Reliance Infrastructure Ltd has approached the Securities and Exchange Board of India (SEBI), the NSE and the BSE, seeking a review of the surveillance framework applicable to companies linked to proceedings under the Insolvency and Bankruptcy Code (IBC). In a formal representation submitted to the market regulators and exchanges, the company has requested a review…
The National Company Law Appellate Tribunal (NCLAT) has reiterated that a Resolution Professional (RP) is empowered to recover possession of a corporate debtor’s assets from unauthorized occupants through proceedings under the Insolvency and Bankruptcy Code, 2016 (IBC) and need not initiate a separate civil suit for eviction. The matter arose after the commencement of the…
The National Company Law Appellate Tribunal (NCLAT) has upheld the eviction of Tru Prime Pvt. Ltd. from portions of a hotel owned by the corporate debtor and held that unregistered profit-sharing agreements cannot confer any occupancy rights over immovable property during the Corporate Insolvency Resolution Process (CIRP). The dispute arose after the Resolution Professional (RP)…
Europe joint debt case gains support as ECB’s Patsalides urges policy shift Traders Union Read the original article here
The move comes after the owners, brothers Michael and David Shabsels, were reported to have emptied the company of its cash. After disclosing that its owners had emptied its cash reserves, US summer camps company Simad Holdings (TASE: SIMD) reported on Friday that it had filed for chapter 11 protection in New…
FILE PHOTO: A Shell logo is seen at a gas station in Buenos Aires, Argentina, March 12, 2018. REUTERS/Marcos Brindicci Brazilian sugar and ethanol giant Raízen has cleared a critical hurdle in its effort to stabilize its finances after securing enough creditor support to proceed with a massive 65 billion reais ($12.57 billion) out-of-court…
Norfolk woman embezzles over $100,000 from brake manufacturer to pay gambling debt MSN Read the original article here
The high court passed orders attaching properties of the different group companies, including RHC Holdings, which was a debtor to Ligare Aviation. The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the…
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The National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against Ligare Aviation Ltd, holding that the NCLT erred in admitting the plea filed by Religare Enterprises without properly examining the nature of the underlying transactions, which was “only round tripping of money” and not “any genuine financial transaction”. In a strongly worded…