MUMBAI (Reuters) – China Development Bank (CDB), the biggest foreign lender to India’s Reliance Communications Ltd (RCom) <RLCM.NS>, on Friday withdrew a petition seeking to drag the indebted telecoms carrier into insolvency. A lawyer for CDB told the National Company Law Tribunal that the Chinese bank had filed to withdraw the petition. The tribunal allowed…
Roughly $2 million worth of merchandise from bankrupt local retailer Prestige Appliance will be liquidated starting Saturday morning at the companys Aiken showroom and warehouse. A similar sale begins Tuesday at its Columbia, S.C., store, according to Grand Rapids, Mich.-based Liquid Asset Partners on behalf of the U.S. Bankruptcy Court trustee assigned to the Chapter…
BISMARCK, N.D. (AP) Sears Holdings Corp. is closing more than 100 stores around the country, including the Sears in Bismarck and the Kmart in Devils Lake. The company says employees at 64 Kmart stores and 39 Sears stores were notified Thursday that it was closing the stores between early March and early April. Company officials…
Next year, luxury fashion group Oroton is due to turn 80. One needs only to think back to the days when mum or granny carried those Oroton silver or gold Glomesh bags on a big night out to get a sense of brand nostalgia. Whether it survives to mark the occasion now rests with the…
NEW DELHI: Domestic equity markets are likely to see a flat to positive start on Friday, tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and global cues. Nifty futures on the Singapore Stock Exchange were trading 15 points, or 0.14 per cent, higher at 10,547.50, indicating a positive start for the Nifty50 in…
FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin (AB1.DE) unit to Britains IAG (ICAG.L), and referred the case to a higher court for a ruling. Niki filed for insolvency in Berlin last month after Germanys…
FRANKFURT (Reuters) – A Berlin court on Thursday rebuffed a legal challenge to the insolvency filing of airline Niki, which could derail the sale of the Air Berlin <AB1.DE> unit to Britain’s IAG <ICAG.L>, and referred the case to a higher court for a ruling. Niki filed for insolvency in Berlin last month after Germany’s…
The insolvency regulator has amended regulations to allay creditor concern on valuation of bids for insolvent companies. The Insolvency and Bankruptcy Board of India (IBBI) has also cleared the confusion over what constitutes a dissenting lender. Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations say liquidation value to be paid…
NOT A PENNY Six months on from the landmark ruling no cash has been paid into HMRC’s bank account THE public purse has still not received a penny of the £72 million owed to the taxman by the liquidated company which owned Rangers FC. Six months on from a landmark ruling, payments are being made…
The Insolvency and Bankruptcy Code, 2016 has been in news since its inception due to the innovative and time-bound resolution framework. The Code intends to provide an efficient resolution to the menace of outstanding debts by the corporates and other persons due to the banks and other institutions. The intention is essentially to clean up…