The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore. As per the submissions made by IDBI Bank before the Tribunal, the account of…
Calcutta: Maithan Alloys Limited has earmarked an investment of Rs 275 crore to expand capacity in Bengal and is eyeing assets referred for corporate insolvency and liquidation. The company informed the BSE that its board has approved a greenfield plant with an estimated capacity of 1,20,000 tonnes per annum ferro alloy in the state. The…
It was an interview she would almost certainly come to regret. In early 2003, Catherine Brenner, then a director of corporate finance for ABN AMRO discussed her beauty regime with the women’s magazine, Vogue. In the article “Groomed for Success”, Brenner revealed that she spends as much as $600 a month on beauty accessories, and…
A PERTH-based events management company is closing down, with claims it owes artists close to $200,000. JumpClimb, which is an independent presenter of events at Perths Fringe World festival, is tipped to enter voluntary administration. A statement on the JumpClimb website said: A combination of factors including a downturn in ticket sales on recent projects, debtors…
The Resolution Professional (RP) for Adhunik Metaliks Ltd will present a detailed report before the Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday seeking suitable directions with regards to the insolvency proceedings of the company. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on…
For Adhunik Metaliks, there are only two resolution applicants UK-based Liberty House and Maharashtra Seamless of the DP Jindal Group. In an attempt to get some additional time to arrive at a successful resolution plan in order to save Adhunik Metaliks from going into liquidation, its resolution professional is likely to move the NCLT on…
RAY WHITE Queensland has rescinded their franchise agreement with Ray White Bargara after the local company went into liquidation. On Tuesday, a meeting of members of Bundaberg Stock and Property Pty Ltd resolved that the company be wound up and Christopher Richard Cook be appointed as liquidator. Chief executive officer of the Ray White Group…
For the company, the mandated 270-day deadline under the corporate insolvency resolution process (CIRP) will end on April 29. Adhunik Metaliks, the flagship of the Adhunik Group, could be staring at liquidation soon as no resolution plan for the insolvent company has been approved by its lenders till date. For the company, the mandated 270-day…
By Dr Nizar Kochery/Doha Question: We understand from external sources that one of our payment defaulters, a major international company based in Qatar for a project, is going to be in liquidation. How could we know about the liquidation? Is there any procedure for informing us? Please advise.SD, Doha Answer: According to Article 312 of…
SPV Operating, the Sydney-based company which runs the iconic Opera Kitchen restaurant has gone into voluntary administration, owing $6 million to employees, the tax office and creditors. The company, which operates the venue under on the lower concourse of the Sydney Opera House and is majority owned by David Wallace, is subject to a winding…