New Delhi [India], May 19 (ANI): Innumerable litigations, defiant promoters, failing sectors and over-burdened National Company Law Tribunals (NCLTs) have negatively impacted corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) over the past two years, according to investment information and credit rating agency ICRA. Still, the process has chugged on, albeit at…
New Delhi, May 19 Debt-ridden Essar Steel has registered an EBITDA (earnings before interest, tax, depreciation and amortization) of Rs 4,229 crore during its Corporate Insolvency Resolution period (over 600 days). In an affidavit filed before the National Company Law Appellate Tribunal (NCLAT) last week, its resolution professional has informed that the company earned Rs…
The Copy of Order passed by the National Company Law Tribunal (NCLT), Kolkata Bench on 09.05.2019 in the matter of Company Petition (IB) No. 628/KB/2018 alongwith CA (IB) Nos. 366/367/KB/2019 (RITESH MORE Vs MARSONS LIMITED)is enclosed herewith. Further more, as per Courts direction a Monitoring Committee has been formed to oversee the effective implementation of…
The National Company Law Tribunal, Hyderabad, has admitted Lanco Kondapalli Power Ltd for insolvency resolution process under the Insolvency and Bankruptcy Code, 2016. Axis Bank, the lender for the group company of Lanco Infratech Ltd, had dragged the Kondapalli project for insolvency proceedings following default in payment of statutory dues. Lanco Infratech Ltd, a listed…
LGBTI news journal Star Observer has entered voluntary administration due to drying up advertising revenue. The journal, which has been a staple for the LGBTI community since 1979, was founded by Michael Glynn at a time when gay men were facing violence from police. Star Observer chairman Sebastian Rice says it faced financial troubles due…
We would like to inform you that pursuant to an Order no. CP(IB) No. 990/KB/2018 dated 6th May 2019 of the National Company Law Tribunal, Kolkata Bench, Liquidation has been initiated for Advance Powerinfra Tech Limited as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said order is enclosed…
NEW DELHI: The principal bench of the National Company Law Tribunal (NCLT) has directed market regulator Securities and Exchange Board of India (Sebi) to de-attach the properties of a corporate debtor attached during its execution proceedings. The matter brings into focus the issue of the in-built disagreement between the Sebi Act and the provisions of…
THE exodus of grain traders has continued, with Queensland company Dalgrains (Qld) Pty Ltd being wound up by its owners. Dalgrains is owned by Tobin and Stephanie Cherry, of Dalby, in Queensland. The company has 120 shares, 40 of which are owned by Mr Cherry and the other 80 by the Cherrys investment company Cherry…
What remains of Harvey Weinsteins former film studio will be liquidated in bankruptcy court, the company said, as lawyers try to resolve civil litigation against its ex-officers and directors arising out of Mr. Weinsteins alleged sexual abuse. Lawyers representing Weinstein Co. said they want to convert the companys bankruptcy to a chapter 7 liquidation, according…
New Delhi: The principal bench of the National Company Law Tribunal (NCLT) has directed market regulator Securities and Exchange Board of India (Sebi) to de-attach the properties of a corporate debtor attached during its execution proceedings. The matter brings into focus the issue of the in-built disagreement between the Sebi Act and the provisions of…