According to the papers, the total trading debt on account of sale of fabric (Trading Transactions) to various traders of Alok (numbering approximately 5,293) (Trading Debtors) as at June 2017 amounted to about Rs 11,622 Crores. Steps taken by the resolution professional (RP) for Alok Industries to recover trade outstandings to the tune of Rs…
Soon there may be a provision to withdraw the application for initiating Corporate Insolvency Resolution Process (CIRP), post admission. This is part of the proposed changes that the government is contemplating for the Insolvency and Bankruptcy Code (IBC) through the Ordinance route. The Union Cabinet will most likely consider an Ordinance for this purpose at…
The Kolkata Bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order in the ongoing corporate insolvency resolution process of Binani Cement. The Division Bench completed hearing all petitions excepting the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement. A total of 14 petitions were…
JAMIE Oliver’s business woes have deepened with his Australian restaurant group falling into voluntary administration. The celebrity chef’s UK restaurants have been in financial strife amid rising costs and consumer caution, partly as a result of the Brexit vote, and his Canberra venue has now been closed. The Jamie Oliver Restaurant Group Australia, which operated…
The Kolkata bench of National Company Law Tribunal (NCLT) on Tuesday reserved its order in the ongoing corporate insolvency resolution process of Binani Cement. The Division Bench completed hearing all petitions excepting the one filed by the Resolution Professional (RP) alleging fraudulent transactions involving the promoters of Binani Cement. The 270-days moratorium period for Binani…
Expressions of interest (EoI) for the assets of bankrupt Moser Baer Solar are likely to be invited this week, resolution professional Arvind Garg announced. The company owes over Rs 1,000 crore to a number of lenders. April 24, 2018pv magazine In November 2017, the Indian manufacturer and EPC contractor was taken to the New Delhi…
Staff at Begbies Traynor are marking the 25th anniversary of its office in Preston during which time the 30strong team has helped rescue hundreds of local businesses, saving thousands of jobs. The practice first came to Preston in 1993 when its founders opened the office in Winckley Court. Then known as Buchler Phillips Traynor, the…
The Mumbai Bench of the National Company Law Tribunal has admitted ICICI Banks plea to initiate corporate insolvency resolution process against Unimark Remedies Ltd to recover an outstanding loan of about Rs 149 crore. Corporate insolvency resolution process (CIRP) is the process of resolution of insolvency of a corporate debtor (other than a financial service…
The Nifty50 is expected to open flat on Tuesday tracking muted trend seen in other Asian markets. The index closed 20 point higher at 10,584 on Monday. Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 47 points or 0.44 percent. Nifty futures were trading around 10,575-level…
Insolvency and Bankruptcy Code provides for approval of the resolution plan first by the CoC with 75% majority and then by NCLT. Photo: AFP It is unfortunate that the Insolvency and Bankruptcy Code (IBC) is mired in so much controversy. Part of the problem is that the important players in IBC, namely the committee of…