Calcutta: The Supreme Court will hear a special leave petition filed by Binani Industries to terminate the ongoing insolvency proceeding against subsidiary Binani Cement on Friday amidst protests from Dalmia Cement Bharat, which strongly objected to the proposed out-of-court settlement. Binani Industries filed the petition over the weekend, the Calcutta bench of National Company Law…
Unaudited Statements of Net Assets in Liquidation and Changes in Net Assets in Liquidation. At March 31, 2018, the Company reported unaudited total assets in liquidation, total liabilities in liquidation, and net assets in liquidation of $15.4 million, $1.3 million and $14.1 million, respectively. Assets in liquidation at March 31, 2018 included the $8.1 million…
Supreme will hear the case on April 13. Kolkata: Binani Industries, the parent company of insolvent Binani Cement, on Monday informed the National Company Law Tribunal’s Kolkata bench that it has moved the Supreme Court for termination of insolvency proceedings against its cement manufacturing subsidiary. The company said it had filed the application in the…
A team from Clifford Chance has advised global asset manager The Carlyle Group on its acquisition of Australias largest wine company. The transaction, valued at AU$1 billion for 100% of The Accolades Wine Group from CHAMP Private Equity and minority shareholder Constellation Brands, was led by Clifford Chance partner Andrew Cook in Sydney. “This deal…
Indias third largest software services firm Wipro Ltd. today said its profitability may be impacted by 65-75 basis points in the March quarter as one of its telecom clients is undergoing insolvency proceedings. Without naming the client, Wipro said it had signed a multi-year outsourcing services agreement with a telecom services provider in India in…
Nic Fildes, Telecoms Correspondent April 9, 2018 Print this page Avanti Communications, the UK satellite company, has warned that it will be put into administration unless shareholders accept a debt-for-equity swap that would allow it to raise fresh funding. If approved, the proposed swap would leave US bondholders, led by Solus Funds, controlling 42 per…
KOLKATA: Any move to liquidate Facor, one of Indias oldest producers of ferro alloys undergoing insolvency resolution, can be implemented only after the National Company Law Appellate Tribunal (NCLAT) rules on Facors appeal against an NCLT Kolkata order for initiation of bankruptcy resolution process. Facors committee of creditors (CoC) rejected all resolution plans and conveyed…
Firm Appointee/Solicitor Role Company Name Published Date Auxilium Partners Robert Allan Jacobs liquidator Allmodern Corporation Pty Ltd 6/04/2018 Cor Cordis Jeremy Joseph Nipps administrator Hatch Trans Pty Ltd 6/04/2018 Hall Chadwick Brent Trevor-Alex Kijurina liquidator Million Dollar Makeovers Pty Ltd 6/04/2018 Worrells Solvency & Forensic Accountants Mervyn Jonathan Kitay liquidator Zafiro Pty Ltd 5/04/2018 PPB…
Former refugee Dai Le recounts a Vietnamese saying that was drilled into her as a child: If you hang around ink you become black, if you hang around light you become bright. She first heard the proverb – about the importance of surrounding yourself with good influences – while growing up in a refugee camp…
When Braj Binani took control of his family business nearly 20 years ago, it had spent well over a century in the Indian metals industry growing from a small trading house into a well-known zinc producer. But Mr Binani, not yet 40, had bigger plans founded on the groups new cement unit. With Indias economic…