According to the order, Edu Smart was a corporate guarantor for its parent company Educomp Solutions, which had availed a loan from Axis Bank. (Image: Reuters) The principal bench of the National Company Law Tribunal (NCLT) in New Delhi has dismissed Axis Banks plea to stake a claim of Rs 397 crore in the ongoing…
A corporate is an amalgam of stakeholders. It is expected to maximise the value of its assets and consequently the interests of all its stakeholders. However, it may not always have the motivation to maximise the value of a corporate and/or promote the interests of all the stakeholders By MS Sahoo A corporate is an…
Liquidators for an IT company are hoping to sell off its trademark to an unexpected sector: fashion. Brooke Bird partner Adrian Hunter, whose firm is handling the liquidation of Uglii Corporation, is pushing for a fashion brand to swoop up the trademark. “Unusual wordings, plays on words or plays upon spelling often find their way…
UNPAID Pacific Highway upgrade sub-contractors claim the Roads Minister was “passing the buck” over outstanding wages to workers after a primary contractor entered voluntary administration. Many of the 200 workers at the Tyndale to Glenugie section of the Woolgoolga to Ballina upgrade were left in the lurch after Ostwald Pty Ltd abandoned the project more…
CALGARY, Alberta, Oct. 31, 2017 (GLOBE NEWSWIRE) — PRD Energy Inc. (“PRD” or the “Company“) is pleased to provide an update on the status of its liquidation and the anticipated timing of its dissolution. PRD is currently dissolving its German subsidiaries, disposing of all its other assets that are not to be distributed in kind…
TORONTO, Oct. 31, 2017 /CNW/ – LWP Capital Inc. (formerly “Legumex Walker Inc.“) (“LWP” or the “Company“), by KSV Advisory Inc. in its capacity as the Court-appointed liquidator of LWP (the “Liquidator“), today announced that shareholders as of November 8, 2017 (the “RecordDate“) will be entitled to receive an interim distribution (the “Second Interim Distribution“) made…
Washington/New Delhi: With implementation of a series of reforms including enactment of Insolvency and Bankruptcy Code (IBC), India has climbed to 4th position in protecting interest of minority investors, as per the latest ‘Ease of Doing Business Report’ of the World Bank. This is the first time that India has figured in the top five…
“Our advanced auction methods really pay off when you have a business liquidation or major undertaking like this one, with thousands of items to be sold. We’re able to accomplish the job in a fraction of the time other methods would take,” said Paige Holt, president of the auction company. “Our intensive marketing campaign brought…
Only Record Date holders will be entitled to receive the Second Interim Distribution, and the aggregate amount of the Second Interim Distribution is expected to total approximately $10.1 million, leaving a balance of approximately $2.5 million in the Liquidator’s trust account. These funds, net of costs, will be distributed in the coming months as a final…
The Synergies Dooray Automotive case, the first in which a resolution plan has been approved under the new insolvency law, had all the elements of surprise, drama and confusion. This Visakhapatnam-based maker of automotive parts, garage and service station equipment owed Rs 972 crore to Edelweiss ARC, Alchemist ARC, Millennium Finance and Synergies Castings. The…