The National Company Law Tribunal, Hyderabad, has admitted an application for corporate insolvency resolution against Lanco Babandh Power Limited. NCLT Judicial Member Bikki Ravindra Babu admitted the petition by ICICI Bank for insolvency proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 and directed issue of notices to various parties, including the financial…
The High Court has granted a temporary injunction preventing an Irish registered aviation company linked to a controversial Russian businessman from going into voluntary liquidation. Mr Justice Michael Quinn made an interim injunction preventing the members of City Leasing DAC, which has registered address in Limerick from holding a meeting of its members, who were…
Paul Barber, North West chair of the R3, the trade body for insolvency and restructuring professionals Government plans to clamp down on directors who dissolve companies to avoid paying workers or pensions have been welcomed by insolvency practitioners in the North West. The proposals, which were announced on Sunday and represent the biggest changes to…
NEW DELHI, Aug 28: Bankruptcy-bound Ruchi Soyas promoters have sold 1.06 crore shares, worth 3.18 per cent stake, through open market transactions, the debt-ridden edible oil firm said in a regulatory filing.Ruchi Soyas promoter entity Disha Foundation Trust sold these shares on August 24.After sale of these shares, the promoters stake in the company has…
The disciplinary committee of the Insolvency and Bankruptcy Board of India (IBBI) has imposed a penalty of one lakh rupees on an Insolvency Professional, Dinkar T. Venkatasubramanian of Ersnt & Young LLP, Gurugram, as he authorized payment of his professional fee to Ernst & Young LLP. The Payment was released to EY LLP based on…
A real estate agency that stole $220,000 in client funds before collapsing has been fined just $7,500 after being convicted on 12 charges, but the prosecuting agency insists the matter is far from resolved. Austpride, which formerly traded as Real Estate Masters in the Perth suburb of Cannington, was convicted last week of 12 counts…
Popular Moseley pubs the Prince of Wales and the Dark Horse were run by the company, in addition to the British Oak, in Stirchley. The operation of these pubs has not been affected by the liquidation. A wine bar Cheval Blanc traded for just 16 months, a short-lived operation that caused financial problems for the…
Government plans to clamp down on directors who dissolve companies to avoid paying workers or pensions have been welcomed by insolvency practitioners in the North West. The proposals, which were announced on Sunday and represent the biggest changes to the corporate insolvency regime in almost 20 years, will also give struggling companies more time to…
HYDERABAD: The National Company Law Tribunal (NCLT) on Monday ordered the liquidation of Lanco Infratech, after the infrastructure firms committee of creditors rejected a revised resolution plan from Thriveni Earthmovers. The Hyderabad bench of NCLT headed by judicial member Ratakonda Murali appointed the companys resolution professional, Savan Godiavala, as liquidator. Lanco Infratech has consolidated debt…
Australian tax authorities are chasing food delivery company Foodora for unpaid tax and superannuation before it exits the country. The Australian Taxation Office and Revenue NSW started investigating Foodora’s tax obligations before the food delivery company went into voluntary administration earlier this month, having classified its food delivery riders as employees instead of independent contractors.…