Of the total admitted claims of Rs 1.42 trillion in the 88 companies that have undergone successful Corporate Insolvency Resolution Process (CIRP), about Rs 68,766 crore has been realised by the claimants, including operational and financial creditors, an affidavit by the Insolvency and Bankruptcy Board of India (IBBI) shows. The said…
A winding up application for Nawi Island Limited has been filed in the Suva High Court. Filed by PricewaterhouseCoopers, the application for winding up was made on March 4th. The case will be heard in the Suva High Court on May 1st. Article continues after advertisement The winding up of a company (also known as…
Two years after the much-touted Insolvency and Bankruptcy Code 2016 (IBC) was implemented, slow progress of cases is becoming a cause for concern. High profile, large accounts such as that of Essar Steel, which has been undergoing resolution for over 600 days, bring to the fore the grave issue of excessive delays in the process.…
Potential new home owners have been left out of pocket or facing delays as home builder Mega Homes faces a push to wind up the company. Creditors in the building industry are claiming to be owed sums as high as $480,000 each by the builder, Victorian Supreme Court filings show. It follows the liquidation two…
The dedicated bankruptcy court has stayed its earlier order to allow the withdrawal of corporate insolvency process of Sterling SEZ & Infrastructure, a firm owned by brothers Nitin and Chetan Sandesara, believed to be abroad and running away from Indian law. The Mumbai-bench of the National Company Law Tribunal (NCLT) on Friday stayed its earlier…
As you are aware the Company is under Corporate Insolvency Resolution Process as per Order dated 23rd March, 2018 issued by the Honble National Company Law Tribunal (NCLT), Mumbai Bench. The NCLT has vide its Order dated 6th August, 2018 appointed Mr. Udayraj Patwardhan (Reg. No. IBBI/IPA-001/IP-P00024/2016-2017/10057) as the Resolution Professional of our Company. The…
An established Queensland farming family, whose members include an Italian bikini model and a Supercar driver, is tied to companies being examined for alleged debts of more than $11 million. The Barberas have been farming zucchinis, capsicum and tomatoes in the Bundaberg region for almost 50 years, currently operating under M & R Farms. Family…
Guarantee as a form of collateral security is popular in financing deals as the liability of a guarantor and the principal debtor are coextensive. Thus, the creditor has a remedy against both the principal debtor and the surety without the having to exhaust the remedy against one of the parties before proceeding against the other.…
Call to end asbestos waste levy Eighth person charged in baby formula smuggling ring Creditors of the crushed Payless Shoes will meet this month to decide whether to give the final boot to the Parramatta-based company after it collapsed two years ago with debts of more than $18 million. Administrators Ferrier Hodgson has confirmed total…
Axsesstoday has entered into voluntary administration after senior lenders revoked their support for the business. Axsesstoday, a publicly listed SME lender, went into voluntary administration after senior lenders said they were unable to continue supporting the business with ongoing waivers of breaches of loan terms. The lenders disclosure to the Australian Securities Exchange (ASX) states:…