Mumbai: There is a need to strengthen the insolvency resolution process by having deterrents against failure or delays in implementing resolutions plans, a report said Monday. In the last two years, Insolvency and Bankruptcy Code (IBC) was implemented, three concluded corporate insolvency resolution process (CIRPs) being brought back to the National Company Law Tribunals (NCLTs),…
NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the…
By Kipchumba Some An Italian construction conglomerate that is building three mega dams in the Rift Valley worth more than Sh90 billion is being investigated for allegedly bribing senior government officials to win tenders. CMC di Ravenna is alleged to have paid a bribe of an unknown amount from a Sh4.9 billion down payment it…
The order placing TMF Services Ltd into provisional liquidation followed a hearing at the High Court on 14 February 2019 of an application issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy. The company is concerned with trading in non-ferrous, precious and scrap metals, as well…
CEDARHURST, N.Y., Feb. 15, 2019 (GLOBE NEWSWIRE) — The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff…
MUMBAI -Failure to repay home loans might drag future defaulters to dedicated bankruptcy courts as New Delhi is seeking to put in place a broad framework on individual insolvency two years after it revamped such laws for stressed companies. Three sets of entities will fall under the individual insolvency code. They would include the personal…
The Indian Institute of Corporate Affairs (IICA) has launched the Graduate Insolvency Programme (GIP) for individuals aspiring to join the insolvency profession in India andabroad. This is among the first such courses in the world for professionals dealing with insolvent companies and helping them achieve debt resolution. Approved by the Insolvency and Bankruptcy Board of…
In a landmark judgement, the Mumbai bench of National Company Law Tribunal (NCLT) has nullified the attachment notice served by the Enforcement Directorate on Baroda-based Sterling Biotech Ltd (SBL), saying that the NCLT gives speedier justice and that a new legislation Insolvency and Bankruptcy Code 2016 precedes over the existing legislation. Enforcement Directorate had attached…
The NCLTs Kolkata bench on December 19, 2018, admitted an insolvency petition, filed by the Hinduja Group-controlled Gulf Oil Lubricants India (GOLIL), against ECL under Section 9 of the Insolvency & Bankruptcy Code (IBC), as the coal miner allegedly refused to pay the interest amount on the original debt towards goods supplied. The National Company…
Thursday, February 14, 2019 There has always been a tension between protecting the interests of defined benefit pension schemes and insolvency given on the one hand The Pensions Regulator (TPR) seeks to protect the interests of pension scheme members and the Pension Protection Fund and on the other, the insolvency regime seeks to protect the…