AHMEDABAD: Essar Steel has told the Gujarat High Court that its lenders did not initiate bankruptcy proceedings against the steelmaker before the Reserve Bank of Indias June 13 order because of concerns that such a measure would jeopardise the companys operations. The company, one of the 12 earmarked by the central bank for initiating loan…
The ongoing insolvency heat has caught on the renewable energy space with Inox Wind being put under corporate insolvency resolution process. In a rare instance, a customs agent, Jeena & Company, has dragged Inox to National Company Law Tribunal (NCLT) over non-payment of invoices totalling Rs 57 lakh. At the same time, Inox…
The ailing Ten network is now in voluntary administration. But this does not spell the end of Australia’s third-ranked broadcaster. Contrary to social media speculation, Ten is not about to shut down. If you tune in tonight, you’ll still see Family Feud, The Project and MasterChef. Play Video Don’t Play Private Sydney: Roxy Jacenko’s offices paint-bombed Play…
Luxury smartphone manufacturer Vertu is reportedly shutting down its UK manufacturing arm and is facing liquidation after plans to save the exclusive phone brand failed, leaving the company with a reported £128 million ($AU214 million) accounting deficit. The Telegraph reports nearly 200 jobs will be lost as a result of the shutdown of the UK…
Latest News Queensland based Baralaba Coal, formerly known as Cockatoo Coal, has entered into voluntary administration this week, the second time this has happened in as many years. This comes after the company failed to raise $77 million with a share entitlement offer. Baralaba Coal appointed Jason Preston, Shaun Fraser and William Harris, all partners…
LIQUIDATORS believe Ozcon Industries could have been trading while insolvent for at least 18 months before the Dalby company’s collapse in January this year. The Dalby Herald has obtained a copy of a creditors report compiled by liquidators DuncanPowell, outlining the circumstances around the company’s demise. The report said Ozcon Industries went bust owing more…
LIQUIDATION is possible for a collapsed central Queensland coal miner, a creditors’ report has revealed. Winding up Caledon Coal was recommended by administrator PPB Advisory at the last creditors’ meeting. The Cook Colliery mine owner and Wiggins Island Coal Export Terminal part-owner was placed into administration earlier this year with a debt of about $4billion.…
The future of Central Queensland mining company Baralaba Coal is in limbo once again after the company went into voluntary administration this week. In a statement to the Australian Stock Exchange on Wednesday, the company announced it was appointing administrators from advisory firm McGrathNicol, effective immediately. McGrathNicol said the administrators were “undertaking an urgent assessment…
Ahmedabad, Jul 13 () The State Bank of India today told the Gujarat High Court that Essar Steel had “suppressed facts” while challenging the RBI’s directive to lender banks to initiate insolvency proceedings against the company. SBI counsel Ravi Kadam told the bench of S G Shah that Essar Steel had accepted a decision by…
Brisbane IT solution provider Tech Project has pulled itself out of administration after creditors approved the director’s deed of company arrangement (DOCA). Creditors have accepted an arrangement where the directors will pay back $375,000, which works out to be 11-15 cents in the dollar, according to a report to creditors. Tech Project’s claimed debts amounted…