SC upholds NCLT order to initiate insolvency against DHFL’s Wadhawan promoters

The Supreme Court on Tuesday upheld the National Company Law Tribunal’s decision to initiate insolvency proceedings against Dewan Housing Finance Corp’s former promoters Dheeraj Wadhawan and Kapil Wadhawan, who stood as personal guarantors for loan facilities provided to the debt-laden firm. A Bench led by Chief Justice Sanjiv Khanna dismissed Wadhwans’ appeal against the National…

Veteran builder Stokes Wheeler collapses owing $20m

A Queensland building company has gone into liquidation owing about $20 million to creditors, many of which are unlikely to recover the full extent of their losses. Veteran construction company Stokes Wheeler had four projects under construction on the Gold Coast whose contracts have now been cancelled. The largest project, a block of 40 apartments…

Konica Minolta announces £32m liquidation

Konica Minolta has announced its intention to liquidate a manufacturing subsidiary in China, which has been calculated to result in a financial loss of approximately ¥6bn (£31.7m). Konica Minolta Business Technologies, also known as Konica Minolta WUXI, primarily produces imaging products and office machines. The company first decided to end production at the WUXI plant…