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…
Kolkata, July 21 (IANS) The Kolkata bench of the National Company Law Tribunal (NCLT) on Friday issued an interim order admitting State Bank of Indias (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…
The business failure rate in Scotland rate fell significantly in the three months to June, new figures for KPMG show. The professional services firm said total corporate insolvency appointments fell 27 per cent to 196 in the second quarter to 30 June, down from 270 recorded in Q2 of 2016. Separate research from R3, the…
RECENTLY collapsed Northern Rivers trucking company Flynn Transport owes more than $800,000 to the Australian Tax Office for unpaid employee superannuation, according to documents from a creditor’s meeting held this week. The debt is held by NSW Employment Company Pty Ltd, one of the three companies which went into liquidation when Flynn officially closed on…
Liquidation sales kick off Friday at the 59 locations that embattled retailer Sears Canada plans to close as part of its corporate restructuring. (See a complete list of closing locations at the bottom of this page.) Customers can expect savings of up to 50 per cent off, the company told Global News. Sears Canada filed…
Many fans aren’t being offered refunds. Two of Olly Murs upcoming summer concerts have been cancelled because the company that organised them has gone into liquidation. The pop singers gigs in Powderham Castle, Exeter on July 29 and Kings Park, Bournemouth on August 5 have both been scrapped. At the moment, many fans who bought tickets…
It wasnt too long ago that we heard the news that Top Shop had gone into voluntary administration, but now they could be shutting their stores for good. As their sales continue to fall, we have heard the news that Myer has closed its 17 Topshop franchises. The company has already closed a number of…
The National Company Law Tribunal (NCLT) has appointed an insolvency resolution professional. The National Company Law Tribunal (NCLT)’s Hyderabad bench appointed an insolvency resolution professional (IRP) on Wednesday, to resolve the crisis faced by the Deccan Chronicle Holdings Limited (DCHL). The Times of India reported that the NCLT invoked Section 7 of the Insolvency and Bankruptcy Code (IBC),…
HYDERABAD: Invoking Section 7 of the Insolvency and Bankruptcy Code (IBC), the National Company Law Tribunal (NCLT) bench at Hyderabad on Wednesday appointed an insolvency resolution professional (IRP) for resolving the debt crisis at Hyderabad-based Deccan Chronicle Holdings Ltd (DCHL) and declared a moratorium of 180 days. A bench of Rajeswara Rao Vittanala, member (judicial),…
By Aparna Ravi When the Insolvency and Bankruptcy Code came into effect late last year, sceptics pointed out that the time-bound process contemplated by the code could easily be derailed if one of the affected parties were to file legal challenges in the high courts, which could drag on for months. Essar Steels recent petition…