JSW Steel Ltd. has acquired a 26 percent stake in the India arm of Numetal Mauritius to facilitate its joint bid for Essar Steel Ltd., currently undergoing insolvency resolution. While the Mauritius-based holding company is the resolution applicant for Essar Steel, the resolution plan will be implemented through the India entity Nu Metal & Steel…
The 14-member Insolvency Law Reforms Committee, which was established in December, 2017 has come out with a 106-page report recommending amendments to the Insolvency and Bankruptcy Code, 2016 (IBC). The Committee was chaired by Ministry of Corporate Affairs (MCA) Chairman, Injeti Srinivas with members from the legal fraternity as well, including Shardul Shroff of Shardul Amarchand…
New Delhi: Are the Narendra Modi governments attempts at cleaning up Indias bad loans crisis specifically the new bankruptcy law for the resolution of unpaid bank loans by companies being gamed by promoters who might be using these new mechanisms to escape their repayment obligations? Consider the case of Educomp Solutions (ESL), which was once…
News Jessica Fino 3 Apr 2018 12:16pm PwC said it would be vigorously defending itself from a $3bn (£2.1bn) lawsuit filed by the Ukrainian bank Privatbank … Read the full article at: https://economia.icaew.com/en/news/april-2018/pwc-to-fight-privatbank-3bn-lawsuit
BELGRADE (Serbia), April 3 (SeeNews) – Serbia’s government plans to sign a contract for the sale of insolvent tractor manufacturer Industrija Masina i Traktora (IMT) to Indian company Tafe for 66.8 million dinars ($697,000/565,000 euro), Serbian prime minister Ana Brnabic has said. The contract will be signed in the coming three days and the acquisition of…
HYDERABAD:The National Company Law Tribunal (NCLT) at Hyderabad has initiated corporate insolvency resolution process (CIRP) against city-based hospitality player Viceroy Hotels Limited and appointed KK Rao as interim resolution professional (IRP) for the purpose. This was in response to a petition filed by asset reconstruction player Asset Reconstruction Company (India) Ltd (ARCIL) against the Prabhakar…
Utility FirstEnergy has taken the long-threatened step of filing for bankruptcy protection for its competitive power generation subsidiaries. It’s the latest development for a coal and nuclear power fleet that has become a focus of the Trump administrations efforts to shift energy policies to favor fossil-fired electricity. Saturdays filing with the U.S. Bankruptcy Court for…
KOLKATA: Facor, one of Indias oldest producers of ferro alloys, is likely to be liquidated after the NCLT Kolkata bench was informed on Monday that its Committee of Creditors has rejected all bids. Facor has been under insolvency resolution process and the 270-day period for insolvency resolution of the company got over on April 2,…
NEW DELHI: The government will soon seek the law ministrys opinion on amendments to the Insolvency and Bankruptcy Code (IBC) suggested by a high-level committee and may move an ordinance to make urgent changes. The 14-member insolvency law committee headed by corporate affairs secretary Injeti Srinivas made a presentation on its final recommendations to the…
The Homebase business is not very well positioned now. Its overpriced and over rented in terms of the properties – all the properties are far too expensive,” Mr Grimsey told Fairfax Media. “Theyve paid too much for it… theyve arrived in England with a Bunnings format and really plonked Australia into England and that was…