KOLKATA: Any move to liquidate Facor, one of Indias oldest producers of ferro alloys undergoing insolvency resolution, can be implemented only after the National Company Law Appellate Tribunal (NCLAT) rules on Facors appeal against an NCLT Kolkata order for initiation of bankruptcy resolution process. Facors committee of creditors (CoC) rejected all resolution plans and conveyed…
Binani Cements lenders have asked for necessary permissions to be obtained before they proceed with the settlement. Photo: Mint New Delhi: Binani Cement Ltd moved the Supreme Court on Monday seeking permission for an out-of-court settlement and end insolvency proceedings against it. The companys lenders have asked for necessary permissions to be obtained before they…
Gas company Linc Energy has been found guilty of causing serious environmental harm at its underground coal gasification (UCG) plant on Queensland’s western Darling Downs. Linc Energy was charged with five counts of wilfully and unlawfully causing environmental harm between 2007 and 2013 at Chinchilla. The corporation pleaded not guilty to the offences at…
RIVERSIDE MEATS has gone into voluntary liquidation and has insufficient money to pay the $622,526.46 bill owed to employees. But that figure is only a portion of almost $8 million owed to its creditors in total. In a letter to staff on Friday, liquidator Keith Sutherland said there was not enough money to pay employee…
Need clarity how home buyers will be protected The recommendations of the Insolvency Law Committee appointed by the Ministry of Corporate Affairs if accepted will give a fresh boost to the Insolvency and Bankruptcy Code 2016. In many of the companies where the Corporate Insolvency Resolution Process (CIRP) has been initiated, liquidation process has…
Dalmia Cement is confident that its Rs 6,350 crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official. Last week, the committee of creditors (CoC) of Binani Cement had decided…
Dalmia Cement is confident that its Rs 6,350-crore offer to buy Binani Cements Ltd (BCL) will be approved by the NCLT on the back of NCLAT directions to proceed the insolvency resolution as per the IBC, according to a top company official. Last week, the Committee of Creditors (CoC) of Binani Cement had decided to…
The Expression of Interest (EoI) floated for the slump sale of assets Nicco Corporation which had been put under liquidation by the Kolkata bench of the NCLT failed to evince any interest from bidders. The liquidator for Nicco Corporation, Vinod Kothari, in an e-mailed response, said since the slump sale did not incite interest, the…
The board of the pharmaceutical cash shell company said it had evaluated several potential reverse takeover candidates with major shareholders in the first quarter of 2018 but had concluded a potential takeover was not deemed to be practical. Woodford is the largest shareholder, owning about 33% of the business. Abaco Capital makes up 0.05%, roughly…
Having concluded hearing from all the parties in the Essar Steel insolvency case, the Ahmedabad bench of National Company Law Tribunal (NCLT) is likely to pronounce the order no later than April 12. On Friday, legal counsels of VTB-backed Numetal, ArcelorMittal, resolution professional (RP) and Essar Steel’s Committee of Creditors (CoC) presented their concluding…