New Delhi, Feb 21 (PTI) State-owned Allahabad Bank today said it has an exposure of Rs 516.79 crore to crisis-hit Rotomac group and the lender has made required provisioning for the same as per RBI norms. Responding to a clarification sought by exchanges on news article “Rotomac owner flee New Delhi, Feb 21 (PTI) State-owned…
Melbourne-based online technology retailer, Warehouse1, has been placed into liquidation. The company, which claims a physical retail outlet in Melbournes Docklands along with an online store, made a name for itself selling equipment from a number of vendors, including Acer, Dell, Apple, HP and Seagate, among others. Warehouse 1 sold tech items across a number…
Creditors of capsized Sydney analytics software vendor Veriluma have accepted a $660,000 acquisition proposal from wholesale investor Canary Capital. Canary was one of several potential suitors for Verilumas two entities, Veriluma Limited and Veriluma Software. Administrators had been sizing up their rival bids to recapitalise ASX-listed Veriluma, which fell over in late 2017 after ongoing cash-flow difficulties and millions…
MUMBAI: Four years after Jatin Mehta of Winsome Diamonds and Jewellery duped banks of Rs 7,000 crore, lenders have now initiated corporate insolvency process against the firm. The Ahmedabad NCLT gave a green light to initiate bankruptcy on 13th February and Sunit Shah has been named the interim resolution professional. Creditors have been asked to…
After six months of painstaking insolvency proceedings and due diligences, the beleaguered Essar Steel received just two bids last week, from ArcelorMittal and Numetal Mauritius. And now it looks as though the tug-of-war between steel king LN Mittal and the Ruias may end up seeing no winner because the legal and financial consultants advising the…
Meccano menswear is the latest retailer to face trouble, being placed in voluntary administration this morning. The menswear retailer has appointed KordaMentha partners Grant Graham and Neale Jackson as administrators. Jackson said all Meccano stores would remain open over this period while it looked for a buyer. “Having just been appointed, we are seeking urgent…
Moneycontrol News The National Company Law Tribunal (NCLT) has ordered insolvency proceedings against debt-ridden Winsome Diamonds and Jewellers, according to a report by the Hindu Business Line. The corporate insolvency process commenced on February 13, and creditors have been asked to submit their claims by February 27, the report said. The Debt Recovery Tribunal (DRT) estimates…
As any budding start-up will tell you, the amount of information detailing the average lifespan for a new business is startling. A common statistic is that just 20 per cent of new businesses are able to progress and stay in business for five years and this is a pretty scary issue for those who…
IRPs/RPs/Liquidators form the fifth pillar of the ecosystem under IBC. Unlike the previous regime under Companies Act, they are professionals with expertise in accounting/law/Secretarial practice/ relevant experience in the field. Criticality of their role can be gauged from the fact that on admission of application by NCLT, IRP assume power of managing the affairs of…
The Balmoral Knitwear factory – a favourite brand among Scotland’s golfing community – has closed following the appointment of liquidators to the Ayrshire-based business. Paul Dounis and Steven Ross of RSM Restructuring Advisory have been appointed provisional liquidators of Balmoral Knitwear , which makes plain and embroidered corporate uniform, school and workwear. The move means…