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The Indian government is considering changes to the Insolvency and Bankruptcy Code (IBC) to give insurers the same status as banks in cases of default in infrastructure projects. Currently, surety bonds issued by general insurance companies do not provide the same recourse for recovery as bank guarantees.
The Supreme has agreed to decide the question of law whether homebuyers, who secure a decree from the Real Estate Regulatory Authority for a refund of their investment, should be treated as financial.
Edelweiss group chairman Rashesh Shah and ECL Finance executives have approached the Bombay High Court to quash the FIR registered against them in relation to art director Nitin Desai s suicide case. The Raigad police had recorded statements of ECL Finance MD, Phanindranath Kakarla, in the case, and have summoned the accused again on Friday. The FIR was lodged after Desai s wife alleged that officials from ECL Finance harassed her husband to repay loans availed by him, leading to his death.
India Business News: The National Company Law Tribunal (NCLT) Mumbai recently had allowed an application filed by Edelweiss Asset Reconstruction Company Limited and initia