Britains pensions regulator on Friday gave the initial approval to a proposal from Tata Steel UK to restructure the British Steel Pension Scheme (BSPS) and prevent the company becoming insolvent. The development is likely to finalise pension arrangements that were a hurdle to the sale of Tata Steels UK assets and lead to merging its…
Balwinder Singh, the Indian-origin director of a Worcestershire-based pizza company, has been disqualified as a company director for diverting funds he had secured from loans to a partnership in which he had a personal interest, officials said. The Insolvency Service said Singh, 58, was the sole registered director of Charnwood Foods Ltd but an investigation…
Moneycontrol News Vandana Ramnani In a big setback to homebuyers of Jaypee group, the Allahabad bench of the National Company Law Tribunal on Wednesday declared Jaypee Infratech as an insolvent company. Homebuyers are unsure whether they will get their homes for which they have been waiting for years and have invested their life-long earnings. What…
DELIGHT: Brendan O’Carroll as Agnes Brown. For The Love of Mrs Brown is coming to Newcastle in January. SUCCESS is not something Brendan OCarroll takes for granted. Nor did it come quickly for the delightfully down-to-earth Irish comedian with a razor-sharp wit. It took him a long time to work up the courage to be himself and follow…
ICICI Lombard, HDFC Ergo, New India Assurance and National Insurance are among the insurers who will offer a tailored insurance cover soon for insolvency professionals as the new breed of executives stare at multiple risks from charges of sabotage to negligence. While there are broad indemnity covers, these are available only for a company’s top…
When AFR Weekend sat down to break bread with one of the country’s leading corporate undertakers, there was bound to be some discussion of the thousands of people he had sacked. Steve Sherman, who retired soon after our lunch, had been with insolvency firm Ferrier Hodgson for 31 years. He has lost count of the…
NEW DELHI: The National Company Law Tribunal (NCLT) appointed an insolvency professional on Thursday for Jaypee Infratech, providing thousands of buyers in Jaypee projects two weeks to raise claims related to their flats or plots as part of a court-driven attempt to put in place a revival plan for the developer’s much-delayed housing schemes in…
NEW DELHI: The National Company Law Tribunal has admitted the insolvency petition filed by IDBI Bank against debt-ridden Jaypee Infratech. The Allahabad bench of NCLT has admitted the petition filed by IDBI Bank under Section 7 of Insolvency and Bankruptcy Code 2016, Jaypee Infratech said in a regulatory filing. “Consequent upon withdrawal of objections filed…
NEW DELHI: Economic Affairs Secretary Subhash Chandra Garg today said the introduction in the Lok Sabha of the bill seeking to deal with insolvency of financial service providers is a significant step. The Financial Resolution and Deposit Insurance Bill, 2017 was today introduced by Minister of State for Finance Arun Ram Meghwal. Soon after, it…
NOIDA: Jaypee Wishtown homebuyers have pushed the panic button with the company presently listed for insolvency hearing at the Allahabad bench of the National Company Law Tribunal. The buyers have started a social media campaign on micro-blogging site, Twitter with hashtag, Jaypeescam where the buyers are upholding the plight of the buyers invested in Jaypee…