Hes Australias makeup king but Napoleon Perdis has stood down from his own cosmetics empire. Beauty lovers were shocked earlier this year when it was revealed that Napoleon Perdis Cosmetics had appointed administrators after racking up debts of $22.8 million. A stocktake sale was immediately announced, followed by the closure of dozens of stores across…
One man presides over most, if not all, of the corporate insolvency resolution cases in the country ever since the Insolvency and Bankruptcy Code came into force in 2016. Justice Sudhansu Jyoti Mukhopadhaya, a 69-year-old retired Supreme Court judge, has headed the National Company Law Appellate Tribunal since its inception in June 2016 and all…
Our wholly owned subsidiary, JSW Steel Coated Products Limited (JSWSCPL) had submitted a resolution plan for Asian Colour Coated Ispat Limited (ACCIL), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (Code). The Committee of Creditors of ACCIL has issued a Letter of Intent (LOI) dated 6th July, 2019 to JSWSCPL…
Sub.:- Update on National Company Law Appellate Tribunal (NCLAT), New Delhi Order We would like to inform you that appeal filed by Saravana Global Holdings Limited against the Order dated 1st February, 2019 passed by the Adjudicating Authority (National Company Law Tribunal), Single Bench, Chennai in MA/71/2019 in CP/682/IB/CB/2017 with National Company Law Appellate Tribunal…
“If I made a mistake, it was probably not putting a residential requirement in the legislation,” he said. “It seemed to me wrong somehow that if someone had been visiting the territory and took ill in some way and was in a bed with the same conditions as a Territorian, one entitled to voluntary euthanasia…
The National Company Law Appellate Tribunal on Thursday approved steel tycoon Lakshmi Mittal-led ArcelorMittals 42,000-crore bid for the acquisition of bankrupt Essar Steel. Resolution plan tweaked The tribunal, however, modified the Resolution Plan submitted by ArcelorMittal to safeguard the rights of the operational creditors and other financial creditors of Essar Steel. It said the proceeds…
Bennetts Bookstores Ltd, which operates a chain of retail stores around the country, has been placed into voluntary administration after 130 years in business. The company operates Bennetts book shops on university campus throughout the country including in Auckland, Canterbury, Palmerston North, Waikato and Wellington, which specialise in tertiary textbooks. Bryan Williams of BWA Insolvency…
The government has moved to tighten the rules around director resignations in a bid to crack down on backdating and company abandonment. With the wheels of the legislature moving again this week, the returned Coalition government yesterday introduced half a dozen reforms into parliament aimed at tackling the black economy. Under reforms tabled in the…
The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 New Delhi: The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 which has resulted in the settlement of claims worth Rs 173,359 crore, according to the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman in…
Debenhams only Australian store is set to shut its doors and abandon the Australian market entirely in early 2020. The decision comes after Greenlit Brands subsidiary, PSEA Dept Store, confirmed its Debenhams Australia franchise terminated. Having a strong presence overseas, Debenhams failed to reach similar popularity in Australia, with the majority of electronics sold in…