Insolvency Code not in conflict with Companies Act, says Centre, quashes confusion – Financial Express

The clarification came as some stakeholders drew attention to Section 30(2)(e) of the IBC, which directs resolution professionals to ensure any such insolvency resolution plan does not contravene any of the provisions of the law for the time being in force. (Reuters) The Insolvency and Bankruptcy Code (IBC), 2016, isnt in conflict with the Companies…

BMS Technology reveals almost $1M of debt after administration – ARNnet

Approximately $995,000 worth of debts was uncovered after the first creditors meeting of Adelaide-based distributor, BMS Technology. BMS Technology entered into voluntary administration on 10 October, with Peter Ivan Macks and Ian Wayne Burford from Macks Advisory being appointed administrators. The first meeting of creditors, which was held on 19 October, revealed that BMS entered…

Barclays 3Q profit rises following restructuring – Business Insider

LONDON (AP) Barclays says third-quarter earnings rose 32 percent as the London-based bank reported its first results since completing a post-financial crisis restructuring. Pre-tax profit increased to 1.11 billion pounds ($1.47 billion) from 837 million pounds. The bank, which shed riskier assets and sold its African business to focus on Britain and North America, said…

NCLT keeps insolvency proceedings against Era Infra Engineering on hold – Livemint

More than 14 winding-up petitions are pending before the Delhi high court against Era Infra Engineering. Photo: Mint New Delhi: A special bench of the National Company Law Tribunal (NCLT) on Thursday reserved its ruling on whether to initiate insolvency proceedings against Era Infra Engineering Ltd, when winding-up petitions are pending against the company at…

Hitachi forecasts record profit as restructuring pays off – Nikkei Asian Review

TOKYO — Hitachi upgraded its operating profit forecast for the current fiscal year Thursday to a record 660 billion yen ($5.79 billion) in light of strong earnings from mainstay operations such as chipmaking equipment, construction machinery and information and telecommunications systems. The new figure represents a 12% increase on the year and beats the company’s earlier projection…

Ford Talks Possible Restructuring, Solid Credit Business on Earnings Call – TheStreet.com

Does Ford Motor Co. (F) need a restructuring?  That’s the question one company follower had on his mind during Ford’s third quarter conference call Thursday morning. “Sometimes, when you have big changes of strategy, big management changes and fundamental pivots in the direction of the organization long-term, when you reassess fitness, in this industry, at…