MUMBAI: Banks led by State Bank of India will decide on Thursday the fate of three large defaulters Essar Steel, Bhushan Steel and Electrosteel Steels which constitute nearly half the loans of the top 12 defaulters identified by the Reserve Bank of India, thus marking a significant phase in the effort of lenders to clean…
Mumbai: Share prices of most of the companies identified by the Reserve Bank of India (RBI) for bankruptcy proceedings have fallen sharply as banks move closer to trying them at National Company Law Tribunal (NCLT). For instance, Amtek Auto Ltds share price has fallen 24% since 13 June, the day RBI said its internal advisory…
The Insolvency and Bankruptcy Board of India (IBBI) on Friday notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The board announced the regulations in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code,…
At a time when the Reserve Bank of India is identifying mega defaulters to initiate bankruptcy proceedings against them, Mumbai-based Amar Remedies is heading for liquidation with the company filing a bankruptcy petition on its own. The company, which manufactures personal healthcare products, has defaulted on Rs 464 crore of loans taken from various financial…
Ndakaziva Majaka 20 June 2017 8:00PM 0 comments HARARE – Kwekwe-based gold mine, Gainwell Investments (Gainwell), has lapsed into liquidation due to worsening economic conditions in the country. The miners liquidator, Modern Mutumwa, told the businessdaily that the company which began operations in 2012 had been pushed out of business by…
Channel Ten has been forced to go into voluntary administration after its billionaire shareholders told it on the weekend they would no longer guarantee a key loan. The TV broadcaster has appointed KordaMentha as voluntary administrators of the company and its subsidiaries, it announced in a statement to the ASX on Wednesday morning. Network Ten is looking at refinancing options.…
Associate Judge Warwick Smith today ordered the liquidation of Pipitea Street Development Limited (PSDL), a company linked to the fraud case involving Ngatata Love, in Wellington’s High Court at the request of Inland Revenue. Treaty of Waitangi claims negotiator Ngatata Love was sentenced to two years and six months in prison last October after…
Dick Smith in Forrest Hill. Picture: Luis Enrique Ascui/The Australian THE insurers of the former directors of collapsed electronics retailer Dick Smith could be hit with a hefty bill from disgruntled shareholders if a class-action lawsuit gets the go-ahead and proves successful. Just under 1000 former shareholders of the company, who individually lost anywhere from…
Outback Travel Centres has gone into voluntary administration. Picture: Alicia PereraPicture: Pilbara News North West roadhouse operator Outback Travel Centres has gone into voluntary administration this week after a steep drop in revenue combined with rental agreements still set at mining boom levels took its toll. In a statement issued this week, the management team…
MUMBAI Lanco Infratech Ltd confirmed on Saturday that the Reserve Bank of India (RBI) had directed the company’s lead lender IDBI Bank to initiate a corporate insolvency resolution process under the country’s bankruptcy laws. Lanco is among 12 companies that the RBI has ordered lenders to take to bankruptcy court as it strives to cut…