The Lusaka High Court has declared the Post Newspaper in liquidation insolvent. High Court Judge Sunday Nkonde has ruled that the liabilities of the Post Newspapers in Liquidation exceed the values of its assets. As a result of this the company is unable to pay its debt, reads part of the Consent Judgement by Judge…
The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Bhushan Energy Ltd after admitting a plea from the country’s largest lender State Bank of India (SBI). A two-member bench of NCLT has appointed Navneet Kumar Gupta as the interim resolution professional (IRP) to initiate insolvency proceedings. Bhushan Energy Ltd, the corporate debtor,…
The Supreme Court on Wednesday directed Jaiprakash Associates Ltd (JAL), the holding company of infrastructure giant Jaypee, to produce on record details of each and every one of its housing projects spread across the country. With the direction the SC has now made clear that it is committed to protecting the lower middle-class homebuyers who…
MUMBAI: India is likely to consider expanding its bankruptcy law to include cross-border insolvency, which helps lenders tap defaulters’ assets overseas, as a top panel at the Insolvency and Bankruptcy Board of India (IBBI) meets Thursday to help strengthen the framework dedicated toward recovering bad loans. “Cross-border insolvency is on top of the agenda. The…
Macquarie Group is chasing $US40.7 million ($52 million) from an American family that ran a billion-dollar-plus cocoa trading business, after emails between staff allegedly revealed one of the biggest fraud cases in recent US history. Macquarie has joined forces with several other banks including Dutch financial giant ABN AMRO to sue the father-son duo that ran one of the world’s largest suppliers…
The Supreme Court on Wednesday said that the it will decide on Reserve Bank of Indias plea seeking to start insolvency proceedings against JAL on the next date, February 5, and that the central bank should not act on it, legal sources said. It also ordered that the parent company Jaiprakash Associates (JAL) to submit…
, ET Bureau| Jan 09, 2018, 07.13 PM IST A consortium of Aion Capital Partners and JSW Steel had emerged as the sole bidder for Monnet. MUMBAI: The Mumbai bench of NCLT on Tuesday granted the resolution professional of debt ridden steel company Monnet Ispat and Energy an extension of 90 days to complete its…
January 4 2018, 12:01am, The Times Ross Maguire Once lawyers get hold of a system there will inevitably be unnecessary delays and expenses The new personal insolvency system had some spectacular successes last year. It was set up to deal with unsustainable personal debt in Ireland, which in the main means mortgage debt, particularly on family…
The Reserve Bank of India on Monday knocked on the doors of the Supreme Court (SC) with a plea to start insolvency proceedings against infrastructure major Jaiprakash Associates Ltd (JAL). The firm has been embroiled in a Rs 29,000 crore debt case. According to a report in Moneycontrol.com, more than 25,000 people who had bought homes constructed…
Textile company E. Miroglio to start production in Serbia’s Pirot in 2018 – VIDEO Edoardo Miroglio headquarters in Sliven, Bulgaria; Source: Edoardo Miroglio BELGRADE (Serbia), January 8 (SeeNews) – Bulgarian-based textile company Edoardo Miroglio plans to start production in Pirot, in eastern Serbia, in 2018, the mayor of Pirot said. Edoardo Miroglio is expected to start production…