited along with Global Holding Corporation Pvt Ltd, holds approx. 3.36% of the total equity shares, whereas the banks and financial institutions hold about 63.2% of equity shares in terms of Strategic Debt structuring Scheme. Balance are held by public shareholders, including FIIs and corporate bodies.
Debt Recovery Tribunal is a quasi-judicial body formed under the Recovery of Debts Due to Banks and Financial Institutions (RDDBFI) Act, 1993 to facilitate recovery of loans by banks and financial institutions to the customers. Orders of the Debt Recovery Tribunal are appealable before the Debts Recovery Appellate Tribunal.
Ujjwal DISCOM Assurance Yojana (UDAY) is the financial turnaround and revival package for electricity distribution companies of India (DISCOMs) initiated by the Government of India with the intent to find a permanent solution to the financial mess that the power distribution is in. [1] It allows state governments, which own the DISCOMs, to take over 75 percent of their debt as of September 30 ...
Corporate debt restructuring is the reorganization of companies' outstanding liabilities. It is generally a mechanism used by companies which are facing difficulties in repaying their debts. In the process of restructuring, the credit obligations are spread out over a longer period with smaller payments.