AdvertisementHancock Fabrics Second Amended Joint Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on June 20, 2017. BankruptcyDatas detailed Plan Summary notes, The Plan is a liquidating plan that provides that, among other things, the Debtors current Board of Directors will…
Corporate insolvency resolution process against Indian developer dropped 31/07/2017 An Indian court has dropped legal action against Inox Wind in relation to a dispute with a creditor. Inox said a corporate insolvency resolution process initiated by the National Company Law Tribunals Chandigarh bench had been closed on appeal.…
NEW DELHI: Inox Wind today said National Company Law Appellate Tribunal(NCLAT) has released the company from the rigour of law and allowed it to function independently through its board of directors with immediate effect. NCLAT has also directed National Company Law Tribunal (NCLT) to close the Corporate Insolvency Resolution Process (CIRP)initiated against the company, it…
Rodney Wallace, former director of Curio Bridal Boutique Ltd and Avalon Personnel Ltd received a total sentence of 27 months imprisonment and Pauline Wallace former director of Curio Bridal Boutique Ltd, received a sentence of ten months imprisonment suspended for two years, after pleading guilty on the first day of their trial at Birmingham Crown…
Monday July 31, 2017 Current government policy penalises the sector of the economy where there is the largest proportion of existing employment and the best prospects for future growth, argues John Wanna. The great Australian water swindle … Read the full article at: http://indaily.com.au/opinion/2017/07/31/federal-govt-keeps-backing-wrong-horse/
The Australian government is still protecting industries that employ a small number of people. This is while the largest employer, the services sector, is subject to the largest tariffs, a recent Productivity Commission report demonstrates. As a whole, manufacturing still receives 77% of net assistance, largely due to the remaining small levels of tariff assistance,…
bengaluru, July 28 Insolvency & Bankruptcy Board of India (IBBI) Chairman M S Sahoo today said the new Insolvency and Bankruptcy Code provided the ultimate economic freedom,the freedom to exit, and described it as the “biggest” economic reform in recent years. The code seeks to consolidate and amend laws relating to reorganisation as well…
Adelaide Friday July 28, 2017 EXCLUSIVE | The crisis-hit state Returned and Services League has staved off closure after creditors voted for a property fire sale today but that was despite the organisations National board spectacularly voting for liquidation, InDaily can reveal. The despair of the shrinking newsroom … Read the full article at: http://indaily.com.au/news/local/2017/07/28/rsl-national-voted-liquidate-state-branch/
SC added NCLAT doesnt have power to allow recording of consent terms between parties after the case is admitted in NCLT. The Supreme Court has held that corporate debtors and financial creditors can settle their dispute even after corporate insolvency resolution proceedings are initiated by the National Company Law Tribunal (NCLT) under the Insolvency and…