MUMBAI/KOLKATA: Innoventive Industries, Indias first company to be tried under the new Insolvency and Bankruptcy Code, has failed to finalize a debt resolution plan in the stipulated six months, prompting the National Company Law Tribunal (NCLT) to extend the deadline by another three months – the maximum permissible before liquidation. If the company fails to…
By Edwin Okoth The government is set to let go of its shareholding in Uchumi Supermarkets once the troubled retailer stabilises under the ongoing bailout and restructuring plan. Trade Principal Secretary Chris Kiptoo yesterday said the shareholding exit will come after the government recoups taxpayers’ funds pumped into the company over the years. Uchumi is…
Bis Industries, one of the major transport players in Western Australia, will come under new ownership after a $1 billion debt-for-equity swap deal was struck with its major lenders. Carlyle Group, Metrics Credit Partners, Varde Partners and other creditors will take ownership in the logistics business from private equity group KKR, with the debt-for-equity deal…
Over a million people are forced deeper into debt just to cover their everyday household bills. Some of the most vulnerable, already struggling to make ends meet, are being charged extortionate interest rates over 100% – many over 1000%. A shocking report from StepChange Debt Charity reveals that half needed to borrow cash to pay…
”The Corporate Commercial Bank” case went to the court. Tzvetan Vassilev and 17 other bankers and financiers will stand on the dock, reported bTV. Early this morning, 12,000 pages of indictment had been moved from the offices of the Prosecutor’s Office to the Special Criminal Court. Vasilev was the majority owner of Corporate Commercial Bank (Corpbank or KTB), which…
Many fans aren’t being offered refunds. Two of Olly Murs upcoming summer concerts have been cancelled because the company that organised them has gone into liquidation. The pop singers gigs in Powderham Castle, Exeter on July 29 and Kings Park, Bournemouth on August 5 have both been scrapped. At the moment, many fans who bought tickets…
It wasnt too long ago that we heard the news that Top Shop had gone into voluntary administration, but now they could be shutting their stores for good. As their sales continue to fall, we have heard the news that Myer has closed its 17 Topshop franchises. The company has already closed a number of…
Reuters| Updated: Jul 19, 2017, 07.32 PM IST The restructuring plan would involve moving several of its technology businesses under Tata Consultancy Services Ltd , the country’s top software services exporter, the report said. India’s salt-to-software Tata Group is considering a plan to streamline its technology and infrastructure businesses, Bloomberg reported on Wednesday, citing people…
Debt agreements reached a record level in 2016-17. Numbers released today by the Australian Financial Security Authority (AFSA) show that debt agreements have reached record levels in 2016-17, a trend that has become an annual tradition since 2011-12. Debt agreements have increased 11.9% this year compared to 2015-16 and there were record debt agreements in every…
The National Company Law Tribunal (NCLT) has appointed an insolvency resolution professional. The National Company Law Tribunal (NCLT)’s Hyderabad bench appointed an insolvency resolution professional (IRP) on Wednesday, to resolve the crisis faced by the Deccan Chronicle Holdings Limited (DCHL). The Times of India reported that the NCLT invoked Section 7 of the Insolvency and Bankruptcy Code (IBC),…