It is like scrapping the bottom of the barrel for the country’s largest bank, the State Bank of India (SBI), when it comes to liquidation of defaulting companies under the five-year-old Insolvency and Bankruptcy Code (IBC). The state-owned bank has managed to get a paltry 5 per cent of the outstanding loan amount. Sources suggest…
A national fresh food distribution company has gone bust, with its devastated boss blaming snap lockdowns for sending the business to the wall. In2food, which also trades as Yarra Valley Farms Australia, delivered the hammer blow to staff late on Friday afternoon, The Daily Telegraph reports. They were told that receivers FTI Consulting had been…
Latest News Bis has signed a new multi-year contract with GFG Alliances Whyalla integrated mining and steelworks which will see the company continue providing materials handling and export facilities services at the site. Bis will carry on with the movement and processing of bulk materials, iron and steel slag, scrap and semi-finished products at the…
President Ramnath Kovind has given his assent to the Insolvency and Bankruptcy Code (amendment) Bill 2021, which was passed by the Parliament in the recently concluded monsoon session. This enactment will now provide the statutory backing for the pre-packaged insolvency resolution process (Pre-Pack) regime for companies classified as micro, small and medium enterprises (MSMEs). The…
By Express News Service NEW DELHI:Housing Development and Infrastructure Ltd (HDIL), the Mumbai-based real estate company undergoing the corporate insolvency resolution process, is likely to be liquidated after no bidders showed interest in acquiring the stressed company. The resolution professional received no resolution plan even as the threshold of 270 days got over on April…
Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June 2021. TopicsDHFL|Q1 results Dewan Housing Finance Corporation (DHFL) on Friday reported an over four-fold jump in its consolidated net profit at Rs 314.43 crore for the quarter ended June…
A parliamentary standing committee has called for an overhaul of the Insolvency and Bankruptcy Code (IBC), 2016. The major concern has been over large haircuts and a high rate of liquidation. While the suggestion to overhaul the law is welcome, it is important to understand the root cause of the problem and address the same.…
Mumbai: Nirmal Lifestyle has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT), which admitted an insolvency resolution petition against the company. A corporate debtor, the company had failed to make a payment of Rs 286 crore under…
The National Company Law Tribunal, Hyderabad, has initiated corporate insolvency proceedings under the Insolvency and Bankruptcy Code, 2016, against Sankhya Infotech Limited. The Bench of Madan Balachandra Gosavi, Member Judicial, and Veera Brahma Rao Arekapudi, Member Technical, while initiating insolvency proceedings, appointed Jagdees Kumar Morri as Interim Resolution Professional. The proceedings were initiated by Pudhota…
MUMBAI: Nirmal Lifestyle Ltd has filed an appeal before the National Company Appellate Law Tribunal (NCLAT) against a recent order of the Mumbai bench of the National Company Law Tribunal (NCLT) which admitted an insolvency resolution petition against the company.The company, a corporate debtor, had failed to make payment of Rs 286 crores under the…