By: ENS Economic Bureau | New Delhi | Published:August 9, 2017 6:42 am The NCLT bench in Ahmedabad had observed in the SBI versus Alok Industries case that since the winding-up petitions had not been admitted, the Insolvency and Bankruptcy Code (IBC) could be invoked. (representational Image) Related News The Principal bench of the National…
Dhirendra Tripathi Moneycontrol News The Allahabad bench of the National Company Law Tribunal on Wednesday accepted lender IDBI Banks plea and classified Jaypee Infratech as an insolvent company. With this, the board of directors of the company remains suspended. The Tribunal will now appoint an insolvency resolution professional — an official from one of the…
Over the next months, Indias newly-constituted bankruptcy courts will decide the fate of 12 companies that account for over a quarter of Rs 8 lakh crore worth of bad loans choking the banking system. If the bankruptcy moved by Indias banks are accepted, companies with investments in factories, furnaces, trucks, textile looms, heavy equipment, and…
PEOPLE are still doing it tough in Rockhampton, according to the latest personal insolvency statistics released by the Australian Financial Security Authority (AFSA). AFSA describes a personal insolvency arrangement as a strategy to help people manage their debts to avoid bankruptcy. During the second quarter of 2017 (March – June) for Rockhampton, the number of…
Image copyright Google Image caption Google My Business is a free service that helps firms control how they appear in search results A Manchester-based company that pretended it was linked to Google has been closed following an investigation by the UK’s Insolvency Service. The agency said Movette had used “deceptive methods” to bill clients for…
As on 31 March, the consolidated debt of Jaypee Infratech was over Rs7,922 crore with a negative interest coverage ratio. Graphic: Ajay Negi/Mint Mumbai: The Allahabad bench of the National Company Law Tribunal (NCLT) on Wednesday admitted insolvency proceedings against Jaypee Infratech Ltd, one of the 12 companies referred to the tribunal following the Reserve…
The once high-flying algae-based materials firm TerraVia has declared bankruptcy and plans to auction itself off. The only bidder to come forward so far is the Dutch food ingredients maker Corbion, which has made an offer of $20 million for the company. TerraVia began life in 2003 as Solazyme, aiming to commercialize biofuels made from…
Fashion chain Tuunte was declared bankrupt by the court in Zutphen on Tuesday, director Louis van Andel announced. He already informed the 250 employees working in the 45 Tuunte stores. The stores will likely remain open for the time being, and a bankruptcy administrator will investigate whether a restart is possible, ANP reports. Tuunte’s stores…
On July 25, the NCLT had sought a clarification from Union Bank of India on the maintainability of the bankruptcy petition against Era and reserved its order. The Principal bench of the National Company Law Tribunal (NCLT) in New Delhi on Tuesday reserved its order in the insolvency proceedings against Era Infra Engineering filed by…
If one takes a conventional measure where debt to EBIDTA ratio of more than 4 times represents a stressed company, total loan assets of such firms in India are closer to Rs 30,000 crore, which is 30% of all advances. Nikhil Shah, managing director, India, Alvarez & Marsal, a specialist firm in resolution, discusses with…