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Nicco Corporation’s liquidation: Lenders, workmen may have to accept huge haircut on claims
The reserve price for Nicco Corporation’s liquidation exercise has been pegged at Rs 232 crore, which is about 62 per cent of the company’s total dues admitted by the liquidator. This simply means the lenders and workmen – the second tier of the payment waterfall under any liquidation – will have to accept substantial haircut on their claims. Read more
How PNB Rs 11,300 crore scam exposes the biggest flaws in the Indian banking system
When frauds with a similar design happen on a repetitive basis, it becomes a matter of concern. It is regrettable that frauds based on letters of credit, supporting fake transactions of purchases, have happened in the past in the jewellery sector. Banks’ internal controls need to be strengthened. Fraud protection is essentially a duty of the bank. – Vinod Kothari. Read more
HC disallows parallel proceedings in NCLT and debt recovery tribunal
While the company moved the NCLT on its own seeking to obtain this ‘moratorium’, the guarantors found it an alibi to seek relief from the earlier DRT case – Richa Saraf. Read More
