The employees of Bhushan Steel have moved the National Company Law Tribunal (NCLT) against Tata Steels bid. Tata Steel has been the highest bidder for the steel company that is undergoing insolvency proceedings. The Delhi bench of the NCLT has asked the committee of creditors (CoC) to consider the objections raised by the employees…
Lenders to Binani Cement Ltd. are not enthused with UltraTech Cement Ltd.s latest bid, a banker with direct knowledge of the matter said. The Birla group company would have to pay over Rs 8,000 crore including admitted claims worth Rs 7,600 and interest accumulated since initiation of insolvency worth Rs 400 crore to be considered…
Americas teens may have to find somewhere else to get their ears pierced. Claires, the chainstore known for its tween jewelry and ear piercing, declared bankruptcy on Monday, the latest retailer to succumb to the online shopping revolution. Claires made the move as it announced it was looking to restructure $1.9bn in debts it built…
UltraTech Cement Ltd. has signed an in-principle pact with Binani Industries Ltd. to buy its holdings of a distressed unit as Indias largest cement maker attempts to beat out a Bain-backed consortium, which earlier made the winning bid in ongoing bankruptcy proceedings. UltraTech, controlled by billionaire Kumar Mangalam Birla, said it had agreed to pay…
UltraTech Cement today said it has entered into an agreement with Binani Industries to buy 98 per cent stake in its debt ridden subsidiary Binani Cement Ltd (BCL) which is going through insolvency proceedings. In a filing to the stock exchange, UltraTech said it will issue a comfort letter to provide Rs 7,266 crore to…
Damian Griffiths, the deeply, deeply embattled founder of the previously-swiftly-expanding Doughnut Time chain, owes the ATO a cool $1 million, according to a statement from Worrells Solvency and Forensic Accountants. Raj Khatri had been appointed as trustee of Griffiths bankrupt estate by the debtors. The statement notes that the ATO is Griffiths single biggest creditor: The…
Binani Cement’s journey towards insolvency resolution can be summed up as one step forward, two new speed-breakers ahead. Last week, after the Committee of Creditors (CoC) for the beleaguered firm voted in favour of the resolution plan submitted by the Dalmia Bharat-Bain Piramal Resurgence Fund consortium, two fresh petitions were filed with the National Company…
The trustee appointed to oversee the bankrupt estate of Doughnut Time founder Damian Griffiths says the Australian Taxation Office (ATO) is owed $1 million and other creditors have contributed to loans in the vicinity of $2 million. Raj Khatri of Worrells Insolvency confirmed this afternoon he has been appointed by debtors petition to oversee Griffiths…
Gaurav Dalmia March 18, 2018 In politics, it is often said, it usually takes a decade to get a years work done, but sometimes one gets a decades work done in a year. Initiatives taken in Indias fight against corruption are equivalent to what would have been a decades work in normal times. The most recent of…
The accounting watchdog is expected to announce an investigation into potential misconduct by two former finance directors at Carillion, the failed government contractor. The Financial Reporting Councils conduct committee is understood to have agreed that there are sufficient grounds for a probe into the conduct of Richard Adam and Zafar Khan. An announcement is expected…