MUMBAI: Essar Steels insolvency proceedings could turn into a test case for Indias bankruptcy framework with lenders differing on the choice of the so-called interim resolution professional (IRP), the entity that will oversee the exercise, according to two people with knowledge of with the matter. One of these is an unsecured lender and has apparently…
LEADERS at the broke TransNamib threatened to cut jobs and declare bankruptcy earlier this year in what appears to be blackmail to arm-twist government into paying N$240 million as bailout. This is according to details contained in confidential documents of a board meeting dated 23 February 2017. The meeting took place when the company only…
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…
UAE Sheik failed to pay for renovation of iconic King Edward, claims builder The controversial foreign owner of Port Elizabeths iconic King Edward Hotel has been accused of allegedly failing to pay more than R1-million worth of bills for renovation work on the hotel. Port Elizabeth attorney Lunen Meyer confirmed yesterday that he had…
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…
Banca Monte dei Paschi di Siena expects to close the sale of 26bn of bad loans within days following a last-ditch bid from Italys industry-backed rescue fund to revive a deal that looked to have collapsed. A deal to would unlock billions of euros of public funds to recapitalise MPS, save the Tuscan bank from…
PTI New Delhi , June 29, 2017 16:03 IST Updated: June 29, 2017 16:04 IST “; var device = “”; for ( var type in WFClientTypeDef) { if (window.matchMedia(WFClientTypeDef[type]).matches) { switch (type) { case “xlarge”: device = ‘desktop’; break; case “large”: device = ‘desktop’; break; case “medium”: device = ‘tab’; break; case “small”: device =…
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…
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…
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…