The Kolkata Bench of the National Company Law Tribunal recently ruled that disclosure of the fact of initiation of proceedings under Section 138 of the Negotiable Instruments Act in not necessary while filing an Application for Insolvency under the Insolvency and Bankruptcy Code, 2016. It is to be made clear that the proceedings under section…
As Indian banks stagger under a wave of business defaults, some in Mumbai are hoping that their crisis could have the side-effect of catalysing a long-stagnant corporate bond market. Indias securities regulator last week suspended issuances of offshore rupee-denominated masala bonds, arresting the growth of the new asset class. The abrupt move was prompted by…
In a recent decision, the Supreme Court used its powers under Article 142 of the Constitution to record consent between Lokhandwala Kataria and Nisus Finance and Investment Manager. This was a case under the Insolvency and Bankruptcy Code (IBC) filed by the former after losing the case in the National Company Law Tribunal (NCLT)…
For more than 140 years, the furnace men at A&G Price’s Thames jobbing foundry have begun the day with a shower of sparks. They found out on Wednesday that those days are now over. Around 100 people have lost their jobs with A & G Price Limited in Thames announcing that the engineering company has…
Mumbai: Just seven months after the operationalization of the Insolvency and Bankruptcy Code (IBC), it has been tested by the apex court. The Supreme Court on Monday ruled that a settlement can be considered and a case can be withdrawn after insolvency proceedings have started against a company. More From Livemint » It was hearing…
Image copyright PA Scotland’s business minister has blamed “continuing austerity” for a sharp rise in personal insolvencies. The last quarter saw insolvencies rise year-on-year by 17.3% to 2,839, according to official figures. Paul Wheelhouse claimed there was “no question” austerity had led to “more people suffering the anxiety and distress of insolvency”. The Scottish Conservatives…
East of England businesses are now at greater risk of insolvency than at the start of 2017, according to new research by the Eastern branch of restructuring and insolvency trade body R3. Julys figures, compiled using Bureau Van Dijks Fame database, show that over one in four businesses in the region 27.9 per cent are…
The number of corporate insolvencies in Scotland was down 24 per cent in the three months to June compared with last year, largely from a 32 per cent drop in compulsory liquidations, official figures show. Latest figures from the Accountant in Bankruptcy (AiB) show 200 companies went into insolvency receivership, compulsory liquidation and creditors voluntary…
THE countdown has begun on Canning-based Mias Bakerys fight for survival following its entry into voluntary administration earlier this month. Conrad Mias, whose family has owned Mias Bakery since 1950, said the bakery was placed into administration with WA Insolvency Solutions on July 12 and had 28 days to prove its viability. Mr Mias, who…
Troubled menswear brands Rhodes & Beckett and Herringbone will live to fight another day after a management buyout was secured with support from a Hong Kong-based private equity firm, in a resolution administrators say they are very pleased with. The brands had 140 employees across 29 stores when administrators were appointed in February, when high…