The lenders held its last meet on Wednesday. After UK-based Liberty House has failed to make the upfront cash payment within the stipulated time for acquiring bankrupt Adhunik Metaliks (AML) under the Insolvency and Bankruptcy Code (IBC), lenders to the steelmaker are not opting for liquidation at this point of time as many companies have…
The former chief executive and owner of defunct airline Air Australia was closely involved in the operations of recently collapsed budget travel booking service Bestjet, documents reveal. Guardian Australia reported on Wednesday that the Queensland-based budget airfare company Bestjet and its subsidiaries, Wynyard Travel Pty Ltd and Brooklyn Travel Pty Ltd, went into voluntary administration…
This is to inform you that the 9th Meeting of Committee of Creditors (CoC) was held on 27.12.2018.In the meeting, the members of the COC authorised the Resolution Professional to re-issue/ publish Expression of Interest for submission of Resolution Plan in Form G in the newspaper namely Business Standard (English) and Punjab Kesari (Hindi).Please find…
Australians left thousands of dollars out of pocket after booking plane tickets that never arrived say they feel robbed and cheated. Queensland-based booking site Bestjet and its subsidiaries went into voluntary administration days before Christmas last year. Would-be travellers who had booked tickets via Bestjet were left in limbo after the collapse and are now…
Out-of-pocket Bestjet customers are demanding answers at a creditors meeting in Brisbane today including why the husband of the companys former boss is first in line to be paid off. It comes as the corporate watchdog revealed it is closely monitoring the administration of the failed online travel agency. Creditors will meet at 12pm (local…
… Read the full article at: https://www.chron.com/news/article/Sears-Kmart-could-be-liquidated-with-no-bid-to-13494172.php
Organic food retailer About Life has fallen into voluntary administration after a series of legal disputes with suppliers over the last 18 months. The independent grocer is understood to have closed all of its eight stores recently and on Wednesday morning had shut down various social media accounts and sections of its website. It is…
… Read the full article at: https://www.timesunion.com/news/article/Sears-Kmart-could-be-liquidated-with-no-bid-to-13494172.php
The year 2018 also witnessed major changes in the field of Insolvency and Bankruptcy Code(IBC). While the year 2017 witnessed SC explaining the basic concepts of the nascent legislation, the year 2018 saw SC addressing more complex issues in relation to it. The significant decisions of 2017 wereInnoventive Industries v ICICI LtdandMobilox Innovations Pvt Ltd…
Mumbai: The central bank has called for strengthening the infrastructure at the National Company Law Tribunals (NCLT) to ensure time-bound resolution of stressed-asset loans in the banking sector, where the problem of mounting bad debt has prompted curbs on the normal operations at several high-street lenders. In its Trends and Progress in Banking for 2017-18…