Malaysian offshore vessel builder and owner Nam Cheong is the latest Singapore-listed offshore firm to seek restructuring. In a statement to the Singapore Exchange Nam Cheong said it had taken steps to review options to restructure its business, which were part of ongoing measures to ride out the challenging market. Nam Cheong said it was…
A few years passed by and just when the exasperated lenders were struggling hard to make the resort pay back came the Insolvency and Bankruptcy Code (IBC) 2016. A well-known resort in Assam owed its corporate lenders just around Rs 30 lakh and didnt bother to repay even the relatively small amount despite several reminders.…
NEW DELHI: The government plans to put in place a fast-track resolution process for startups and small companies under the Insolvency and Bankruptcy Code. Looking to provide a faster exit mechanism for certain class of entities, the Insolvency and Bankruptcy Board of India (IBBI) has come out with draft norms in this regard. The proposal…
By the time he died in 1917, gunner and former South Australian police officer Joseph Prentice Thorpe had served in some of the bloodiest battles of World War I. But even before he saw action across France, the decorated private had survived one war, safely returning from two tours of South Africa, fighting the Boers.…
New Delhi: At least 35 corporate insolvency resolution processes are going on under the Insolvency and Bankruptcy Code, which is providing entities the “freedom to exit”, IBBI Chairperson M S Sahoo said today. The Code, which provides for market-determined and time- bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India…
Insolvency and Bankruptcy Board of India Chairperson Dr. M. S. Sahoo, in an exclusive interview with BW Businessworlds Suman K Jha, says that with the Insolvency and Bankruptcy Code, 2016, the country has got a futuristic, robust and vibrant insolvency regime, and that it has the potential to push up GDP growth by about 2…
VANCOUVER , April 21, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) provides a further update to the interim liquidation orders against three subsidiaries of the Company issued by a judge in Kimberley , South Africa on March 23, 2017 . The interim orders, which have yet to be confirmed in…
The National Company Law Tribunal, Mumbai Bench presided over by Justice (Retd.) B.S.V Prakash Kumar has on April 10, 2017 passed a detailed order interpreting certain provisions of Insolvency and Bankruptcy Code, 2016. This order came to be passed in an application filed by DF Deutsche Forfait AG (Operational Creditor) under Section 9 of the…
VANCOUVER, April 21, 2017 /CNW/ – Rockwell Diamonds Inc. (“Rockwell” or the “Company”) (TSX:RDI; JSE:RDI) provides a further update to the interim liquidation orders against three subsidiaries of the Company issued by a judge in Kimberley, South Africa on March 23, 2017. The interim orders, which have yet to be confirmed in a final hearing…
Problems arise when companies enter formal winding up which are highlighted in mandatory online filing, therefore insolvent companies in any form of formal winding up or administration procedure are exempt from filing online. However this exemption does not apply to companies moving towards informal striking off or those entering a MVL. Risks can arise as…