RBI likely to challenge Gujarat HC order Mumbai, July 5: In a move that could impede the Reserve Bank of Indias efforts to clean up the bad assets in the banking system, the Gujarat High Court has stayed further proceedings by the National Company Law Tribunal on the insolvency petition filed by the lenders against…
KOLKATA/MUMBAI: The debt resolution process for Nicco Corporation, one of the first movers to the National Company Law Tribunal (NCLT) after creation of the Bankruptcy Code, is still hanging in the balance with its lenders suggesting the company to rework the resolution plan, according to sources close to the development. This has also put Indias…
Jaeger going into administration is a warning to know the law on consulting over collective redundancies in the event of employer insolvency. Ray Tang/REX/Shutterstock Jaegers problems are the latest warning for employers to know their duties to staff in cases of employer insolvency. Chris Weaver offers legal advice. Fashion chain Jaeger going into administration…
HYDERABAD: In a fresh round of trouble for the beleaguered media group Deccan Chronicle Holdings Limited, the Hyderabad bench of National Company Law Tribunal (NCLT) today accepted a plea by the Canara Bank, seeking initiation of insolvency resolution process and has asked the bank to appoint an interim resolution professional (IRP). Sources in the bank…
Wednesday, July 5, 2017 The local business environment has lost at least 100,000 companies and 15% of firms with incomes over 1 million euros since 2008. At present a third of active firms are likely to enter insolvency, according to a Coface Romania study. Only the most powerful have survived, but most companies were affected…
New Delhi: Essar Steel has moved the Gujarat High Court against insolvency proceedings initiated by the banks on the direction of the Reserve Bank (RBI). The high court issued notice to the RBI and leader of the banking consortium SBI and posted the matter for Friday, sources said. When contacted, a company spokesperson said: “Essar…
The number of healthcare professionals in debt and seeking help with their personal finances has increased by 9.8% over the last two years. In May 2017, of employed people seeking help with their personal finances, 7.38% worked in the healthcare industry, and of these 37.11% were nurses. This is up from 7.22% in May 2016,…
Ahmedabad: Essar Steel Ltd has approached the Gujarat high court, challenging the insolvency proceedings initiated against it at the National Company Law Tribunal (NCLT) by its lenders after being directed by the Reserve Bank of India (RBI). A company official said that the matter will be heard in the high court on 7 July. More…
July 5 (UPI) — On this date in history: In 1865, William Booth founded the Salvation Army in London. In 1916, children under 16 were banned from New York City theaters, many of which were already closed, due to a summer outbreak of polio. In 1935, U.S. President Franklin D. Roosevelt signed the National Labor…
AFP on July 5, 2017, 5:20 pm A former business partner of German tennis star Boris Becker, who was last month declared bankrupt, is demanding the payment of 36.5 million euros ($54.4 million) which he claims he is owned by the former world no.1. Swiss businessman Hans-Dieter Cleven claims he is owed 40 million Swiss…