Mumbai: In January, Innoventive Industries, a speciality steelmaker based in Pune, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve the country’s $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata…
Shareholders pursuing troubled legal firm Slater and Gordon will receive just $36.5 million, after the firm agreed to settle a number of class actions against it. -Key points: Hedge funds will now assume ownership of the 82-year old law firm Directors’ indemnity insurance the only source of funds available from Slater and Gordon $36.5…
By Devidutta Tripathy and Euan Rocha | MUMBAI MUMBAI In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India’s $150 billion bad debt overhang. The company, which makes steel tubes and auto…
Shareholders in Slater and Gordon have reached a $36.5 million settlement with the beleaguered law firm, a move that will pave the way for the group’s restructure. Slater and Gordon’s insurers will tip in $32.5 million of the settlement while the hedge funds that hold the debt in the group, which will be swapped for…
Green-Light International has declared bankruptcy following a blistering arbitrators ruling that found that the foreign sales agent committed acts that bordered on criminal fraud. The company was accused of pocketing $410,000 from distributors that should have gone to a collection account, and using the money for salaries and a lavish post-Cannes Film Festival vacation in…
Written by Khushboo Narayan | Mumbai | Published:July 11, 2017 2:57 am Representational image The Chandigarh bench of the National Company Law Tribunal (NCLT) has issued a notice to Amtek Auto in connection with the petition filed by Corporation Bank against the firm under the Insolvency and Bankruptcy Code. The tribunal has told Amtek Auto…
KOLKATA: Lenders to beleaguered Electrosteel Steels have urged the National Company Law Tribunal (NCLT) to admit insolvency proceedings against the West Bengal-headquartered company. Electrosteel Steels, which owes more than Rs 10,200 crore to an SBI led consortium of lenders, is among the 12 cases identified by the Reserve Bank of Indias (RBI) advisory panel for…
More than seven in 10 Canadians rate their ability to budget for an interest rate increase of one percentage point as less than optimal, a nationwide survey found. The prospect of climbing rates has nearly half of Canadians on edge, according to a recent Ipsos poll conducted by MNP, which runs one of the largest personal insolvency…
The insolvency move of bankers has created a ripple effect in the industry with Lanco Infratech, one of the companies in the Reserve Bank of Indias list of 12, encashing bank guarantees of its suppliers. A similar predicament is being faced by steel companies whose suppliers and customers both have rushed panic messages to…
Sources close to the development said, the order to admit the plea was awaited. “They have heard the case.” Last month, lenders led by SBI had sent Electrosteel Steels to the NCLT for further action under the Insolvency and Bankruptcy Code (IBC). Electrosteel Steels was among the 12 cases identified by the…