Binani Industries, the promoters of Binani Cement, has put a question mark on the insolvency process of the cement company by valuing it at Rs 173 billion (including mining rights of Rs 117 billion) against the bids of around Rs 63 billion received from Dalmia Bharat and Ultratech Cement. In a filing at the…
Banks would be under less pressure to sell large portfolios of bad mortgages had they dealt with distressed borrowers earlier, the head of the States personal insolvency service has said. Lorcan OConnor, director of the Insolvency Service of Ireland, said banks should have tried to resolve more of their non-performing loans through personal insolvency legislation…
Tribunal justice system is now a recognised trend globally, but India’s experiment with this has nothing to boast about. Given diverse judicial functions it performs, the National Company Law Tribunal (NCLT) is burdened with the workload of enormous magnitude and, in the process, it might lose focus on revival and rehabilitation of sick entities. In…
Advisers evaluating the offers for Essar Steel India Ltd. are recommending that both bids for the insolvent company be disqualified, according to people with knowledge of the matter. Legal and accounting advisers expressed concerns to the interim resolution professional, which is overseeing the Essar Steel sale process, about the eligibility of ArcelorMittals offer as well as a separate…
Nathan Schmidt / Bethlehem Israeli gas fields in the Mediterranean will soon be providing gas exports to Egypt as a part of a 10-year, $15 billion deal announced on Monday. Israeli gas excavation companies Delek Drilling and Noble Energy will export roughly seven-billion cubic-meters of gas annually from drilling platforms in the Mediterranean, namely the…
Turnaround of a large steel company of Tata Steel’s size is a tough job to do in a year’s time. But still, N Chandrasekaran’s one year at the helm of Tata group – on February 21, he completes one year of his chairmanship – has changed the fate of the steel maker quite dramatically. The…
THE lingering impacts of the resources slump and a strong entrepreneurial spirit have sent Toowoomba broke at one of the highest rates in the state. Australian Financial Security Authority figures revealed Toowoomba had one of the highest personal insolvency rates in Queensland for the December 2017 quarter. Toowoomba recorded 64 debtors entering a new personal…
More trouble seems to be brewing in the jewellery industry with the National Company Law Tribunal (NCLT) ordering the commencement of corporate insolvency resolution proceedings against Winsome Diamonds and Jewellery Ltd. As per a Debt Recovery Tribunal order of December 2016, the total amount payable by the company to creditors is about 4,700 crore. This…
Lawyers, accountants, academics and farmers are among the 22 HBF councillors who will decide the future of the health insurers $4 billion merger proposal. Under HBFs constitution, its council is the groups most powerful oversight body, with the deciding vote on the planned merger of equals with Sydney-based insurer HCF. However, despite rapidly changing standards…
According to Italian daily Corriere della Sera, Milan owner Yonghong Li has declared himself bankrupt and his assets will now be auctioned off on Taobao – the Chinese version of Ebay. Questions had been previously asked of Yonghong’s financial stability, with the New York Times and Italian financial paper Il Sole 24 Ore having already carried out investigations pointing…