he government has maintained that publicly listed textile company PT Sri Rejeki Isman (Sritex) should remain operational despite the Supreme Court’s rejection on Wednesday of an appeal from the firm to avoid bankruptcy. The Supreme Court decision automatically upheld the Semarang Commercial Court’s verdict to declare the company bankrupt on Oct. 23. On Thursday, the…
The South Australian government says it has sought advice from insolvency experts about the situation at the Whyalla steelworks — and has acknowledged the possibility that the site’s owner, which has fallen behind on its royalty payments, could go “into administration”. Treasurer Stephen Mullighan told state parliament on Tuesday that GFG Alliance was “in arrears”,…
NEW DELHI : The Supreme Court on Friday upheld the claims, amounting to more than ₹10,952 crore, of four indirect creditors of Reliance Infratel Ltd, the tower and fibre business of Anil Ambani’s telecom company Reliance Communications Ltd (RCom). Reliance Infratel’s total debt exceeds ₹41,055 crore. In 2022, the National Company Law Appellate Tribunal (NCLAT)…
The valuation of Indian real estate sector has witnessed a surge like none other. To wishful buyers, the sector still reeks of repulsive practices. Application of legal conventions such as RERA (Real Estate Regulation Act) and subsequently Insolvency and Bankruptcy code to tackle defaulting realtors have been some assurances from lawmakers. In the words of…
While there are many challenges that come with building a house, it probably can’t get much worse than hearing your builder has gone bankrupt and that work to your home has stopped, effective immediately. The so-called ‘profitless building boom’, triggered by the COVID pandemic, is still playing out in the Australia construction sector, seeing thousands…
PT Sri Rejeki Isman Tbk (SRIL), commonly known as Sritex, has officially been declared bankrupt after the Supreme Court rejected its appeal on Wednesday, December 18, 2024, marking a critical turning point for the textile giant. The Supreme Court hearing, led by Justice Hamdi, confirmed the verdict by the Semarang Commercial Court on Monday, October…
The 323 most profitable of 407 properties in northern Ontario owned by insolvent real estate companies have been sold. It’s the latest development in the high-profile collapse of a group of 11 companies that owned houses and apartments in Timmins, Sault Ste. Marie, Sudbury, Kirkland Lake, Capreol, Val Caron and Temiskaming Shores. An excavator was…
Axis Trustee Services Limited, acting on behalf of Blacksoil Capital Private Limited and Blacksoil India Credit Fund, has successfully initiated a Corporate Insolvency Resolution Process (CIRP) against Redkenko Health Tech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The case, filed before the National Company Law Tribunal (NCLT) Mumbai Bench, centers…
An insolvency administrator has put KTM’s shares in MV Agusta up for sale, as the Austrian auto giant continues to reel in from a financial crisis. KTM’s parent company Pierer Mobility AG had acquired a 25.1 per cent stake in MV Agusta in November 2022, before taking over the majority of the company in March…
Tuesday 17 December 2024 1:47 pm | Updated: Tuesday 17 December 2024 1:48 pm Share Facebook Share on Facebook X Share on Twitter LinkedIn Share on LinkedIn WhatsApp Share on WhatsApp Email Share on Email Insolvencies jumped by 13 per cent in November (Credit: Dominic Lipinski/PA Wire) The number of business insolvencies in England and Wales…