The Hyderabad Bench of the National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech Limited (LITL), the holding company of the Lanco group, having a consolidated debt of Rs 500 billion. The Bench has appointed resolution professional (RP) Savan Godiawala as the liquidator and directed him…
The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. The bench headed by judicial member Ratakonda Murali in his orders appointed the interim resolution professional (IRP) Savan Godiavala…
Citing an RBI notification, Congress leader Jairam Ramesh on Monday demanded that the SBI should declare Gujarat State Petroleum Corp (GSPC) bankrupt and said the company owed Rs 12,000 crore to several banks. He accused the Modi government of trying to protect the company from being declared bankrupt. Ramesh said that on February…
The National Company Law Tribunal, Hyderabad, has ordered liquidation proceedings for Lanco Infratech Ltd. The NCLT Bench dismissed a petition filed by Power Mech Projects Ltd to consider a deadline extension to place a bid for Lanco Infratech. Ordering the appointment of Insolvency Resolution Professional (IRP) Savan Godiawala as the official liquidator, NCLT Member Ratakonda…
The Congress today claimed that public-sector Gujarat State Petroleum Corporation (GSPC) owes Rs 12,000 crore in loans to various banks, and accused the Narendra Modi government of trying to prevent the company from being declared bankrupt. Senior Congress leader Jairam Ramesh claimed at a press conference that a Rs 20,000-crore scam has come to…
Warsaw District Court has declared the WSE-listed IT company Indata bankrupt. The creditors now have 30 days to submit their claims (if they were not disclosed in the proper registry). Among the companys debt are two series of bonds issued late last year worth PLN 1 million each. Indata is a holding of IT companies.…
The Real Housewives of Beverly Hills star Dorit Kemsleys husband, Paul PK Kemsley, is facing a multi-million dollar lawsuit from a casino in Las Vegas. According to a new report, the Bellagio Hotel and Casino has accused PK, the manager of iconic musician Boy George, of breaching a settlement that required him to make payments on a gambling…
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Builder Hickory Group has put subsidiary H Buildings into voluntary administration just days before the subsidiary was due to face a $13 million tribunal claim to replace the combustible cladding on four residential buildings. While calling in the administrator halts the claim by the 133 owners of apartments in the development in Melbourne’s inner eastern Richmond against the…
The Congress today claimed that public sector Gujarat State Petroleum Corporation (GSPC) owes Rs 12,000 crore in loans to various banks, and accused the Narendra Modi government of trying to prevent the company from being declared bankrupt. Senior Congress leader Jairam Ramesh claimed at a press conference that a Rs 20,000-crore scam has come to…