It proposes a new regulatory regime for said schemes. The Ministry of Law submitted a bill to update insolvency and debt restructuring laws for first reading in the Parliament, an announcement revealed. Upon the bills passage, the Bankruptcy Act will be repealed whilst the provisions in the Companies Act relating to corporate insolvency and restructuring…
NEW DELHI: Oriental Bank of Commerce has approached the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against debt-ridden Simbhaoli Sugars. The sugar company informed the OBC has filed an application with the NCLT, Allahabad seeking initiation of the corporate insolvency resolution process under section 7 of the Insolvency and Bankruptcy Code, 2016, it…
Victorias largest independent butcher, Tasman Market Fresh Meats Pty Ltd, has fallen into voluntary administration. The company, which traded as Tasman Butchers, appointed administrators David McEvoy and Martin Ford of PricewaterhouseCoopers Australia last Friday. An urgent sale process is now underway, while the companys network of 17 stores in Melbourne and regional Victoria will continue…
NEW YORK–(BUSINESS WIRE)–American Capital Senior Floating, Ltd. (ACSF or the Company) announced today that, in connection with the Plan of Complete Liquidation and Dissolution of the Company (the Plan), the Companys Board of Directors (the Board) has approved a final liquidating distribution of $3.69 per share (such distribution, the Final Liquidating Distribution). The Final Liquidating…
Leading private sector lender ICICI Bank has filed insolvency petition against Jaiprakash Associates before the National Company Law Tribunal (NCLT). The Allahabad bench of NCLT has asked ICICI Bank to serve notice to its corporate debtor Jaiprakash Associates within three days and directed Jaypee group firm to file reply by September 17. If NCLT allows…
New Government plans to introduce reforms to the UKs corporate insolvency regime have been broadly welcomed by a regional industry expert. Alexandra Withers, North East vice chair of insolvency and restructuring trade body R3, was speaking after the Department for Business, Energy and Industrial Strategy (BEIS) revealed the initial results of its wide-ranging consultation on…
But its been a tough road for the franchised salad business, which put two leasing entities for its store sites into voluntary administration in June last year as the company fought to renegotiate lease agreements with Westfield shopping centres. That process helped Sumo Salad negotiate with landlords, but one year later it called in the…
Mon, Sep 10, 2018 – 3:29 PM AN omnibus bill to update various aspects of Singapore’s insolvency and debt restructuring laws was introduced in Parliament on Monday. One of the main objectives of the Insolvency, Restructuring and Dissolution Bill is to consolidate the personal and corporate insolvency and restructuring laws, which are in two separate…
A single homebuyer can proceed with filing an application under Section 7 of I&B Code 2016 against the developer. Photo: Aniruddha Chowdhury/Mint After much deliberations in June 2018 by way of ordinance, an amendment was made in the Insolvency and Bankruptcy Code 2016 (I&B Code 2016) wherein apart from other changes, homebuyers were recognised as…
MUMBAI: Realty developers cannot use the force majeure clause for financial crisis and lack of approvals in any project, ruled the Maharashtra Real Estate Regulatory Authority in a recent order against Hindustan Construction Companys subsidiary Lavasa Corporation. In a matter related to a homebuyer Mudhit Guptas complaint against Lavasa seeking refund and compensation for failing…