The interim resolution professional of Reliance Communications (RCom) has sought an exclusion of 13 months (April 30, 2018-May 30, 2019) in RComs corporate insolvency resolution process (CIRP). This is because the initial insolvency proceedings against the debt-ridden telecom company was stayed by the National Company Law Appellate Tribunal (NCLAT) and the…
The National Company Law Appellate Tribunal (NCLAT) on 20 March 2019 dismissed a batch of appeals in the matter of PR Director General of Income Tax (Admn & TPS) v Synergies Dooray Automotive Ltd & Ors, which claimed taxes to be an exception to the definition of operational debt under section 5(21) of the Insolvency…
Subject: Intimation of the Third Meeting of Committee of Creditors(COC) of Punj Lloyd Limited under Regulation 30(2) read with Clause (g) of Para A of Part A of Schedule III of Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Pursuant to Regulation 30 (2) of Securities and Exchange…
The Supreme Court recently struck down the Reserve Bank of India Circular dated 12 February 2018 (RBI circular), which directed banks to mandatorily initiate corporate insolvency resolution process (CIRP) for defaulting companies with loan exposure of more than 20 billion (US$290 million) where restructuring efforts failed. The lenders were directed to file applications singly or…
Toy retailer Build-A-Bear Workshop Australia has been saved from collapse, following a creditors meeting on the future of the business. In a brief statement, the retailers CEO, Gavin Port, said that a Deed of Company Arrangement had been approved by creditors, which will see Build-A-Bear Workshop continue to trade and will save 200 local jobs…
Adelaide Monday May 06, 2019 Sharkie office in touch with volunteer after Downer stalking charge Touch Of The Fumbles: Glass Half Full Adelaide United into A-League semi-final Protest over Shed 26 as Grand Designs host joins campaign Through the lens: the changing streets of Norwood An SA-based residential cons… Read the full article at: https://indaily.com.au/news/business/2019/05/06/supreme-court-winds-up-sa-based-homebuilder/
The ambitious large scale solar and battery storage developer Lyon Infrastructure says it has placed one of its units into voluntary administration following a legal spat with one of its investors but insists its broad plans will still go ahead. In a statement on Monday, in response to enquiries by RenewEconomy, Lyon said it had…
A former business liquidator has been sentenced to seven years jail time after he was found to have committed three counts of fraud during the liquidation of a company in 2017. As part of an investigation by the Australian Securities and Investments Commission (ASIC), the Queensland-based liquidator was sentenced on Friday after it was found…
MUMBAI: The Reserve Bank of India (RBI) is understood to be weighing a plan to incentivise lenders to take errant borrowers to bankruptcy court. Its part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A month ago, the apex court struck down…
NEW DELHI: The resolution of 94 stressed assets achieved around 43% debt recovery as of 31 March, 2019, amounting to 75,000 crore since the inception of the Insolvency and Bankruptcy Code (IBC) in 2016, a report said. The total recovery as of March-end stood at 75,000 crore, against the total claim of 1.75 lakh crore…