Educomp invites bids for corporate insolvency resolution process – Moneycontrol.com

Moneycontrol News Education services firm Educomp Solutions has invited bids from potential resolution applicants for Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC). CIRP under IBC commenced against the company post an order on May 30, 2017 at the National Company Law Tribunal (NCLT). NCLT had appointed Sanjiv Agarwal as the…

Bankruptcies In Australia Hit 15-Month High – Canstar

Statistics released by the Australian Financial Security Authority (ASFA) today show the highest rate of bankruptcy among Australians since the June quarter 2016. The personal insolvency activity statistics for the September 2017 quarter show total personal insolvencies increased by 8%  since the September quarter last year, including debt agreements increasing by 17.5% and personal insolvency agreements up…

Policy on honouring payment commitments need of the hour – Economic Times

By M R Umarji Recently, the Delhi High Court blamed public sector undertakings for resorting to litigation with public money challenging arbitration awards. Such arbitration awards normally relate to assessment of the work completed for which a payment is to be made to the contractor or other enterprises undertaking infrastructure projects or other work. Public…

Changes suggested to Insolvency Code a ‘positive step’, but loopholes remain, say homebuyers – Moneycontrol.com

Vandana Ramnani Moneycontrol News The Union Housing and Urban Affairs Ministrys recommendation to the Ministry of Corporate Affairs that the Insolvency and Bankruptcy Code rules ought to be tweaked to make homebuyers primary secured creditors has been welcomed by troubled Jaypee and Amrapali homebuyers as a positive step but they are not sure whether the…

NCLT orders StayZilla into insolvent liquidation in case file by vendor Jigsaw – Economic Times

, ET Bureau| Updated: Sep 18, 2017, 07.34 PM IST Watch: NCLT orders insolvency process against Stayzilla CHENNAI: The National Company Law Tribunal had ordered initiation of insolvency proceedings against hotel and homestay aggregator StayZilla, the consumer internet start-up that sparked national debates on the perils of entrepreneurship in India after its founder Yogendra Vasupal…

MBL Infra promoters may infuse Rs 50-100 crore to escape liquidation – Economic Times

Construction firm MBL Infrastructure is hoping to avoid liquidation with the promoter of the company likely to infuse Rs 50,100 crore capital, according to two people aware of the development. A consortium of 15-20 lenders and insolvency professionals have tweaked the resolution plan that must be submitted to the National Company Law Tribunal (NCLT) for…