The role of insolvency resolution professionals (IRPs) and their ability to handle day-to day affairs of bankrupt companies has come under the spotlight with the NCLT questioning their decisions in a few recent high-profile insolvency cases. At last count, there were over 1,800 registered IRPs wading through a pile of over 9,000 cases. Stakeholders are…
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that an application has been filed against the Company, under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Religare Finvest Limited, claiming to be a Financial Creditor, before the Honble National Company Law Tribunal, Kolkata…
In February, a resolution plan for Sharon Bio Medicine was approved by a bankruptcy court wherein lenders would receive Rs 230 crore against dues of Rs 702 crore. Ideally, secured lenders should have rejoiced, considering if it had gone into liquidation, they would have received just about Rs 175 crore. A closer look at the…
Subcontractors WAs Louise Stewart has revealed she plans to step down from her role as chairwoman of the advocacy group to pursue a tech-based solution to the non-payment of subcontractors. Ms Stewart, who developed a healthcare technology platform that she has since sold, became a campaigner for the WA industry when she started helping her…
On 20 March 2018, the Department for Business, Energy and Industrial Strategy (BEIS) published a consultation document on insolvency and corporate governance, which sought views on proposals to improve the governance of companies when they are in or approaching insolvency. The consultation document went on to explain that the intention is to reduce the risk…
By Ann O’Loughlin A former waste company operator has been told by the President of the High Court he was “not out of the woods” yet over an application to jail him for contempt of court. Mr Justice Peter Kelly told Jim Ferry’s lawyer he seemed to have taken a more realistic approach to proceedings…
The ex-BDO title holder, 50, is broke after struggling to echo his previous successes in 2000 and 2009. Teds bankruptcy order was made at a London court by HM Revenue and Customs in June, according to reports. GETTY BROKE: Former world darts champ Ted Hankey has been declared bankrupt It comes just…
Former world darts champion Ted The Count Hankey has been declared bankrupt. The star player, 50, has struggled to qualify for major tournaments after winning his world titles in 2000 and 2009. His game also suffered after he had a stroke live on stage in 2012. Hankeys bankruptcy order was made at a London court…
New Delhi: Russia’s VTB Capital-backed Numetal Ltd, which is in the race to acquire Essar Steel, on Monday alleged that rival ArcelorMittal India Ltd is not eligible to bid for the debt-ridden company under the IBC as it was the promotor of two defaulting companies Uttam Galva and KSS Petron. During the proceedings of the National…
India: The Supreme Court has ordered the National Company Law Appellate Tribunal (NCLAT) to adjudicate upon all issues relating to the Binani Cement insolvency case, including whether Ultratech Cements bid for the company is eligible. The case will be heard by the appeals tribunal from mid-July 2018, according to the Mint newspaper. The NCLAT is…