The city-based company has allegedly defrauded a 20-lender consortium, led by public sector Uco Bank, through conspiracy, cheating and forgery. The National Company Law Tribunal (NCLT), Kolkata, has ordered for initiation of the Corporate Insolvency Resolution process in respect of Basmati rice exporter REI Agro, which has allegedly been involved in a massive bank loan…
The window for submitting stakeholder comments on draft regulations for voluntary liquidation under the Insolvency and Bankruptcy Board of India (IBBI) closes today. On February 14, the board had invited public comments on the Draft Regulations for Voluntary Liquidation giving time till March 8. The Ministry of Corporate Affairs had set-up four working groups of…
Rei Agro Ltd * Says NCLT, Kolkata has ordered initiation of corporate insolvency resolution process * Says power of the board of directors stand suspended and such powers will be vested with Anil Agarwal * Says Anial Agarwal appointed as interim resolution professional to carry out all compliances * Says application for corporate insolvency resolution…
Every company has liquidation inventory: returned, excess, obsolete or damaged merchandise that cant go back on store shelves. Though most organizations would rather not admit they have a need for it, liquidation is the rule not the exception in retail. Given how competitive retailing is today, the ability to squeeze margin…
New Delhi, Mar 6 (PTI) The Insolvency and Bankruptcy Board of India (IBBI) has given recognition to two insolvency professional entities. IRR Insolvency Professionals Pvt Ltd and AAA Insolvency Professionals LLP have been recognised by the IBBI, an official release said today. IBBI has been set up under the Insolvency and Bankruptcy Code that provides…
News By Simon Austin 6 March 2017 Business Rocks 2017 has been cancelled after the company behind the event went into liquidation. The May event was rendered unsustainable after commercial partnerships and visitor numbers fell significantly below expectations. Wozniak was driven to the 2016 event in a convertible Rolls Royce Majority shareholder Scott Fletcher, who…
29 May, 2016 Introduction The Insolvency and Bankruptcy Code, 2016 (Code) has just been passed by both Houses of the Indian Parliament. The key objectives of the Indian government in driving this legislation forward were to improve Indias poor ranking on the ease of doing business index created by the World Bank Group and to…
Uncertainty surrounds the care of hundreds of vulnerable people as Gloucestershire home care company Cleeve Link has gone into liquidation. Hundreds are jobs are thought to be at risk after the Cheltenham-based company announced the news yesterday. Support has been offered to the service users and lifelines have been offered to Cleeve Link’s employees by…
When Red Adair was asked how he justified his legendary charges for extinguishing oil rigs blazes he had a simple answer: If you think its expensive to hire a professional to do the job, wait til you hire an amateur. The quote comes to mind when Simon Freakley, uber-smooth boss of restructuring group AlixPartners, explains…
Builder Shane Guymer. Picture: LinkedIn A VICTORIAN builder has left families with half-finished homes and potentially thousands of dollars out of pocket after placing his company into liquidation. Guymer Lynnch Pty Ltd, founded by builder Shane Guymer, was placed into liquidation last month amid claims of shoddy work, long build times and unpaid contractors. Customers…