New Delhi: Allowing the plea of consortium of lenders led by SBI, the National Company Law Tribunal (NCLT) today appointed interim resolution professional (IRP) to initiate bankruptcy proceedings against Monnet Ispat & Energy Ltd. The Mumbai bench of NCLT appointed Sumit Binani as IRP for carrying out the Corporate Insolvency Resolution Process (CIRP) of the…
A Supreme Court Bench of Justice Rohinton Nariman and Justice Sanjay Kishan Kaul yesterday exercised powers under Article 142 of the Constitution to record consent terms between the parties post admission of the application under Insolvency and Bankruptcy Code, 2016. The Mumbai Bench of NCLT had, in June 2017, initiated corporate insolvency resolution process against the…
The Supreme Court of New South Wales has allowed close to a thousand disgruntled Dick Smith shareholders to file their class action against the collapsed retailer. Dick Smith’s directors placed the company into receivership in January 2016 after failing to secure enough funding from its lenders to continue operating the business. The collapse has…
Written by Sunny Verma | New Delhi | Updated: July 25, 2017 3:00 am Experts argue that state-owned banks will require much higher capital than estimated by the government, which is already reassessing its estimates. (Illustration: C R Sasikumar) Related News Even as the government has progressively stepped up its capital infusion in state-owned banks…
Olly Murs has promised to replace gig tickets from two axed shows this summer after the company that organised them went into liquidation. The pop singers gigs in Powderham Castle, Exeter on July 29 and Kings Park, Bournemouth on August 5 were both scrapped earlier this week. Stephen C Associates Limited, the company that has gone…
Key Highlights: Jyoti Structures owes over Rs 7,000 crore to bankers Jyoti Structures defaulted over Rs 1,200 crore to SBI Jyoti Structures first company to go for bankruptcy process Jyoti Structures on Monday said that the NCLT has admitted a corporate insolvency resolution process (CIRP) filed by its lead lender State Bank of India (SBI). …
John Fast, one of the founding partners of Clayton’s lobbying outfit Dragoman Global, has delivered a scathing parting shot to his erstwhile colleague Tom Harley, explaining he decided to put the company into liquidation following a “a total breakdown of the relationship” between the two. In an email to clients sent on Monday afternoon, Fast made…
It is just not banks which are wielding the provisions of the Bankruptcy Code to recover dues.Even employees have started approaching the National Company Law Tribunal (NCLT) as was seen in a recent bankruptcy application filed by employees of Aruna Hotels in Chennai against their former employer. Although over 125 cases have been referred before…
POOLSIDE Runway Show at Matisse Beach Club on Saturday January 21st, 2017. Fashion Parade Picture: John Koh. With a clutch of appointments into the sector in recent months, insolvency firm McGrathNicol is cautioning about growing stress in WAs hospitality industry. The combination of WAs softer post-resources boom economy, cautious consumers and stay-at-home drinkers tapping the…
The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of India’s (SBI) insolvency application against the city based Electrosteel Steels Limited for initiating the corporate insolvency resolution process. “The petition filed by the Financial Creditor (in the case SBI) under section 7 of the Insolvency…