Indias corporate sector is in such flux that bankers and investors are constantly on alert for signs of distress. At the faintest whiff of misfortune or hint of corporate collapse, these predators get ready to pounce. Thanks to a new insolvency tribunal and bankruptcy code, creditors have more clout and a greater chance of recovering…
The National Company Law Appellate Tribunal (NCLAT), in its recent ruling in the case of Vishnu Kumar Agarwal v Piramal Enterprises Ltd, while examining the validity of an application made under section 7 of the Insolvency and Bankruptcy Code, 2016 (code), against corporate guarantors, held that: (1) there is no bar on filing two simultaneous…
Just days after calling in administrators, Carnegie Clean Energy has revealed hopes to resurrect the companys wave power business, while selling or winding down its fully-owned solar and micro-grid subsidiary, Energy Made Clean, that was the cause of much of its problems. In an ASX statement on Monday, Carnegie said it had secured in principle…
One of the directors of Carnegie Clean Energy has struck a deal to help fund its operations while administrators attempt to recapitalise its wave power business. A Carnegie statement today said director and shareholder Grant Mooney, a Perth corporate adviser, along with stakeholder Asymmetric Creditor Partners had agreed in principle to provide interim funding support.…
A company that owns a Victorian site left abandoned with a large pile of recycling waste, has been placed into liquidation. The site at Lara, near Geelong was owned by The Australian Sawmilling Company (TASCO) and leased to the failed C&D Recycling business. The recycling centre closed mid-2018 when C&D abandoned the site with a…
Kathleen Jessop / 18 March 2019 Just as local resident thought the clean-up of the Lara tip was going well, the new owners of the site have revealed they are in liquidation. The Australian Sawmilling Company (TASCO) took over the site from C&D Recycling, who refused to pay over $300,000 in tax debt. Former owner/operator…
A POPULAR toy store chain, with an outlet on the Sunshine Coast, will close stores over the next two weeks after its parent company announced it had gone into voluntary administration yesterday. Staff at Build-a-Bear Workshop were told of the devastating news during the week ahead of the final days of trade. A Facebook post…
Credit Agricole SA backed blockchain startup SETL has landed in troubled waters. The company recently appointed administrators to reorganize its business as noted in its corporate insolvency notice. Bloomberg reported that the company would be working with Quantuma LLP to reorganize its business. A Promising Start Leads Nowhere About two months ago, the startup appointed…
Pursuant to an Order dated 13 March, 2019 of the National Company Law Tribunal, Kolkata Bench, Corporate Insolvency Resolution Process (CIRP) has been initiated for Tantia Constructions Limited (the Company) as per the provisions of the Insolvency and Bankruptcy Code, 2016.A copy of the said order has been received on 15.03.2019. Mr. Kshitiz Chhawchharia, Interim…
Embattled renewables developer Carnegie Clean Energy has gone into voluntary administration, the ASX-listed company announcing on Friday that it had appointed KordaMentha Restructuring to oversee the business and its fully owned subsidiary, Energy Made Clean. The administrators are in discussions with key stakeholders to secure funding to allow the company to continue to trade whilst…