Varun Marwah December 24 2018 The NCLAT has passed a judgment ruling that a personal guarantors right to subrogation against a corporate debtor can be taken away in a resolution plan.The Bench comprising JusticesMukhopadhaya and Bansi Lal Bhat was hearing an appeal filed by the promoters of Sharon Bio Medicine. The question of liability of…
Ghana Association of Restructuring and Insolvency Advisors (GARIA), an Association of Professionals established to play a leadership role in corporate restructuring, has urged the government to expedite the process in passing the corporate insolvency bill into law. The Bill will ensure a significant impact in the business environment, provide a framework for restructuring viable businesses,…
Companies Monday, December 24, 2018 2:06 By VICTOR JUMA Shoppers at a Nakumatt branch. FILE PHOTO | NMG More companies sought protection from the Insolvency Act 2015 this year as their operations crumbled amid a large debt pile-up, staving off liquidation that was previously triggered by default. The firms that went into voluntary or forced…
The National Company Law Appellate Tribunal (NCLAT) on Saturday ordered a stay on the commencement of corporate insolvency proceedings against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India. It may be noted that the Kolkata bench of National Company Law Tribunal had, on Wednesday, admitted the insolvency petition, filed by Gulf Oil Lubricants India…
Following NCLTs order, Coal India moved NCLAT, challenging the order. The National Company Law Appellate Tribunal (NCLAT) on Saturday stayed an order passed by the National Company Law Tribunal (NCLT) to initiate corporate insolvency resolution process against Eastern Coalfields (ECL), a subsidiary of state-run Coal India (CIL). The Kolkata bench of the NCLT on December…
This is a good day for mortgage holders, business owners and farmers whose loans have been sold on to so called vulture funds – Cahill. Tipperary Fianna Fil TD, Jackie Cahill has said that the passage of his partys Private Members Bill to regulate so called vulture funds is a major step forward for Tipperary…
General News of Saturday, 22 December 2018 Source: citinewsroom.com A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay A Deputy Minister of Trade and Industry, Robert Ahomnka-Lindsay has assured that the corporate insolvency bill will be passed within the first quarter of next year. The assurance follows the completion of the necessary parliamentary procedures surrounding…
Related Story: Redstar Transport goes into liquidation, threatening jobs and Christmas mail A Melbourne logistics company has collapsed just days before Christmas, reportedly telling its 120 workers it cannot afford to pay them for the past week as it goes into receivership. Key points: Fastline International specialises in online, wholesale and…
The Kolkata Bench of the National Company Law Tribunal (NCLT) has directed initiation of corporate insolvency resolution process (CIRP) against Eastern Coalfields Ltd (ECL), a subsidiary of Coal India. The NCLT admitted the insolvency petition filed by Gulf Oil Lubricants India Ltd against ECL, which allegedly refused to pay the interest on debt outstanding towards…
Danish insurer Qudos, which fell into liquidation last month, has been declared bankrupt by a court in Denmark. As a result, the danish Guarantee Fund will now be expected to cover the costs of outstanding claims for the company. Qudos has over 51,000 customers in Ireland,Irelands Insurance Compensation Fund could have been forced to pay…