The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, dated 23 November 2017, was promulgated by President RN Kovind to amend the provisions relating to the insolvency resolution process contained in the Insolvency and Bankruptcy Code, 2016. The ordinance has made several amendments in order to bring clarity to the resolution process under the code. Some…
Twenty-four firms had expressed interest in submitting resolution plans for the four companiesAdhunik Metaliks, Orissa Manganese & Minerals, Zion Steel and Adhunik Alloys & Power. As many as eight entities, including Edelweiss Asset Reconstruction Company and SREI Infrastructure Finance, have submitted their proposed resolution plans for four bankrupt Adhunik Group companies, which are under the…
22 January 2018 12:07 (UTC+04:00) 286 By Trend Singaporean Keppel Corporation Limited has announced about voluntary liquidation of Caspian Shipyard Company (CSC) in Azerbaijan, said a message on the corporations website. Keppel Corporation Limited (KCL) wishes to announce that its indirect subsidiary, Caspian Shipyard Company LLC has commenced a members voluntary liquidation following the expiration of…
Yoga Events Australia New Zealand owes $1.6 million to 128 creditors. The New Zealand company in charge of organising Wanderlust yoga festivals here and across the ditch owes at least $1.6 million. Yoga Events Australia New Zealand directed and owned by Jonnie Halstead, was placed in liquidation on January 12, the appointed liquidator John Scutter’s first…
Shailendra Singh, former managing director at Percept Ltd, has dragged his estranged brother Harindra Singh to the National Company Law Tribunal and sought insolvency of the Mumbai-based media and entertainment group that he co-founded to clear his dues. In March last year, Shailendra Singh had stepped down as MD of Percept, which he had been…
The New Zealand and Australia arm of the international yoga festival Wanderlust has gone into liquidation owing an estimated $1.6 million. Wanderlust’s chief executive said they were working to ensure the Taup event went ahead, but if it did not ticket holders would receive a full refund (file photo). Photo: 123RF The annual festival attracts…
A TWO-month deadline has been set for Ballina-based caravan company, Kimberley Kampers, to pay back its employees and creditors after a rescue package was passed at this week’s creditors meeting. Sydney-based administrator Steven Nicols, of Nicols and Brien Business Recovery, said an overwhelming majority of the more than 50 employees and other stakeholders at the…
In what is being considered as a first in India’s insolvency resolution history, a state-owned entity has moved the National Company Law Tribunal (NCLT) to recover its arrears from another government-run firm. Andhra Pradesh Power Generation Corporation (AP Genco) has dragged a Telangana power distribution company to the tribunal, seeking to recover more than 3,700…
The company behind the Wanderlust festivals in Australia and New Zealand has been placed into liquidation. And there is definitely no calming for the burgeoning group of creditors who claim they are owed tens of thousands of dollars. scenestr has been contacted by local suppliers and small busnesses claiming they are owed from $300 to…
ET Bureau| Jan 18, 2018, 12.54 PM IST If relationship with any of the above comes to notice or arises subsequently, it has to be notified within three days of such notice, said IBBI. MUMBAI: Insolvency professionals will now have to disclose their relationship with all associated parties including the corporate borrower and lenders within…