Brand ambassadors of Gitanjali Gems Ltd, Mahesh Bhupathi and Lara Dutta have filed an insolvency petition as operational creditors against the jewellery manufacturer and retailer, according to the website of National Company Law Tribunal (NCLT). The case in the Mumbai bench of the Tribunal by the celebrity couple to recover their contractual dues, is first…
New government rules for dealing with guarantors of corporate loans to bankrupt companies are likely to provide for selling off individuals assets to recover the unpaid dues, top government sources told HT. The government is likely to notify the rules that will provide for proceedings by the National Company Law Tribunal against individual guarantors. The…
Absa Bank has applied for the liquidation of former Steinhoff CEO Markus Joostes Mayfair Speculators, the company that, until this week owned South Africas best racehorse, Legal Eagle, as well as hundreds of other racehorses, a property portfolio and a chunk of Steinhoff shares. Absa has also demanded an investigation into a suspicious transaction that…
This Star Wars article contains spoilers. Star Wars: The Last Jedi has hit theaters, bringing with it quite a few twists and turns. When Luke says, “This isn’t going to go the way you think,” he’s really not kidding. Episode VIII, which was written and directed by Rian Johnson, takes us to unexpected places and…
Gujarat NRE founder Arun Kumar Jagatramka. Photo: Indranil Bhoumik/Mint Gujarat NRE Coke Ltd is staring at liquidation after the Kolkata bench of the National Company Law Tribunal (NCLT) on Wednesday declined to extend the deadline for finalizing a rescue plan for the insolvent firm beyond the mandatory 270-day period allowed under Indias new bankruptcy code.…
A LIQUIDATOR has been appointed to wind up a 67-year-old Toowoomba company. Family-owned Peters Coaches closed its doors last week after six decades of operation. Shareholders of Peters Coaches, trading as RDP Enterprises Pty Ltd, voted to place the company into liquidation. Toowoomba liquidator Adam Ward of Worrells Solvency and Forensic Accountants said the company…
NEW DELHI: The Companies Amendment Bill passed by Parliament has brought relief for creditors involved in insolvency proceedings allowing them to acquire shares of insolvent company at a discounted price. The Section 53 of the amended Companies Bill states, “a company may issue shares at a discount to its creditors when its debt is converted…
WHITE BEAR LAKE Good news regarding the Sports Center renovation: bids came in below the $5.5 million estimate. For months, the city’s engineering department has been working to gather preliminary plans and estimated costs to upgrade the 28-year-old Sports Center, especially its aging refrigeration system. Bids were received last month for 15 components of the…
NEW DELHI: The government will fix a few urgent problem areas in the insolvency ordinance when it is brought to Parliament in the ongoing session but is likely to make substantive changes to the law in the upcoming budget after the panel looking into the Insolvency and Bankruptcy Code (IBC) makes its recommendations. The government…
HONOLULU (AP) Hawaiian Airlines’ parent company agreed to purchase Island Air’s operating certificate and other assets in a move that could save the failed company from liquidation. The trustee overseeing Island Air’s bankruptcy case filed a last-minute motion disclosing Hawaiian Holdings Inc.’s purchase. If the sale is approved, then the trustee’s attorney Simon Klevansky said…