Is it finally curtains down on one of the country’s biggest bankruptcies to go under the hammer? The National Company Law Tribunal (NCLT) yesterday approved Tata Steel’s Rs 35,200 crore bid for the beleaguered Bhushan Steel Ltd (BSL) with debt of over Rs 56,000 crore. This is reportedly Tata Steel’s second-biggest acquisition after the Corus…
A Subiaco-based building contractor is poised to join the growing list of residential builders in Western Australia to go bust. The construction site on Emerald Street in West Perth. Photo: ArchiApps ArchiApps Pty Ltd was placed into liquidation on Wednesday afternoon, with Cameron Shaw and Richard Albarran of Hallchadwick appointed as liquidators. The company billed itself…
The States building regulator was alerted to payment concerns about WA home and apartment builder Archiapps in February but did not issue an official warning until this month. On Monday, the Building Commission said Archiapps had entered voluntary external administration with Hall Chadwicks Cameron Shaw and Richard Albarran appointed. However, Australian Securities and Investments Commission…
The insolvency resolution professional (IRP) has invited an expression of interest to submit resolution plan for the hospitality chain Viceroy Hotels Ltd. Karuchola Koteswara Rao, the IRP appointed by the National Company Law Tribunal, has informed about the move to invite resolution plan from potential applicants. The Hyderabad-based hospitality chain was brought under the Corporate…
The interim resolution professional (IRP) has invited Expression of Interest to submit resolution plan for the hospitality chain Viceroy Hotels Limited. Karuchola Koteswara Rao, the IRP appointed by the National Company Law Tribunal, has informed about the move to invite resolution plan from potential applicants. The Hyderabad-based hospitality chain has been brought under the Corporate…
Australian online gaming and DFS firm PlayUp is racking up the acquisitions prior to its dual listing on the NASDAQ and the ASX via a reverse takeover of Mission NewEnergy Limited (ASX:MBT | OTC:MNELF). The company plans to raise $US40 million ($51.5 million) through the reverse listing on the ASX and deliver the worlds first…
Meanwhile, JAL, which has been asked by the Supreme Court to deposit Rs 2,000 crore for safeguarding the interest of home-buyers, has so far deposited only Rs 750 crore with the courts registry. Lakshadweep, a joint venture between Sudhir Valia-led Suraksha ARC and Dosti Realty, will look at improving its bid for Jaiprakash Infrastructure (JIL)…
The insolvency professional, appointed by the National Company Law Tribunal (NCLT), has called for expression of interest for submission of resolution plans for Inasra Technologies Private Ltd, which runs the hotel and home stay aggregator business under the brand Stayzilla. The applicants should have a net worth of 50 crore or more as of March…
Calcutta: The corporate insolvency resolution process of Assam Company continues to be dogged by controversies over the conditions set in the tender, with one more company seeking to bring down the eligibility criteria of the bidders. James Warren Tea Ltd argued before the company tribunal on Monday that the resolution professional (RP) running the insolvency…
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently. The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code. UCCI president Ramesh Mahapatra delivered the welcome…