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NEW DELHI: The Insolvency and Bankruptcy Board of India has amended rules to allow distressed homebuyers to take possession of their properties while the resolution process is ongoing. The amendments, notified on February 3, and effective immediately, aim to enhance efficiency in insolvency proceedings, particularly for real estate projects, by introducing measures such as appointing…
Australia’s only architectural glass manufacturer, Oceania Glass, has collapsed after its losses mounted because of cheap imports from China and rising manufacturing costs. Grant Thornton was appointed on Tuesday as administrator of the company, which employs 260 people and has a manufacturing plant in the outer Melbourne suburb of Dandenong. Loading… Read the original article…
The case dates back to 2017, when the National Company Law Tribunal (NCLT) admitted an insolvency petition against BPSL filed by Punjab National Bank (PNB). During the CIRP, JSW Steel emerged as the successful resolution applicant, and its resolution plan was conditionally approved by the NCLT on September 5, 2019. However, prior to the resolution…