The Resolution Professional (RP) for Adhunik Metaliks Ltd will present a detailed report before the Kolkata bench of the National Company Law Tribunal (NCLT) on Tuesday seeking suitable directions with regards to the insolvency proceedings of the company. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on…
For Adhunik Metaliks, there are only two resolution applicants UK-based Liberty House and Maharashtra Seamless of the DP Jindal Group. In an attempt to get some additional time to arrive at a successful resolution plan in order to save Adhunik Metaliks from going into liquidation, its resolution professional is likely to move the NCLT on…
RAY WHITE Queensland has rescinded their franchise agreement with Ray White Bargara after the local company went into liquidation. On Tuesday, a meeting of members of Bundaberg Stock and Property Pty Ltd resolved that the company be wound up and Christopher Richard Cook be appointed as liquidator. Chief executive officer of the Ray White Group…
For the company, the mandated 270-day deadline under the corporate insolvency resolution process (CIRP) will end on April 29. Adhunik Metaliks, the flagship of the Adhunik Group, could be staring at liquidation soon as no resolution plan for the insolvent company has been approved by its lenders till date. For the company, the mandated 270-day…
By Dr Nizar Kochery/Doha Question: We understand from external sources that one of our payment defaulters, a major international company based in Qatar for a project, is going to be in liquidation. How could we know about the liquidation? Is there any procedure for informing us? Please advise.SD, Doha Answer: According to Article 312 of…
SPV Operating, the Sydney-based company which runs the iconic Opera Kitchen restaurant has gone into voluntary administration, owing $6 million to employees, the tax office and creditors. The company, which operates the venue under on the lower concourse of the Sydney Opera House and is majority owned by David Wallace, is subject to a winding…
The panel of experts constituted by the government to review the Insolvency and Bankruptcy Code (IBC) has recommended that the National Company Law Tribunal (NCLT) should have the power to direct the Insolvency Board to propose another liquidator where the resolution professional (RP) does not consent to continue as the liquidator, according to Devidas Banerji,…
A winding up petition against the company that runs Nuneaton Town Football Club has been dismissed. HMRC brought the case against Boro Leisure Limited, which owns the towns club, before the High Court yesterday but the court has now confirmed to CoventryLive that it was dismissed at the Royal Courts of Justice in London. This…
Colin Smith Nelson Reliance Engineering Ltd, owned by Nevil Basalaj (pictured), owes more than $3 million to around 200 creditors, a liquidators’ report shows. Nelson Reliance Engineering, once a key player in the region’s marine engineering industry, has gone into liquidation, owing more than $3 million. The boat-building business, owned by Nevil Basalaj, owed around 200 creditors a total of $3,195,316.50, the liquidators’…
In a revealing insight into the unregulated art auction industry, the administrator’s report for the failed Mossgreen art auction house alleges the company breached nine separate sections of the Corporations Act. The 100-page report, prepared over four months and distributed to more than 300 creditors this week, found the company once the nation’s biggest…