MUMBAI, Nov 28 (Reuters) – Reliance Communications Ltds shares fell sharply on Tuesday morning after media reported that China Development Bank was pursuing insolvency proceedings against the company. China Development Bank (CDB) filed an insolvency petition against Reliance Communications to the National Company Law Tribunal to recover about 114.6 billion rupees ($1.8 bln), reports from…
Mr Nduna Herald ReporterCHEGUTU West legislator and businessman Mr Dexter Nduna has dispelled press reports that he is bankrupt, arguing that a newspaper article stating otherwise was calculated to sully his person and standing. Last week, reports suggested that the High Court had declared Mr Nduna and his wife, Schalastica, bankrupt for failing to pay a…
By Lisa Mcloughlin For Mailonline Published: 06:07 AEDT, 28 November 2017 | Updated: 06:13 AEDT, 28 November 2017 e-mail View comments His financial woes hit the headlines in June after it was reported that he never paid back an undisclosed debt to a private bank. And now Boris Becker, 50, has insisted that his bankruptcy was…
NEW DELHI: The insolvency ordinance provides a level playing field to all parties interested in participating in the resolution process and there are enough players to ensure that competitive bids are made for stressed assets, said government officials, as they defended the new measures that prevent errant promoters from trying to reacquire assets till they…
STUTTGART (Reuters) – The founder of Germany’s failed Schlecker drugstore chain got a suspended sentence and his two children got jail terms on Monday for taking money from the company before its collapse. Founder of collapsed German drugstore chain Schlecker gets suspended prison term Workers who lost their jobs when the firm shut its stores…
Indian lenders may oppose the move at NCLT as they are close to taking 51% in the firm Mumbai, November 27: More trouble is brewing for debt-ridden Reliance Communications (RCom), with China Development Bank (CDB) filing an insolvency case against the telecom company, a move that would be opposed by Indian lenders. CDB, a lender…
Few expect the Eastern Partnership (EaP) summit to give new a life to the largely stalled programme of the European Unions engagement in its Eastern neighbourhood. The EaP has been reduced largely a discussion of technicalities and bland, aspirational statements. It should be more than that. How the EU works, or does not work, with…
The National Company Law Tribunal has for the first time directed that a liquidator be appointed in place of an existing resolution professional in the case of a company which has no feasible resolution plan in sight, marking a new chapter in the evolving Insolvency and Bankruptcy Code. The tribunal has directed the winding up…
Few expect the Eastern Partnership (EaP) summit to give new a life to the largely stalled programme of the European Unions engagement in its Eastern neighbourhood. The EaP has been reduced largely a discussion of technicalities and bland, aspirational statements. It should be more than that. How the EU works, or does not work, with…
A court in the western German city of Stuttgart has sentenced the 73-old former drugstore tycoon to two years probation, finding him guilty on 36 counts of embezzlement, perjury and other misdeeds in the lead-up to the eponymous firm’s bankruptcy. The judge on Monday also imposed two-year prison terms on his children, Lars and Meike. The trial started in…