Australian online gaming and DFS firm PlayUp is racking up the acquisitions prior to its dual listing on the NASDAQ and the ASX via a reverse takeover of Mission NewEnergy Limited (ASX:MBT | OTC:MNELF). The company plans to raise $US40 million ($51.5 million) through the reverse listing on the ASX and deliver the worlds first…
Meanwhile, JAL, which has been asked by the Supreme Court to deposit Rs 2,000 crore for safeguarding the interest of home-buyers, has so far deposited only Rs 750 crore with the courts registry. Lakshadweep, a joint venture between Sudhir Valia-led Suraksha ARC and Dosti Realty, will look at improving its bid for Jaiprakash Infrastructure (JIL)…
The insolvency professional, appointed by the National Company Law Tribunal (NCLT), has called for expression of interest for submission of resolution plans for Inasra Technologies Private Ltd, which runs the hotel and home stay aggregator business under the brand Stayzilla. The applicants should have a net worth of 50 crore or more as of March…
Calcutta: The corporate insolvency resolution process of Assam Company continues to be dogged by controversies over the conditions set in the tender, with one more company seeking to bring down the eligibility criteria of the bidders. James Warren Tea Ltd argued before the company tribunal on Monday that the resolution professional (RP) running the insolvency…
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently. The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code. UCCI president Ramesh Mahapatra delivered the welcome…
Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour. Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under…
New legislation expected to come into force from the government’s defined benefit (DB) white paper has the potential to increase company insolvencies and send their schemes into the pensions lifeboat, a lawyer has warned. The Department for Work & Pensions (DWP) published in March its 76-page defined benefit white paper, which besides creating new legislation to introduce a criminal offence to…
Administrators say it is in the interests of creditors for the company, which is linked to Alpha Insurance, to liquidate ahead of watershed meeting. CBL Corporation, the parent company of Ireland-based CBL Insurance Europe and CBL Insurance in New Zealand, should go into liquidation according to voluntary administrator KordaMentha. The administrators stated in a creditor…
Local building contractor Archiapps has entered into voluntary administration, less than two weeks after the Building Commission issued a warning to consumers about the company. Cameron Shaw and Richard Albarran of Hall Chadwick WA have been appointed as the administrators of the company. Earlier this month, Building Commissioner Ken Bowron raised concerns over the financial…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…