The insolvency professional, appointed by the National Company Law Tribunal (NCLT), has called for expression of interest for submission of resolution plans for Inasra Technologies Private Ltd, which runs the hotel and home stay aggregator business under the brand Stayzilla. The applicants should have a net worth of 50 crore or more as of March…
Calcutta: The corporate insolvency resolution process of Assam Company continues to be dogged by controversies over the conditions set in the tender, with one more company seeking to bring down the eligibility criteria of the bidders. James Warren Tea Ltd argued before the company tribunal on Monday that the resolution professional (RP) running the insolvency…
The Utkal Chamber of Commerce and Industry (UCCI) in collaboration with the S Trio Turnaround Professionals Private Limited organised a seminar on Insolvency and Bankruptcy Code- 2016 here recently. The speakers discussed rules for corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the code. UCCI president Ramesh Mahapatra delivered the welcome…
Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour. Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under…
New legislation expected to come into force from the government’s defined benefit (DB) white paper has the potential to increase company insolvencies and send their schemes into the pensions lifeboat, a lawyer has warned. The Department for Work & Pensions (DWP) published in March its 76-page defined benefit white paper, which besides creating new legislation to introduce a criminal offence to…
Administrators say it is in the interests of creditors for the company, which is linked to Alpha Insurance, to liquidate ahead of watershed meeting. CBL Corporation, the parent company of Ireland-based CBL Insurance Europe and CBL Insurance in New Zealand, should go into liquidation according to voluntary administrator KordaMentha. The administrators stated in a creditor…
Local building contractor Archiapps has entered into voluntary administration, less than two weeks after the Building Commission issued a warning to consumers about the company. Cameron Shaw and Richard Albarran of Hall Chadwick WA have been appointed as the administrators of the company. Earlier this month, Building Commissioner Ken Bowron raised concerns over the financial…
The Insolvency and Bankruptcy Code (IBC), 2016 no doubt is a path-breaking initiative in the whole reform process. Not surprisingly, it has triggered huge debate and one of the key grey areas that had emerged in a recent cases pertained to rights of the customers in an insolvency process. The Supreme Court had reportedly indicated…
Deloitte also criticised the M and A Group’s record keeping. “We note that we have been provided access to the company’s management accounting file maintained through [accounting software] Xero. “However, this file appears incomplete and unreconciled. “It is our preliminary opinion the books and records have not been maintained in accordance with Section 286 of…
JSW Steel today said the Competition Commission of India has approved the bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy Ltd (MIEL) in an insolvency auction. The committee of creditors (CoC) of Monnet Ispat and Energy, which is undergoing insolvency proceedings, had on April 12 approved the resolution plan…