Bidders looking to buy select assets of a distressed corporate under the Insolvency and Bankruptcy Code (IBC) process may be in for a disappointment. A recent ruling by the Mumbai Bench of the National Company Law Tribunal (the Adjudicating Authority under the Code) makes it plain that bidders have to acquire all the assets of…
Of the 525 cases with total underlying default of 1,28,810 crore so far admitted under the Insolvency and Bankruptcy Code (IBC), the steel sector is the single-biggest defaulter in terms of both number of defaulting corporates (45) and total underlying default (57,001 crore). Within the steel sector, corporate insolvency resolution process (CIRP) is on in…
Proceedings under Bankruptcy Code are initiated after receiving nod from National Company Law Tribunal. New Delhi: Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further…
NEW DELHI: Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution Process (CIRP), most…
Japanese imaging and electronics majors Indian subsidiary Ricoh India has filed for insolvency proceedings as it is unable to meet its liabilities. The company has filed an application under Section 10 of the IBC before the National Company Law Tribunal, it said. “The company has come to a position where it is unable to meet…
New Delhi, Jan 29 (PTI) Claims worth Rs 3.13 lakh crore, related to 11 defaulting companies notified by the Reserve Bank, are under insolvency proceedings, the pre-budget Economic Survey said today. The Economic Survey 2017-18, tabled by Finance Minister Arun Jaitley in Parliament, further said that of the 11 companies under the Corporate Insolvency Resolution…
Discount grocery chain NQR has become the latest retail casualty of 2018, with the 18-store supermarket network placed into voluntary administration last Wednesday. NQR Pty Ltd, which was rescued from administration by the founders of Bakers Delight, the Gillespie family, in 2009, appointed Luke Targett and Bruno Secatore of Cor Cordis as administrators on January…
By Chris Thomson | posted on January 25, 2018 A RECENT purchase by Albanys Mount Romance sandalwood plant of a $3 million cache of wood has failed to stop the subsidiary that runs it, and parent company Quintis Ltd, going into voluntary administration. On Saturday, Quintis revealed that US hedge fund…
Non-food credit grew at 8.85% YoY in November 2017 as compared to 4.75% in November 2016. New Delhi: The performance of the banking sector in general and those in the public sector in particular continued to be subdued in the current fiscal, the Economic Survey 2017-18 said on Monday. According to the Survey, tabled in…
Discount supermarket chain NQR, owned by the founders of the Baker’s Delight chain, has gone into voluntary administration putting 351 jobs at risk unless a buyer is found. NQR, which has 18 stores across Victoria, appointed Luke Targett and Bruno Secatore from Cor Cordis as administrators on Wednesday. The chain has 18 stores around Victoria. Photo: Everard…