THE group behind Junk, The Chelsea Bar, The Office have called in liquidators to carve up their assets. Worldwide Hospitality Group flagged the end of its southeast Queensland food empire with the recent sale of its three thriving Toowoomba restaurants. The latest move comes as its Brisbane and Gold Coast Junk restaurants were closed down…
New Delhi: With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said on Wednesday that the amendments, as and when implemented, would be prospective in nature. However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force…
Under the Insolvency and Bankruptcy Code (IBC), a company has to be liquidated if it fails to complete the insolvency resolution process within 270 days of its admission to the bankruptcy court. While Jyoti Structures, one of the 11 companies referred to the National Company Law Tribunal (NCLT) last year, has already overstepped its liquidation…
Mehajer was granted bail last Thursday under strict conditions that included a $200,000 surety, provided by car dealer and friend Samir Bargshoon. Under the conditions set by Justice Desmond Fagan, Mehajer is required to live at a specified address in Lidcombe, which he is not to leave between the hours of 9pm and 7am. He is to…
by Letters editor Subcontractors need wage protection Almost on cue, another prominent builder goes bust a week before the Easter break, leaving hundreds of unsuspecting subcontractors owed millions and with little or no prospect of recovering even a small proportion of the monies owed to them (“Just the beginning: more builders face collapse, subbies say”,…
Sebis proposals will plug several of the disclosure gaps that exist in the current insolvency process pertaining to listed companies. Photo: Abhijit Bhatlekar/Mint The lot of minority shareholders of companies undergoing insolvency proceedings is a sorry one. The popular narrative might be one where the promoters (who are also the management) have mismanaged affairs or…
A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies. Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from bidding for a company. …
JSW Steel Ltd. has acquired a 26 percent stake in the India arm of Numetal Mauritius to facilitate its joint bid for Essar Steel Ltd., currently undergoing insolvency resolution. While the Mauritius-based holding company is the resolution applicant for Essar Steel, the resolution plan will be implemented through the India entity Nu Metal & Steel…
The 14-member Insolvency Law Reforms Committee, which was established in December, 2017 has come out with a 106-page report recommending amendments to the Insolvency and Bankruptcy Code, 2016 (IBC). The Committee was chaired by Ministry of Corporate Affairs (MCA) Chairman, Injeti Srinivas with members from the legal fraternity as well, including Shardul Shroff of Shardul Amarchand…
New Delhi: Are the Narendra Modi governments attempts at cleaning up Indias bad loans crisis specifically the new bankruptcy law for the resolution of unpaid bank loans by companies being gamed by promoters who might be using these new mechanisms to escape their repayment obligations? Consider the case of Educomp Solutions (ESL), which was once…