But MS Sahoo, the chairman of regulatory body, the Insolvency and Bankruptcy Board of India, doesnt quite agree. He made two distinctions. That these are not bids they are plans. And plans are not suited to an auction process. The resolution plan is expected to address the root cause of the failure of the firm,…
Constituting a 14-member panel to suggest changes to a law little more than a year after its promulgation reflected the governments keenness to correct mistakes in the original legislation, while also shining the spotlight on an impatient New Delhi that seemed unwilling to give more time. Even as some of the recommendations rush through the…
More than $600,000 is owed to suppliers and tradies caught up in the liquidation of rich-list renovator Sasha deBrettons Million Dollar Makeovers. Early numbers from liquidators Hall Chadwick filed with the corporate regulator list more than 70 unsecured creditors believed to be owed a total of $619,700. It includes $61,555 owed to the Australian Taxation…
The Resolution Professional (RP) of Adhunik Metaliks Ltd sought exclusion of 20 days from the mandatory 270-day timeframe required to complete the insolvency resolution process. The 270-day deadline granted to the bankrupt company under the corporate insolvency resolution process (CIRP) expired on April 29. While no resolution plan was approved by the Committee of Creditors…
Coimbatore: Though there is no change in the position that moratorium on sale will apply not only to the assets of the Corporate Debtor but also to the assets of the guarantors, the National Company Law Appellate Tribunal (NCLAT) has made it clear that the moratorium does not restrict the filing of application for initiating…
The Mumbai Bench of the NCLT has directed commencement of corporate insolvency resolution process for EPC Constructions India Pvt Ltd, formerly known as Essar Projects (India) Ltd, on a petition filed by IDBI Bank to recover outstanding loans of 969 crore. As per the submissions made by IDBI Bank before the Tribunal, the account of…
Calcutta: Maithan Alloys Limited has earmarked an investment of Rs 275 crore to expand capacity in Bengal and is eyeing assets referred for corporate insolvency and liquidation. The company informed the BSE that its board has approved a greenfield plant with an estimated capacity of 1,20,000 tonnes per annum ferro alloy in the state. The…
It was an interview she would almost certainly come to regret. In early 2003, Catherine Brenner, then a director of corporate finance for ABN AMRO discussed her beauty regime with the women’s magazine, Vogue. In the article “Groomed for Success”, Brenner revealed that she spends as much as $600 a month on beauty accessories, and…
A PERTH-based events management company is closing down, with claims it owes artists close to $200,000. JumpClimb, which is an independent presenter of events at Perths Fringe World festival, is tipped to enter voluntary administration. A statement on the JumpClimb website said: A combination of factors including a downturn in ticket sales on recent projects, debtors…
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…