Introduction The Insolvency and Bankruptcy Code (the IBC) enacted in 20161, signifies a substantial reform in India’s legal framework for insolvency resolution. Before its introduction, the country faced a fragmented system composed of multiple laws and adjudicating bodies that frequently resulted in prolonged and inefficient insolvency proceedings. The IBC was created to consolidate these disparate…
NETA Auto’s parent company, Zhejiang Hozon New Energy Automobile, officially filed for bankruptcy last 19 June. According to one of China’s largest news, CCTV, the company was sued by a creditor for debt and liabilities amounting to RMB 5.3 million (AUD 1.14 million) and RMB 1.4 billion (AUD 215 million) respectively. The creditor filing for…
Jaiprakash Associates Ltd announced that it has received five bids along with earnest money for the acquisition of the company in its entirety. In a regulatory filing, the company said, “…we wish to inform you that in response to the request for resolution plan issued in the corporate insolvency resolution process of Jaiprakash Associates Limited…
Jaiprakash Associates Acquisition Resolution Plans: 5 bids received! Adani Enterprises, Vedanta, Jindal Power in fray ET Now Read the original article here
Monster and CareerBuilder, once dominant job search platforms of the dot-com era, have filed for bankruptcy, a report by CNN said on Tuesday. The two companies, which merged last year into Monster + CareerBuilder, announced they will sell parts of their businesses to multiple buyers through a court-supervised process. Jeff Furman, CEO of the merged…
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Autumn tax rises ‘increasingly likely’ Despite UK government borrowing slightly undershooting forecasts so far this financial year, tax rises in the autumn are likely. That’s the view of City consultancy Capital Economics, who told clients this morning: Despite the overshoot in May, public borrowing was £2.9bn below the OBR’s forecast in the first two months…
Insolvencies Jump to 11-Month High as UK’s Tax Hikes Take Toll Bloomberg.com Read the original article here
We outline below how these legal principles play out in some recent worked examples and matters we have been involved in. Acting for the administrators of a joint venture mining company We act for the administrators of a joint venturing mining company. The company’s largest secured creditor proposed a deed of company arrangement in relation…
Jaiprakash Associates Insolvency: Billionaire Gautam Adani Group firm Adani Enterprises, mining mogul Anil Agarwal’s Vedanta, Dalmia Bharat Cement, Jindal Power and PNC Infratech are the five companies to make the bids, according to sources. Sources further said that the resolution plan of Jaypee Infratech, which was earlier acquired by Suraksha Group, is believed to have…