NEW DELHI: The Insolvency and Bankruptcy Code review panel called for sweeping changes in the law aimed at easing insolvency rules for small enterprises and providing relief to home buyers by treating them as financial creditors while deeming the amount raised from them for real estate projects as financial debt. The committee proposed that promoters…
With the moratorium period to prepare a resolution plan for Electrosteel Steels set to expire in the next three weeks, the Kolkata bench of the National Company Law Tribunal (NCLT) on Monday asked the resolution professional (RP) of the insolvent company to convene its committee of creditors (CoC) meet as early as possible to expedite…
With $2.7 billion in leases looming, Myer has reportedly ruled out voluntary administration. The retailer has $19.9 million in net debt and gearing of about 3 percent, which means it is moving closer to breached fixed charges cover covenants in banking agreements after a 24 percent fall in earnings in the January half. For its…
Columbus police searching for missing 16-year-old Columbus police searching for missing 16-year-old Updated: Monday, March 26 2018 3:50 PM EDT2018-03-26 19:50:11 GMT (Source: Columbus Police Department) (Source: Columbus Police Department) The Columbus Police Department is asking for the publics assistance in locating a missing teenager. More >> The Columbus Police Department is asking for…
Project Group Constructions, a Melbourne-based builder working on residential and commercial projects with a contract value of about $190 million, has gone into voluntary administration. Burnley-based Project Group, a company with about 100 staff, went into administration on Friday with a preliminary estimate, excluding employee entitlements, of $22 million in debts $7 million of that…
The Insolvency and Bankruptcy Code, 2016 (Code) was conceived as a path-breaking legislation to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals, in a time bound manner. The avowed objective was also to secure maximization of the value of assets of such persons, to promote…
A ROCKHAMPTON construction company which went into voluntary liquidation last month with debts of more than $2m, is suing two companies for money owed. Civil and mining construction company Busby Contracting Pty Ltd went into voluntary liquidation on February 5, owing $2.4 million to creditors, employees and the tax office. On Thursday, Busby Contracting’s lawyer…
The Insolvency Resolution Professional (“IRP”) is an integral part of the Insolvency and Bankruptcy Code, 2016 (“IBC”); a laudable and long overdue Legislation. Even though similar concepts like liquidators, Operative Agencies and interim administrators have existed for long time under Indian Law, the establishment of the Corporate Insolvency Resolution process (“CIRP”) and the IRP’s is…
It’s been a somber few weeks for those who had fond childhood memories of Toys R Us. First came word the company was planning to liquidate its US operations. Then Thursday news came that the man who founded the company 70 years ago, Charles Lazarus, a World War II veteran, has died. Lazarus was 94.…
In addition, Tata Steel has also agreed to infuse Rs 1,200 crore as working capital and offered a 12% equity stake to the Singals, the existing promoter group of Bhushan Steel. (IE) In a first big result of the government instituted insolvency resolution process, and in a major step forward for steel behemoth Tata Steel,…