Salim Mehajer loses court bid to oust administrators from companies – The Sydney Morning Herald

Salim Mehajer has lost his urgent court bid to remove administrators appointed to two of his companies, as creditors clamour for almost $100 million from the property developer and former deputy mayor. In a decision delivered on Friday afternoon, Supreme Court Justice Stephen Robb declared administrators were validly appointed to Mr Mehajer’s companies Sydney Project…

Vertu owner plans pre-pack administration for luxury smartphone manufacturer with jobs at risk – Telegraph.co.uk

The Turkish exile owner of the British luxury smartphone brand Vertu plans to put its manufacturing arm into administration to wipe out heavy debts. Representatives of Paris-based Murat Hakan Uzan met concerned staff at Vertu Corporation Ltd (VCL) headquarters in Hampshire this afernoon, to reveal plans for a pre-pack deal. He will attempt to secure…

SBI moves insolvency proceedings against Electrosteel Steels – Hindu Business Line

New Delhi, June 29:   Top lender SBI and other creditors have moved insolvency proceedings against Kolkata-based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said…

SBI moves insolvency proceedings against Electrosteel – Daily News & Analysis

Top lender SBI and other creditors have moved insolvency proceedings against Kolkata- based Electrosteel Steels at the National Company Law Tribunal (NCLT). State Bank of India initiated the corporate insolvency resolution process and filed the documents with NCLT, Kolkata, against the company under the Insolvency and Bankruptcy Code, 2016, Electrosteel Steels said in a regulatory…

IBBI does a quality check on insolvency professionals to ensure quality – Economic Times

NEW DELHI/KOLKATA: The Insolvency and Bankruptcy Board of India (IBBI), the regulator overseeing bad-loan resolutions, is scaling up its capability-assessment procedures to ensure that quality Insolvency Professionals are deployed in the potentially Rs 8-lakh-crore exercise, seeking to win over an ecosystem that remains skeptical about the efficiency of the recovery infrastructure. “Inspection and investigation are…