Can a bank allow a company, which is facing corporate insolvency resolution proceedings under Insolvency and Bankruptcy Code and has non-performing assets (NPAs) attached to it, to pull out money? In an embarrassing case, Amtek Auto (corporate debtor) managed to withdraw money from its account in Indian Overseas Bank‘s (IOB) Hosur branch although loans taken…
The former director of a failed Victorian dairy business has admitted he controlled the company prior to its collapse, despite earlier claiming he was only the company’s seed funder and adviser. Key points: National Dairy Products was placed into administration owing farmers and other creditors more than $8 million Mr Esposito told the court…
MUMBAI: Software firm Tech Mahindra (TechM) has withdrawn its insolvency case against Reliance Communications (RCom) from the National Company Law Tribunal (NCLT) in favour of a mutual, out-of-court settlement. A similar out of court settlement with equipment maker Ericsson appears tougher to pull together for RCom as the dues to the Swedish company Rs 1,150…
KOLKATA: The National Company Law Tribunal has ordered corporate insolvency resolution process against Assam Company India for defaulting Rs 596 crore in payments to Srei Infrastructure. The company, which is into multifaceted activities from tea plantation to oil & gas exploration, had guaranteed a Rs 100 crore loan taken by one Gujarat Hydrocarbon & Power…
By Jason Chester for MailOnline Published: 03:26 AEDT, 3 November 2017 | Updated: 03:48 AEDT, 3 November 2017 e-mail 3 View comments Anna Ermakova went some way towards proving the apple doesnt fall far from the tree as she stepped out in London on Wednesday afternoon. The 17-year old model bore a striking resemblance to…
He was promoted from scout to coach just a fortnight ago and was declared bankrupt in late September, but being in the right place at the right time could see Billy McKinlay emerge as the big winner from Sunderlands latest managerial turmoil. The Black Cats are expected to make a further statement in the next…
BELGRADE (Serbia), November 1 (SeeNews) – Serbia’s agriculture minister Branislav Nedimovic said Indian companies Mahindra and Tafe are interested in manufacturing tractors in the country. The government is in talks with potential investors in state-owned insolvent tractor maker Industrija Masina i Traktora (IMT) and one of them is Tafe, Nedimovic said in a video file posted…
BUSINESSES were hardest hit by financial collapse on the Sunshine Coast over the past four months with a sharp rise in business-related bankruptcies. Forty-four businesses on the Coast went bankrupt during the September quarter, up from 32 over the previous period. The Australian Financial Security Authority’s regional personal insolvency statistics show there were 35 bankruptcies…
BUSINESSES were hardest hit by financial collapse on the Sunshine Coast over the past four months with a sharp rise in business-related bankruptcies. Forty-four businesses on the Coast went bankrupt during the September quarter, up from 32 over the previous period. The Australian Financial Security Authority’s regional personal insolvency statistics show there were 35 bankruptcies…
A SNAPSHOT of the Rockhampton region’s latest insolvency rates paints a bleak picture for residents and small business traders. In the three months to the end of September, 79 individuals have either declared or are facing bankruptcy as a result of not being able to meet their debt requirements. This is the same number as…