Category Archives: Liquidation

Enviro-Waste Limited and BM Tankering Limited go into liquidation in Ipswich | Suffolk and Essex Business News – East Anglian Daily Times

PUBLISHED: 16:22 07 February 2019 | UPDATED: 16:26 07 February 2019 Jessica Hill 44-ton Enviro-Waste tanker negotiating the Bowbeck crossroads Two waste management companies, one of which has been running for 27 years, have both collapsed in Ipswich. … Read the full article at: https://www.eadt.co.uk/business/envirowaste-company-is-liquidated-but-not-go-tankers-ltd-1-5883456

Supreme Court upholds creditors committee sovereignty under the IBC – Bar & Bench

Varun Marwah February 7 2019 The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review. Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes…

RBI allows cheaper funds for corporate bidders under IBC – Economic Times

MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies. RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay…

Half of retailers stores closed for good | My Business – My Business

A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale. Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of…

Pratibha Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP) – The Hindu BusinessLine

CIRP HAS BEEN INITIATED UNDER THE PROVISIONS OF THE IBC, 2016 BY AN ORDER of HONORABLE NCLT, MUMBAI.NCLT HAS APPOINTED MR. SUNIL KUMAR CHOUDHARY (IP REGISTRATION NO. IBBI/IPA-001/IP-P01243/2018-19/11895) AS INTERIM RESOLUTION PROFESSIONAL (IRP) OF THE COMPANY.PUBLIC ANNOUNCEMENT WITH RESPECT TO ABOVE, CLASS OF CREDITORS UNDER CLAUSE (b) of SUB SECTION OF SECTION 21 OF IBC…

Mount Shivalik Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP) – The Hindu BusinessLine

This is to inform you that 11th Meeting of Committee of Creditors (CoC) was held on Monday, 04th February, 2019. In this meeting Resolution Professional informed to the members of the Committee of Creditors that pursuant to the publication of EOI dated 21.01.2019, Expression of Interest has been received from the Resolution Applicants. The members…

Wagga staff entitlements uncertain as Napoleon Perdis makeup store closes down – Daily Advertiser

news, local-news, Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. An unknown number of employees have lost their jobs and the payout of entitlements will depend on votes by the chains creditors. The citys Wagga Marketplace store, which was temporarilyshuton Thursday…

NCLT Chennai approves Bafna Pharmaceuticals corporate insolvency resolution plan – BusinessLine

City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process. In an exchange filing, the company said the Chenai bench of the tribunal, by its order dated February 1, 2019, has approved the resolution plan submitted by…

NCLT orders Reid & Taylor liquidation – Economic Times

MUMBAI: A two judge bench of the Mumbai national company law tribunal (NCLT) has ordered the liquidation of the apparel maker Reid & Taylor (R&T) after none of the suitors to the company were able to garner the required funding guarantees to validate their interest in the company. In a ruling on Tuesday judges Bhaskar…

Bafna Pharmaceuticals Ltd. – Corporate Insolvency Resolution Process (CIRP)-Approval of Resolution plan by Tribunal – The Hindu BusinessLine

We refer to the ongoing CIRP of the company by which the Resolution Professional Mr. Radhakrishnan Dharmarajan, submitted the Resolution Plan approved by the COC (Meeting dated 04.01.2019) to the NCLT Chennai on 17.01.2019 for approval. We are pleased to announce that the Honorable NCLT Chennai Bench by its order dated 1st Feb 2019 (…