News digest: IBC tweak, shell firms, Gujarat elections, and more

From GST maze engulfing Gujarat polls to exporters' woes over Rs 50k-cr refunds, BS brings you up to speed with latest news

Insolvency and Bankruptcy Code: Lenders, bidders split on assets valuation

Lenders and prospective bidders are having a serious difference of opinion on the valuation of toxic assets, to be auctioned under the modified insolvency law. While the lenders are insisting that resolution professionals get the enterprise valuation of these companies done to ensure sale negotiations begin from a higher point, the bidders say such firms should be sold at a “scrap” value in accordance with the provisions of the Insolvency and Bankruptcy Code (IBC). Read more

There is a completely new kind of flyer to cater to: IndiGo's Aditya Ghosh

IndiGo, the world’s fastest-growing airline, faced a public relations crisis recently. In an interview, Aditya Ghosh, president of the airline, tells Business Standard how the company works on keeping customer complaints to a minimum and much more. Read more

GST maze engulfs Gujarat elections, overtakes quota demand for Patidars

For months, P M Shah and Hetal Mehta, president and vice-president of the Southern Gujarat Chamber of Commerce and Industry, have been darting from their base in Surat to both Gandhinagar and Delhi. The effort has been to process the Goods and Services Tax (GST), its various amendments and to decode its “intricacies” for users. Read more

1,500 firms under lens for being shell entities

The Centre is trying to weed out more shell companies, after cracking down on more than 200,000 such entities in the first phase.

In the second phase, it has found 1,505 companies with attributes of dabba or shell companies. Sources in the ministry of corporate affairs (MCA) told Business Standard that various Registrars of Companies (ROCs) have been asked to investigate these entities under Section 206 of the Companies Act. Read more

Rs 50,000 crore of exporters' GST refund stuck

At least Rs 50,000 crore worth of goods and services tax (GST) refunds of exporters for four months are stuck, impacting working capital and outbound shipments. 

Only about Rs 350 crore of refunds on account of integrated GST (IGST) have been released by the government for July, against Rs 750 crore claimed by exporters. Read more